FIRSTENERGY CORP
For the period ended Mar 31, 2026. Filed Apr 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 28, 2026
FE$46.43-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0001031296-25-000085
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsJersey Central Power & Light CompanyCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-28.
0001031296-26-000085
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsJersey Central Power & Light CompanyThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 498 previous paragraphs and 369 current paragraphs.
109 unchanged; 132 reworded; 120 added; 233 removed; 24 previous and 8 current paragraphs rearranged.
Tables are not compared: 39 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (120)
Current report
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Form 10-Q discusses the three months ended March 31, 2026 and year-over-year comparisons between the three months ended March 31, 2026 and 2025 and should be read in conjunction with the Registrants’ interim financial statements and notes included in this Form 10-Q, and the Registrants’ audited financial statements and notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7. in its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 18, 2026.
Current report
Segment Overview
Current report
FirstEnergy invests in both its regulated operations to improve reliability and the customer experience, and its people to attract, retain and develop talented and engaged employees to carry out its strategy.
Current report
FirstEnergy’s customer-focused Energize365 investment plan for the 2026 to 2030 time period is $36 billion, approximately 25% higher than the previous 2025 to 2029 five-year plan, and aims to strengthen the grid, improve reliability and support growing customer demand. Through the Energize365 program, system-wide capital investments from 2026 to 2030 are expected to include the Distribution segment 28%, the Integrated segment 35%, and the Stand-Alone Transmission segment 35%, focused on the following:
Current report
•Distribution and Transmission investments to enhance grid reliability and resiliency and support growing customer demand, including through:
Current report
•Programs to drive system resiliency through automation technology and communication, including the Ohio Companies’ distribution grid modernization plans, Pennsylvania's LTIIP, New Jersey's EnergizeNJ, and implementing advanced metering infrastructure;
Current report
•Operational flexibility projects that are expected to build capacity and support the evolving grid such as projects to support increased data center load;
Current report
•Enhancing system performance by implementing new designs and technologies to reduce load at risk;
Current report
•Upgrading system conditions that enhance reliability; and
Current report
•Transmission projects awarded through the PJM Open Window to address regional expansion projects, including incremental opportunities in the 2026 Open Window, for which the planning period was recently opened.
Current report
•Base distribution projects to address aging infrastructure.
Current report
•Generation maintenance projects that maintain operations of fossil electric generation facilities and remain compliant with environmental regulations through the end of their useful life.
Current report
FirstEnergy believes there is a continued long-term pipeline of investment opportunities for its existing distribution and transmission infrastructure beyond those opportunities identified through 2030, which are expected to strengthen the grid and cyber security and make the transmission system more reliable, robust, secure and resistant to extreme weather events, with improved operational flexibility.
Current report
Finance
Current report
FirstEnergy aims to execute its Energize365 investment plan through a strengthened financial position. Energize365 capital investments included in the current five-year plan are expected to be funded with a combination of organic cash flows and the issuance of debt, including hybrid securities. Additionally, FirstEnergy may issue its common equity to fund capital expenditures in its 2026 through 2030 planning period averaging approximately 1% of its now current market capitalization in each year of the planning period, subject to market conditions and other factors. FirstEnergy believes it has optimized its financing plan to retain flexibility in an uncertain interest rate environment.
Current report
On March 30, 2026, Moody’s revised FE’s outlook to positive from stable. Moody’s also affirmed FE’s ratings, including its Baa3 Issuer and senior unsecured ratings.
Current report
PJM RTEP Long-Term Proposal Window Projects
Current report
On February 21, 2025, FET, DominionHV and Transource entered into the Valley Link Operating Agreement, which established the general framework for Valley Link and the Valley Link Subsidiaries to accept, design, develop, construct, own, operate and finance those transmission projects awarded by PJM to Valley Link. This general framework includes parameters regarding the relationship among the three members, confers governance rights to its members so long as certain ownership percentages are maintained, as described below, and defines the list of projects that Valley Link will have the right to develop. Valley Link is the owner of the Valley Link Subsidiaries, which are organized in various states. On February 26, 2025, in response to the PJM 2024 RTEP Long-Term Proposal Window #1, PJM awarded two electric transmission projects to Valley Link estimated to be approximately $3 billion, with FET’s share estimated to be approximately $1 billion.
Current report
On February 13, 2026, FET and Transource entered into the Grid Growth Operating Agreement, which established the general framework for Grid Growth to accept, design, develop, construct, own, operate and finance certain transmission projects awarded by PJM to certain of the subsidiaries of Grid Growth. This general framework includes parameters regarding the relationship among the two members, confers governance rights to its members so long as certain ownership percentages are maintained and defines the list of projects that Grid Growth will have the right to develop. The relative ownership interests of the members under the Grid Growth Operating Agreement are 50% for each of FET and Transource. Grid Growth is the sole owner of Grid Growth Ohio and owns an 80% interest in Grid Growth EHV, with Transource owning the remaining interest. On February 12, 2026, in response to the PJM 2025 RTEP Long-Term Proposal Window #1, PJM awarded a project to Grid Growth estimated to be approximately $1 billion, with FET’s share estimated to be approximately $448 million.
Current report
On May 31, 2024, the Ohio Companies filed their application for an increase in base distribution rates based on a 2024 calendar year test period. On January 27, 2025, the Ohio Companies notified the PUCO of their intention to update their application for an increase in base distribution rates to remove ESP V related provisions from the base rate case. On November 19, 2025, the PUCO issued an order in the rate case. On November 26, 2025, the Ohio Companies filed proposed compliance tariffs. On December 19, 2025, the Ohio Companies and other parties filed applications for rehearing and on December 29, 2025, the Ohio Companies filed a memorandum against intervenors’ applications for rehearing. On January 7, 2026, the PUCO issued an entry granting rehearing in order to determine whether its November 19, 2025 base rate case opinion and order should be affirmed, abrogated, or modified on rehearing. On January 9, 2026, the Ohio Companies filed an expedited motion for ruling on the proposed compliance tariffs and on February 4, 2026, PUCO staff issued a letter recommending that most of the Ohio Companies’ proposed compliance tariffs be approved. The Ohio Companies cannot predict the outcome of the rehearing, but do not expect material changes to the November 2025 order. See “Outlook - State Regulation - Ohio,” in Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations".
Current report
On April 22, 2026, the Ohio Companies submitted the required pre-filing notice to the PUCO of their intent to file a Three-Year Rate Plan with the PUCO in May 2026 that includes plans to invest on average $800 million annually to focus on improving reliability for customers. New rates are expected to become effective in mid-2027.
Current report
On February 13, 2026, MP and PE filed a CPCN to construct and operate a 1,200 MW combined cycle gas turbine plant and 70 MWs of solar generation capacity for an estimated capital investment totaling approximately $2.7 billion as of the date of the filing. The request also includes a surcharge designed to recover financing costs during development and construction of the projects, as well as to transition to recovery in base rates once the projects are placed in-service and approved through a base rate case. An order is expected from the WVPSC in the second half of 2026.
Current report
MP and PE anticipate filing a base rate distribution case with the WVPSC in the second quarter of 2026, with new rates expected to become effective in the first quarter of 2027.
Current report
Regulatory Matters - Maryland
Current report
PE anticipates filing a base rate distribution case with the MDPSC in the second half of 2026, with new rates expected to become effective in the first quarter of 2027.
Current report
First Three Months of 2026 Compared with First Three Months of 2025
Current report
•Higher transmission revenues from regulated capital investments that increased rate base;
Current report
•The absence of customer credits associated with the PUCO-approved Ohio Stipulation in 2025;
Current report
•The absence of severance and related costs associated with FirstEnergy’s organizational changes announced in the first quarter of 2025;
Current report
•Lower other operating expenses, including vegetation management work that was accelerated in 2025; and
Current report
•Higher net periodic pension and OPEB credits.
Current report
•Higher investigation and other related costs associated with the ongoing government investigations and litigation;
Current report
•Higher non-deferred storm restoration costs; and
Current report
•Higher interest expenses from long-term debt issuances since the first quarter of 2025.
Current report
Summary of Results of Operations — First Three Months of 2026 Compared with First Three Months of 2025
Current report
Distribution Segment — First Three Months of 2026 Compared with First Three Months of 2025
Current report
Distribution segment’s earnings attributable to FE increased $28 million in the first three months of 2026, as compared to the same period of 2025, primarily due to the absence of severance and related costs in the first quarter of 2025, lower other operating expenses and the absence of customer credits associated with the PUCO-approved Ohio Stipulation.
Current report
Total operating expenses increased $22 million, primarily due to:
Current report
•Other operating expenses increased $89 million in the first three months of 2026, as compared to the same period of 2025, primarily due to:
Current report
•Higher energy efficiency and other state mandated program costs of $22 million, which were deferred for future recovery, resulting in no material impact to earnings; and
Showing the first 40 of 120 passages. Open the source sections for the rest.
Removed paragraphs (233)
Previous report
Third Quarter of 2025 Compared with Third Quarter of 2024
Previous report
•Higher revenues associated with the implementation of the Pennsylvania base rate case;
Previous report
•Higher earnings from regulated capital investments that increased rate base;
Previous report
•The absence of the $62 million (pre-tax) impairment charge related to the Akron general office in the third quarter of 2024; and
Previous report
•Higher income tax benefits related to a remeasurement of excess deferred income taxes in the third quarter 2025, partially offset by lower deductions associated with certain equity method investments and updates to deferred income taxes on the FET Equity Interest Sale.
Previous report
•The expected elimination of the 50 basis point ROE adder associated with ATSI’s RTO membership as a result of the Sixth Circuit ruling in January 2025;
Previous report
•Higher planned other operating expense, primarily due to higher employee benefit costs, planned vegetation management expenses, and higher uncollectible expense, partially offset by increased construction support and lower maintenance work;
Previous report
•$21 million (pre-tax) of lower investment earnings related to FEV’s equity method investment in Global Holding, which, as discussed above, was sold on July 16, 2025; and
Previous report
•Higher interest expenses from debt issuances since the third quarter of 2024.
Previous report
First Nine Months of 2025 Compared with First Nine Months of 2024
Previous report
•The absence of the previously-disclosed $100 million civil penalty resulting from the SEC investigation and the $19.5 million settlement with the OAG’s office, which were both recorded as loss contingencies in the second quarter of 2024;
Previous report
•The absence of $207 million (pre-tax) in charges related to changes in ARO liabilities associated with CCR rules and McElroy’s Run in the second quarter of 2024;
Previous report
•The absence of a $53 million (pre-tax) charge at JCP&L in connection with the base rate case settlement agreement in the first quarter of 2024, as further discussed below;
Previous report
•The absence of a $32.5 million (pre-tax) contribution commitment by the Ohio Companies, as a result of the PUCO’s ESP V order in the second quarter of 2024;
Previous report
•Higher earnings associated with the implementation of base rate cases in New Jersey, West Virginia and Pennsylvania;
Previous report
•Higher customer usage and demand, primarily due to colder weather temperatures in the first quarter of 2025;
Previous report
•Lower customer credits associated with the PUCO-approved Ohio Stipulation;
Previous report
•The absence of the $62 million (pre-tax) impairment charge related to the Akron general office in the third quarter of 2024;
Previous report
•Lower debt redemptions costs of $61 million (pre-tax); and
Previous report
•Higher income tax benefits related to a remeasurement of excess deferred income taxes in the third quarter of 2025 and the absence of discrete tax charges related to the FET Equity Interest Sale and PA Consolidation in the first quarter of 2024, partially offset by lower deductions associated with certain equity method investments.
Previous report
•The absence of $151 million (pre-tax) net proceeds from the shareholder derivative lawsuit settlement received in the second quarter of 2024;
Previous report
•The absence of a $60 million (pre-tax) benefit associated with the approval by the WVPSC to recover costs of certain retired generation stations in the first quarter of 2024;
Previous report
•The expected elimination of the 50 basis point ROE adder associated with ATSI’s RTO membership as a result of the Sixth Circuit ruling in January 2025;
Previous report
•Higher depreciation expense due to a higher asset base;
Previous report
•Higher other operating expenses, primarily due to higher employee benefit costs, planned vegetation management expenses, and higher uncollectible expense, partially offset by increased construction support and lower maintenance work;
Previous report
•Lower customer usage and demand in the second quarter of 2025;
Previous report
•Lower investment earnings of $63 million (pre-tax) related to FEV’s equity method investment in Global Holding, which, as discussed above, was sold on July 16, 2025;
Previous report
•The absence of $24 million (pre-tax) of interest income related to the FET Equity Interest Sale, the purchase price of which was paid in part by the issuance of promissory notes;
Previous report
•Costs associated with the announced organizational changes; and
Previous report
•The dilutive effect of the FET Equity Interest Sale that closed in March 2024.
Previous report
(1) Reflects the reclassification of certain Pennsylvania customers from Industrial to Commercial. Due to the January 2024 consolidation of the Pennsylvania Companies, certain customers are required to be classified as Commercial effective June 1, 2024. The MWh deliveries prior to the effective date have been adjusted for comparability.
Previous report
Recent Developments
Previous report
FirstEnergy recently increased its Energize365 2025 planned capital investments to $5.5 billion, a 10% increase from its original 2025 plan of $5.0 billion. Additionally, FirstEnergy expects planned transmission capital investments in its 2026 through 2030 planning period to increase by 30% compared to planned transmission capital investments in its current 5-year plan.
Previous report
Signal Peak Disposition
Previous report
On July 16, 2025, FEV sold its entire 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations, at book value to WMB Marketing Ventures, LLC and Pinesdale LLC for $47.5 million.
Previous report
Asset Retirement Obligations
Previous report
As further discussed below in “Outlook – Environmental Matters – Regulation of Waste Disposal,” on May 8, 2024, the EPA finalized changes to the CCR regulations addressing inactive surface impoundments at inactive electric utilities, known as legacy CCR surface impoundments, and in November 2024 and January 2025, the EPA made several technical corrections to the rule. The rule extends 2015 CCR rule requirements for groundwater monitoring and protection procedures, operational and reporting procedures, as well as closure requirements for impoundments and landfills that were not originally included for coverage by the 2015 CCR rule. As a result, during 2024, FirstEnergy performed a preliminary assessment of former CCR disposal sites and calculated an initial estimate applying historical experience in remediating comparable sites and recorded a $139 million increase to its ARO in 2024. JCP&L did not have any legacy CCR disposal sites that were applicable to the 2024 CCR rules.
Previous report
Valley Link
Previous report
On July 26, 2024, FE, VEPCO and Transource Energy, LLC, a subsidiary of AEP, entered into a joint proposal agreement in connection with PJM’s 2024 Regional Transmission Expansion Plan Open Window 1 process. Pursuant to such joint proposal agreement, FET, VEPCO and Transource Energy, LLC jointly proposed certain regional electric transmission projects for PJM's consideration during the Open Window process. On November 25, 2024, FET, Dominion High Voltage MidAtlantic, Inc., an affiliate of VEPCO, and Transource Energy, LLC, formed Valley Link, which is the holding company responsible for managing and executing any projects awarded by PJM, and entered into a limited liability agreement. On February 26, 2025, PJM selected certain of the joint proposed projects, which included approximately $3 billion in investments for Valley Link to both build new and upgrade existing transmission infrastructure. On May 13, 2025, FERC issued an initial order that, among other things, accepted the requested abandonment rate incentive, CWIP rate incentive, RTO participation adder incentive, and precommercial regulatory asset rate incentive, and allowed the formula rate to go into effect on May 14, 2025, as requested, subject to refund, pending further settlement and hearing proceedings. An initial settlement conference was held on June 26, 2025, and a procedural schedule for the initial phase of the settlement process was agreed upon. The capital structure incentive and the other open rate design matters are being addressed in confidential settlement negotiations.
Previous report
Reorganization
Showing the first 40 of 233 passages. Open the source sections for the rest.
Reworded paragraphs (132)
Previous wording
FirstEnergy is dedicated to integrity, safety, reliability and operational excellence and is principally involved in the transmission, distribution and generation of electricity through its reportable segments: Distribution, Integrated and Stand-Alone Transmission. Its EDCs form one of the nation's largest investor-owned electric systems, serving over six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. FirstEnergy’s transmission subsidiaries operate more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions and two regional transmission operation centers. As of September 30, 2025, AGC and MP control 3,610 MWs of net maximum generation capacity.
Current wording
FirstEnergy is dedicated to integrity, safety, reliability and operational excellence and is principally involved in the transmission, distribution and generation of electricity through its reportable segments: Distribution, Integrated and Stand-Alone Transmission. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving over 6 million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. FirstEnergy’s transmission subsidiaries operate more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions and two regional transmission operation centers. As of March 31, 2026, AGC and MP control 3,610 MWs of net maximum generation capacity.
Previous wording
FirstEnergy continues to return value to shareholders. In March 2025, the FE Board declared a $0.02 per share increase to the quarterly common stock dividend payable June 1, 2025, to $0.445 per share, which represents an increase of more than 11% in annual dividend declarations since 2023. Modest dividend growth is expected to enable enhanced shareholder returns, while still allowing for continued substantial regulated investments. Dividend payments are subject to declaration by the FE Board, and future dividend decisions determined by the FE Board may be impacted by earnings growth, credit metrics and other business conditions. On September 23, 2025, the FE Board declared a quarterly dividend of $0.445 per share of outstanding common stock payable December 1, 2025, to shareholders of record at the close of business on November 7, 2025.
Current wording
FirstEnergy continues to return value to shareholders. In February 2026, the FE Board declared a $0.02 per share increase to the quarterly cash common stock dividend to $0.465 per share payable June 1, 2026, which represents a 4.5% increase compared to dividends declared in 2025. Modest dividend growth is expected to enable enhanced shareholder returns, while still allowing for continued substantial regulated investments. Dividend payments are subject to declaration by the FE Board, and future dividend decisions determined by the FE Board may be impacted by earnings, cash flows, credit metrics and general economic and other business conditions.
Previous wording
On October 1, 2025, MP and PE filed their integrated resource plan with the WVPSC. To ensure that MP and PE can meet their PJM adequacy requirements, the plan proposes, among other things, near-term market capacity purchases, and the addition of
Current wording
On October 1, 2025, MP and PE filed their integrated resource plan with the WVPSC. To ensure that MP and PE can meet their PJM adequacy requirements, the plan proposes, among other things, near-term market capacity purchases and the addition of 70 MWs of solar generation by 2028 and 1,200 MWs of natural gas combined cycle generation by 2031. On November 26, 2025, the WVPSC issued a procedural order setting a hearing for May 2026.
Previous wording
Earnings attributable to FE were $1,069 million or $1.85 per share (basic and diluted) in the first nine months of 2025 compared to $717 million or $1.25 per basic share ($1.24 per share diluted) in the first nine months of 2024, representing an increase of $352 million that was primarily due to the following:
Current wording
Earnings attributable to FE were $405 million or $0.70 per share (basic and diluted) in the first three months of 2026 compared to $360 million or $0.62 per share (basic and diluted) in the first three months of 2025, representing an increase of $45 million that was primarily due to the following:
Previous wording
•Higher customer usage and demand; and
Current wording
•Higher customer usage and demand due to the colder weather temperatures;
Previous wording
Actual distribution deliveries for each customer class were essentially flat in the third quarter of 2025 compared to the same period of 2024. Cooling degree days in the third quarter of 2025 were 7% below the same period of 2024 and 2% below normal. Heating degree days in the third quarter of 2025 were 66% above the same period of 2024 and 30% below normal.
Current wording
Actual distribution deliveries in the first quarter of 2026 for the residential and commercial customer classes were higher than the same period of 2025 due to the impact of colder weather temperatures. Heating degree days in the first three months of 2026 were 2% above the same period of 2025 and 3% above normal.
Previous wording
The financial results discussed below in Segment Results of Operations include revenues and expenses from transactions among FirstEnergy’s business segments. A reconciliation of segment financial results is provided in Note 11, “Segment Information,” of the Notes to Consolidated Financial Statements.
Current wording
The financial results discussed below in Segment Results of Operations include revenues and expenses from transactions among FirstEnergy’s business segments. A reconciliation of segment financial results is provided in Note 10., “Segment Information,” of the Combined Notes to Financial Statements of the Registrants.
Previous wording
Financial results for FirstEnergy’s business segments for the first nine months of 2025 and 2024 were as follows:
Current wording
Financial results for FirstEnergy’s business segments for the first three months of 2026 and 2025 were as follows:
Previous wording
Stand-Alone Transmission’s total revenues increased $54 million, primarily due to a higher rate base and recovery of higher transmission operating expenses, partially offset by the expected elimination of the 50 basis point ROE adder associated with ATSI’s RTO membership as a result of the Sixth Circuit ruling in January 2025, and true-up adjustments from the annual forward looking transmission rate filings.
Current wording
Distribution segment’s total revenues increased $54 million as a result of the following sources:
Previous wording
Distribution services revenues increased $106 million in the third quarter of 2025, as compared to the same period of 2024, primarily resulting from higher revenues associated with the implementation of the Pennsylvania base rate case, higher customer usage and demand and lower customer credits associated with the PUCO-approved Ohio Stipulation. Additionally, revenues increased due to the higher recovery of transmission expenses, which have no material impact to earnings.
Current wording
Distribution services revenues decreased $88 million in the first three months of 2026, as compared to the same period of 2025, primarily due to customer restitution and refunds resulting from the Ohio Companies’ PUCO-approved settlement. These restitution and refunds were recognized in the fourth quarter of 2025 and are offset by the amortization of a regulatory liability resulting in no impact to earnings in the first quarter of 2026. The revenue decrease was partially offset by higher rider revenues associated with certain regulated investment programs and the absence of customer credits associated with the PUCO-approved Ohio Stipulation. Additionally, revenues increased due to the higher recovery of transmission expenses, which have no material impact to earnings.
Previous wording
Generation sales revenues increased $93 million in the first nine months of 2025, as compared to the same period in 2024, primarily due to higher non-shopping generation auction rates, higher retail generation sales volumes as a result of colder weather temperatures in the first quarter, and lower shopping, which increased sales volumes. Total generation provided by alternative suppliers as a percentage of total MWh deliveries for the Ohio Companies and FE PA decreased to 89% from 90% in Ohio and to 62% from 63% in Pennsylvania in the first nine months of 2025, as compared to the same period of 2024. Retail and wholesale generation sales revenue have no material impact to earnings.
Current wording
Generation sales revenues increased $142 million in the first three months of 2026, as compared to the same period in 2025, primarily due to higher non-shopping generation auction rates, higher retail generation sales volumes as a result of weather temperatures, and lower shopping, which increased sales volumes. Total generation provided by alternative suppliers as a percentage of total MWh deliveries for the Ohio Companies and FE PA decreased to 87% from 88% in Ohio and to 59% from 60% in Pennsylvania in the first three months of 2026, as compared to the same period of 2025. Retail and wholesale generation sales revenue have no material impact to earnings.
Previous wording
•Purchased power costs, which have no material impact to earnings, increased $85 million during the first nine months of 2025, as compared to the same period of 2024, primarily due to higher unit costs and generation sales volumes as described above.
Current wording
•Purchased power costs, which have no material impact to earnings, increased $152 million during the first three months of 2026, as compared to the same period of 2025, primarily due to higher unit costs and generation sales volumes as described above.
Previous wording
•Higher network transmission expenses of $13 million, which are deferred for future recovery, resulting in no material impact to earnings;
Current wording
•Higher network transmission expenses of $28 million, which are deferred for future recovery, resulting in no material impact to earnings;
Previous wording
•Higher other operating expense of $18 million, primarily due to severance and related costs associated with FirstEnergy’s organizational changes announced in the first quarter of 2025 and higher employee benefit costs, partially offset by increased construction support and lower maintenance work.
Current wording
•Lower other operating expense of $5 million, primarily due to lower other employee benefit costs and increased construction support and lower maintenance work, partially offset by higher contractor expenses.
Previous wording
•Depreciation expense increased $3 million in the third quarter of 2025, as compared to the same period of 2024, primarily due to a higher asset base.
Current wording
•Depreciation expense increased $3 million in the first three months of 2026, as compared to the same period of 2025, primarily due to a higher asset base, partially offset by a change in depreciation rates effective March 1, 2026 as a result of the Ohio Base Rate Case.
Previous wording
•Deferral of regulatory assets decreased $101 million in the third quarter of 2025, as compared to the same period of 2024, primarily due to a $107 million decrease from lower deferred storm restoration expenses and a $21 million net decrease in other deferrals, partially offset by a $17 million net increase in generation and transmission related deferrals and $10 million of higher net amortization expenses resulting from recovery of previously deferred storm costs and customer assistance programs from the implementation of the Pennsylvania base rate case in 2025.
Current wording
•Deferral of regulatory assets increased $235 million in the first three months of 2026, as compared to the same period of 2025, primarily due to higher deferred storm restoration expenses of $72 million, a $158 million increase in the amortization of a regulatory liability as a result of providing restitution and refunds to Ohio customers and a $28 million net increase in generation and transmission deferrals, partially offset by a $2 million increase in amortization associated with recovery of previously incurred storm costs in Ohio and a $21 million net decrease in other deferrals.
Previous wording
•General taxes increased $36 million in the first nine months of 2025, as compared to the same period of 2024, primarily due to higher property and gross receipts taxes.
Current wording
•General taxes increased $13 million in the first three months of 2026, as compared to the same period of 2025, primarily due to higher property and gross receipts taxes.
Previous wording
Other expense was flat in the third quarter of 2025, as compared to the same period of 2024, primarily due to lower interest expense as a result of long-term debt redemptions since the third quarter of 2024 and lower average short-term borrowings being offset by lower interest income on regulated money pool investments.
Current wording
Other expense was flat in the first three months of 2026, as compared to the same period of 2025, primarily due to higher interest expense as a result of new debt issuances since the first quarter of 2025, partially offset by higher capitalized interest and higher pension and OPEB non-service credits.
Previous wording
from the implementation of base rate cases, and higher rider revenues associated with certain regulated investment programs, partially offset by lower customer usage as a result of the milder weather temperatures in the second and third quarter. Additionally, revenues increased due to the higher recovery of transmission expenses, which have no material impact to earnings.
Current wording
Distribution services revenues increased $13 million in the first three months of 2026, as compared to the same period of 2025, primarily resulting from higher customer usage as a result of the colder weather temperatures and higher rider revenues associated with certain regulated investment programs. Additionally, revenues increased due to the higher recovery of transmission expenses, which have no material impact to earnings.
Previous wording
•Retail generation sales increased $291 million in the first nine months of 2025, as compared to the same period in 2024, primarily due to higher non-shopping generation auction rates and higher volumes as a result of colder weather temperatures in the first quarter. Retail generation sales, other than those in West Virginia, have no material impact to earnings.
Current wording
•Retail generation sales increased $112 million in the first three months of 2026, as compared to the same period in 2025, primarily due to higher non-shopping generation auction rates and higher volumes as a result of the colder weather temperatures. Retail generation sales, other than those in West Virginia, have no material impact to earnings.
Previous wording
•Wholesale generation revenues increased $136 million in the first nine months of 2025, as compared to the same period in 2024, primarily due to higher sales volumes, wholesale rates and capacity revenues. The difference between current wholesale generation revenues and certain energy costs incurred is deferred for future recovery or refund, with no material impact to earnings.
Current wording
•Wholesale generation revenues increased $65 million in the first three months of 2026, as compared to the same period in 2025, primarily due to higher wholesale rates and capacity revenues, partially offset by lower sales volumes. The difference between current wholesale generation revenues and certain energy costs incurred is deferred for future recovery or refund, with no material impact to earnings.
Previous wording
Transmission revenues increased $37 million in the first nine months of 2025, as compared to the same period of 2024, primarily due to higher rate base from regulated investment programs, partially offset by recovery of lower transmission operating expenses.
Current wording
Transmission revenues increased $19 million in the first three months of 2026, as compared to the same period of 2025, primarily due to higher recovery of transmission operating expenses and higher rate base from regulated investment programs.
Previous wording
•Fuel costs increased $24 million during the third quarter of 2025, as compared to the same period of 2024, primarily due to higher unit costs, partially offset by lower consumption volumes. Due to the ENEC, fuel expense has no material impact to earnings.
Current wording
•Fuel costs increased $12 million during the first three months of 2026, as compared to the same period of 2025, primarily due to higher unit costs, partially offset by lower consumption volumes. Due to the ENEC, fuel expense has no material impact to earnings.
Previous wording
•Lower formula rate transmission operating and maintenance expenses of $5 million, which have no material impact to earnings.
Current wording
•Higher formula rate transmission operating and maintenance expenses of $2 million, which have no material impact to earnings;
Previous wording
•Amortization of regulatory assets increased $22 million in the third quarter of 2025, as compared to the same period of 2024, primarily due to $27 million in lower deferral of storm related expenses and a $1 million net decrease from lower generation and transmission related deferrals, partially offset by a $6 million net increase in other deferrals.
Current wording
•Deferral of regulatory assets increased $213 million in the first three months of 2026, as compared to the same period of 2025, primarily due to $71 million in higher deferral of storm related expenses and a $146 million net increase from higher generation and transmission related deferrals, partially offset by $4 million related to net decreases in other deferrals.
Previous wording
Other expense decreased $2 million in the third quarter of 2025, as compared to the same period of 2024, primarily due to lower interest expense as a result of lower average short-term borrowings and higher capitalized interest, partially offset by higher interest from new debt issuances since the third quarter of 2024.
Current wording
Other expense increased $2 million in the first three months of 2026, as compared to the same period of 2025, primarily due to higher interest expense as a result of new debt issuances since the first quarter 2025, partially offset by higher capitalized interest and higher pension and OPEB non-service credits.
Previous wording
Total other expense increased $13 million in the first nine months of 2025, as compared to the same period of 2024, primarily due to higher interest expenses from new long-term debt issuances, partially offset by higher capitalized financing costs and the absence of a prior year non-recoverable charge.
Current wording
Stand-Alone Transmission segment’s earnings attributable to FE increased $10 million in the first three months of 2026, as compared to the same period of 2025, primarily due to higher revenues from regulated capital investments that increased rate base and higher capitalized financing costs, partially offset by higher interest expenses from new long-term debt issuances.
Previous wording
Total operating expenses decreased by $1 million during the first nine months of 2025, as compared to the same period of 2024, primarily due to lower operating and maintenance expenses, partially offset by higher depreciation and property tax expenses from a higher asset base. Nearly all operating expenses are recovered through formula rates, resulting in no material impact on current period earnings.
Current wording
Total operating expenses decreased $3 million in the first three months of 2026, as compared to the same period of 2025, primarily due to lower operating and maintenance expenses, partially offset by higher depreciation and property tax expenses from a higher asset base. Nearly all operating expenses are recovered through formula rates.
Previous wording
Total other expense increased $8 million in the third quarter of 2025, as compared to the same period of 2024, primarily due to higher interest expenses from new long-term debt issuances, partially offset by higher capitalized financing costs.
Current wording
Total other expense increased $5 million in the first three months of 2026, as compared to the same period of 2025, primarily due to higher interest expenses from new long-term debt issuances, partially offset by higher capitalized financing costs.
Previous wording
Financial results at Corporate/Other resulted in a $80 million decrease in losses attributable to FE in the first nine months of 2025, as compared to the same period of 2024, primarily due to:
Current wording
Financial results at Corporate/Other resulted in a $10 million increase in losses attributable to FE in the first three months of 2026, as compared to the same period of 2025, primarily due to:
Previous wording
The decrease in losses were partially offset by:
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The increase in losses were partially offset by:
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Regulatory assets represent incurred costs that have been deferred because of their probable future recovery from customers through regulated rates. Regulatory liabilities represent amounts that are expected to be credited to customers through future regulated rates or amounts collected from customers for costs not yet incurred. FirstEnergy, the Electric Companies and the Transmission Companies net their regulatory assets and liabilities based on federal and state jurisdictions.
Current wording
Regulatory assets represent incurred costs that have been deferred because of their probable future recovery from customers through regulated rates. Regulatory liabilities represent amounts that are expected to be credited to customers through future regulated rates or amounts collected from customers for costs not yet incurred. The Registrants net their regulatory assets and liabilities based on federal and state jurisdictions.
Previous wording
The following table provides information about the composition of FirstEnergy’s net regulatory assets and liabilities as of September 30, 2025, and December 31, 2024, and the changes during the nine months ended September 30, 2025:
Current wording
FirstEnergy has regulatory assets of $1,092 million and $829 million, and regulatory liabilities of $877 million and $1,185 million as of March 31, 2026 and December 31, 2025, respectively. The following table provides information about the composition of FirstEnergy’s net regulatory assets and liabilities as of March 31, 2026 and December 31, 2025, and the changes during the three months ended March 31, 2026:
Previous wording
The following table provides information about the composition of JCP&L’s net regulatory assets and liabilities as of September 30, 2025, and December 31, 2024, and the changes during the nine months ended September 30, 2025:
Current wording
The following table provides information about the composition of JCP&L’s net regulatory assets and liabilities as of March 31, 2026 and December 31, 2025, and the changes during the three months ended March 31, 2026:
Previous wording
Spent nuclear fuel disposal costs- Reflects amounts collected from customers, and the investment income, losses and changes in fair value of the trusts for spent nuclear fuel disposal costs related to former nuclear generating facilities, Oyster Creek and Three Mile Island Unit 1.
Current wording
Spent nuclear fuel disposal costs- Reflects amounts collected from customers, and the investment income, losses and changes in fair value of the trusts for spent nuclear fuel disposal costs related to former nuclear generation facilities, Oyster Creek and Three Mile Island Unit 1.
Previous wording
Deferred generation costs - Primarily relates to regulatory assets associated with the securitized recovery of certain fuel and purchased power regulatory assets at the Ohio Companies (amortized through 2034) as well as the ENEC at MP and PE. MP and PE recover net power supply costs, including fuel costs, purchased power costs and related expenses, net of related market sales revenue through the ENEC. Generally, the ENEC rate is updated annually.
Current wording
Deferred generation costs - Primarily relates to regulatory assets associated with the securitized recovery of certain fuel and purchased power regulatory assets at the Ohio Companies (amortized through 2034), the Warrior Run purchased power agreement termination fee at PE (amortized through 2029), and the ENEC at MP and PE. MP and PE recover net power supply costs, including fuel costs, purchased power costs and related expenses, net of related market sales revenue through the ENEC. Generally, the ENEC rate is updated annually.
Previous wording
Deferred distribution costs - Primarily relates to New Jersey temporary residential bill credits (amortized though February 2026), the Ohio Companies' deferral of certain distribution-related expenses, including interest (amortized through 2034) and JCP&L’s AMI program costs.
Current wording
Deferred distribution costs - Primarily relates to the Ohio Companies' deferral of certain distribution-related expenses, including interest (amortized through 2034) and JCP&L’s AMI program costs.
Previous wording
Storm-related costs - Relates to the deferral of storm costs, which vary by jurisdiction. Approximately $335 million and $65 million for FirstEnergy and JCP&L, respectively, are currently being recovered through rates as of September 30, 2025. Approximately $402 million and $41 million for FirstEnergy and JCP&L, respectively, and are currently being recovered through rates as of December 31, 2024.
Current wording
Storm-related costs - Relates to the deferral of storm costs, which vary by jurisdiction. Approximately $659 million and $80 million for FirstEnergy and JCP&L, respectively, are currently being recovered through rates as of March 31, 2026. Approximately $335 million and $73 million for FirstEnergy and JCP&L, respectively, and were currently being recovered through rates as of December 31, 2025.
Previous wording
The following table provides information about the composition of FirstEnergy’s net regulatory assets that do not earn a current return as of September 30, 2025 and December 31, 2024, of which approximately $812 million and $698 million, respectively, are currently being recovered through rates over varying periods, through 2068, depending on the nature of the deferral and the jurisdiction:
Current wording
The following table provides information about the composition of FirstEnergy’s net regulatory assets that do not earn a current return as of March 31, 2026 and December 31, 2025, of which approximately $943 million and $802 million, respectively, are currently being recovered through rates over varying periods, through 2068, depending on the nature of the deferral and the jurisdiction:
Previous wording
The following table provides information about the composition of JCP&L’s net regulatory assets that do not earn a current return as of September 30, 2025 and December 31, 2024, of which approximately $69 million and $45 million, respectively, are currently being recovered through rates over varying periods, through 2068, depending on the nature of the deferral:
Current wording
The following table provides information about the composition of JCP&L’s net regulatory assets that do not earn a current return as of March 31, 2026 and December 31, 2025, of which approximately $83 million and $76 million, respectively, are currently being recovered through rates over varying periods, through 2068, depending on the nature of the deferral:
Showing the first 40 of 132 pairs. Open the source sections for the rest.
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Current report — wording carried from elsewhere
See Note 10., “Segment Information,” of the Combined Notes to Financial Statements of the Registrants.
Current report — wording carried from elsewhere
On April 5, 2023, the Ohio Companies sought approval from the PUCO for their ESP V. The proposed plan would maintain an eight-year term beginning June 1, 2024, and continue riders recovering costs associated with distribution infrastructure investments and approved grid modernization investments. ESP V additionally proposed new riders that would support reliability, and included provisions supporting affordability and enhancing the customer experience. As more fully described in “Outlook - State Regulation - Ohio,” in Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations," on October 29, 2024, the Ohio Companies filed a notice of their intent to withdraw ESP V and proposed the terms under which they would resume operating under ESP IV, which was approved by the PUCO on December 18, 2024. On January 22, 2025, the PUCO approved the Ohio Companies’ ESP IV compliance tariffs with an effective date of February 1, 2025, at which point the Ohio Companies resumed operating under ESP IV with certain modifications, as described in “Outlook - State Regulation - Ohio,” in Item 7., "Management's Discussion and Analysis of Financial Condition and Results of Operations". The Ohio Companies’ return to ESP IV was appealed by certain intervenors and the matter remains pending before the Supreme Court of Ohio.
Current report — wording carried from elsewhere
•Higher vegetation management expenses of $5 million, which were mostly deferred for future recovery, resulting in no material impact to earnings; and
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As of March 31, 2026, JCP&L’s net deficit in working capital (current assets less current liabilities) was approximately $372 million, primarily due to accounts payable, short-term borrowings, accrued interest, and compensation and benefits. JCP&L believes its cash from operations and available liquidity will be sufficient to meet its current working capital needs. See further discussion on cash from operations below.
Current report — wording carried from elsewhere
On May 4, 2023, FE issued $1.5 billion aggregate principal amount of 2026 Convertible Notes, at a rate of 4.00% per year, payable semiannually in arrears on May 1 and November 1 of each year, beginning on November 1, 2023. The 2026 Convertible Notes are unsecured and unsubordinated obligations of FE, and will mature on May 1, 2026, unless required to be converted or repurchased in accordance with their terms. Proceeds from the issuance were approximately $1.48 billion, net of issuance costs. FE may not elect to redeem the 2026 Convertible Notes prior to the maturity date.
Current report — wording carried from elsewhere
As of March 31, 2026, FirstEnergy’s OPEB plan assets were allocated approximately as follows: 57% in equity securities, 39% in fixed income securities and 4% in cash and short-term securities.
Current report — wording carried from elsewhere
On May 23, 2023, the EPA published a proposed rule pursuant to CAA Section 111 (b) and (d) in line with the decision in West Virginia v. Environmental Protection Agency intended to reduce power sector GHG emissions (primarily CO 2 emissions) from fossil fuel based EGUs. On April 25, 2024, the EPA issued a final rule, which we refer to as the GHG rule, that imposed stringent GHG emissions limitations on power plants based on fuel type and unit retirement date. In May 2024, a group of 25 states, including West Virginia, filed a challenge to the rule in the D.C. Circuit. Also in May 2024, other utility groups, including the Midwest Ozone Group and Electric Generators for a Sensible Transition, both of which MP is a member, filed petitions for review of the GHG rule as well as motions to stay the rule in the D.C. Circuit. The D.C. Circuit subsequently granted a motion from the EPA placing the litigation in abeyance until further order of the Court. On June 17, 2025, the EPA published a proposed rule to repeal the GHG rule. This proposal to repeal the GHG remains under active consideration by the EPA. If and when finalized, the EPA’s repeal of the GHG rule is expected to be challenged in federal court. Although FirstEnergy continues to evaluate the impact of federal GHG regulations on its operations, it cannot predict the outcome of any regulatory actions or the result of potential litigation challenging any of these actions.
Current report — wording carried from elsewhere
•Higher formula rate transmission operating and maintenance expenses of $4 million, which have no material impact to earnings.
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Previous report — wording carried elsewhere
Earnings attributable to FE were $441 million or $0.76 per share (basic and diluted) in the third quarter of 2025 compared to $419 million or $0.73 per share (basic and diluted) in the third quarter of 2024, representing an increase of $22 million that was primarily due to the following:
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•Higher revenues from regulated capital investments that increased rate base;
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These factors were partially offset by the following:
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Detailed segment reporting explanations are included below.
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During 2024, as a result of the evaluation of closure options for McElroy’s Run and the adjacent landfill, AE Supply reviewed its ARO and future expected costs to remediate, resulting in an increase to the ARO liability of $87 million. AE Supply transferred the McElroy’s Run CCR impoundment facility and adjacent dry landfill and related remediation obligations on March 4, 2025, pursuant to the environmental liability transfer agreement dated February 3, 2025, with a subsidiary of IDA Power, LLC. Pursuant to the agreement, AE Supply established a $160 million escrow account that AE Supply will fund over five years and is secured by a surety bond, which is guaranteed by FE. In connection with the transfer, AE Supply recognized a $130 million liability, based on a 4.8% weighted average discount rate over the contract term, associated with its remaining obligation to fund the escrow account over the next five years, and derecognized the ARO, resulting in an immaterial impact to earnings. During the nine months ended September 30, 2025, AE Supply made $46 million of cash payments to the escrow account.
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On March 12, 2025, the EPA announced a series of planned deregulatory actions, including reconsideration of the final legacy CCR rules. We continue to monitor EPA's actions related to CCR; however, the ultimate impact is unknown at this time and subject to the outcome of the litigation and any future state regulatory actions.
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On July 21, 2021, FE entered into a three-year DPA with the U.S. Attorney’s Office that, subject to court proceedings, resolves the U.S. Attorney’s Office investigation into FirstEnergy relating to FirstEnergy’s lobbying and governmental affairs activities concerning HB 6 related to the federal criminal allegations made in July 2020, against former Ohio House Speaker Larry Householder and other individuals and entities allegedly affiliated with Mr. Householder. Among other things under the DPA, FE paid a $230 million monetary penalty in 2021 and agreed to the filing of a criminal information charging FE with one count of conspiracy to commit honest services wire fraud. The $230 million payment will neither be recovered in rates or charged to FirstEnergy customers, nor will FirstEnergy seek any tax deduction related to such payment. As of July 22, 2024, FirstEnergy had successfully completed the obligations required within the three-year term of the DPA. Under the DPA, FirstEnergy has an obligation to continue: (i) publishing quarterly a list of all payments to 501(c)(4) entities and all payments to entities known by FirstEnergy operating for the benefit of a public official, either directly or indirectly; (ii) not making any statements that contradict the DPA; (iii) notifying the U.S. Attorney’s Office of any changes in FirstEnergy’s corporate form; and (iv) cooperating with the U.S. Attorney’s Office until the conclusion of any related investigation, criminal prosecution, and civil proceeding brought by the U.S. Attorney’s Office, including the January 17, 2025, indictment against two former FirstEnergy senior officers, as described below in “Outlook -- Other Legal Proceedings -U.S. v. Larry Householder, et al.”. Within 30 days of those matters concluding, and FirstEnergy’s successful completion of its remaining obligations, the U.S. Attorney’s Office will dismiss the criminal information.
Previous report — wording carried elsewhere
•Depreciation expense increased $2 million in the third quarter of 2025, as compared to the same period of 2024, primarily due to a higher asset base.
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•General taxes increased $13 million in the third quarter of 2025, as compared to the same period of 2024, primarily due to higher property and gross receipts taxes.
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•Retail generation sales increased $112 million in the third quarter of 2025, as compared to the same period in 2024, primarily due to higher non-shopping generation auction rates, partially offset by lower customer usage. Retail generation sales, other than those in West Virginia, have no material impact to earnings.
Previous report — wording carried elsewhere
difference between current wholesale generation revenues and certain energy costs incurred is deferred for future recovery or refund, with no material impact to earnings.
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Financial results at Corporate/Other resulted in a $51 million increase in losses attributable to FE in the third quarter of 2025, as compared to the same period of 2024, primarily due to:
Previous report — wording carried elsewhere
•Higher network transmission expenses of $57 million, which are deferred for future recovery, resulting in no material impact to earnings;
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•Fuel costs increased $108 million during the first nine months of 2025, as compared to the same period of 2024, primarily due to higher unit costs and higher consumption volumes. Due to the ENEC, fuel expense has no material impact to earnings.
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The following table shows revenues by transmission asset owner:
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As set forth above, on June 12, 2025, FE issued $1.35 billion aggregate principal amount of its 2029 Convertible Notes and $1.15 billion aggregate principal amount of its 2031 Convertible Notes.
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On December 5, 2024, JCP&L issued $700 million of senior unsecured notes due in 2035 in a private offering that included a registration rights agreement in which JCP&L agreed to conduct an exchange offer of these senior notes for like principal amounts registered under the Securities Act. On April 1, 2025, JCP&L filed a registration statement on Form S-4 with the SEC, which became effective on April 11, 2025.
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December 29, 2023. New legislation which took effect on July 1, 2024 is expected to reduce the carrying costs on the EmPOWER unamortized balances for PE by a total of $25 to $30 million over the period of 2024-2030. On July 31, 2024, the MDPSC issued an order implementing revised EmPOWER surcharge rates for PE in accordance with the new law, denying PE’s request for a hearing that sought to challenge certain portions of the law. On August 30, 2024, PE filed a petition seeking judicial review of its challenge to the law in the Circuit Court for Washington County, Maryland. On August 6, 2025, the Circuit Court for Washington County, Maryland issued an order granting PE’s petition, finding that the legislature may not change terms to apply retroactively to monies already expended. MDPSC and the Maryland Office of People’s Counsel have each appealed the decision.
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PUCO approved the Ohio Companies’ notice of withdrawal. Also on December 18, 2024, the PUCO approved the Ohio Companies’ proposal for returning to ESP IV, with modifications. Consistent with ESP IV, the PUCO authorized the Ohio Companies’ reinstatement of the DCR rider, with an annual revenue cap of $390 million, and denied the Ohio Companies’ request to continue ESP IV’s DCR rider revenue cap increases of $15 million per year. Additionally, the PUCO ordered that storm costs deferred under ESP V since June 1, 2024, remain on the Ohio Companies’ books and subject to review in a future case. The PUCO also denied the Ohio Companies’ request to lift the base rate freeze in ESP IV, permitting the Ohio Companies’ pending base rate case to continue, but prohibiting new rates from going into effect until either the effective date of ESP VI, or the staff agrees that the freeze be lifted and new rates be implemented. On January 22, 2025, the PUCO approved the Ohio Companies’ revised ESP IV tariffs, effective February 1, 2025, at which time the Ohio Companies resumed operating under ESP IV. On April 7, 2025, certain intervenors filed an appeal to the Supreme Court of Ohio challenging the Ohio Companies’ return to ESP IV. On May 22, 2025, the Ohio Supreme Court granted the Ohio Companies motion to intervene in the appeal. On July 7, 2025, OCC and NOAC filed their Appellants’ brief. Appellees, including the PUCO and the Ohio Companies, filed their briefs on August 26, 2025, to which OCC and NOAC replied on September 15, 2025.
Previous report — wording carried elsewhere
ENEC rate is typically updated annually and MP and PE filed their ENEC filing on August 29, 2025, for rates effective January 1, 2026.
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FirstEnergy has pledged to achieve carbon neutrality by 2050 with respect to GHGs within FirstEnergy’s direct operational control (known as Scope 1 emissions). FirstEnergy’s ability to achieve its GHG reduction goal is subject to its ability to make operational changes and is conditioned upon numerous risks, many of which are outside of its control. With respect to FirstEnergy’s coal-fired plants in West Virginia, which serve as the primary source of its Scope 1 emissions, it has identified that the end of the useful life date is 2035 for Fort Martin and 2040 for Harrison. MP filed its 10-year integrated resource plan with the
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The Distribution segment, representing $3.3 billion in rate base as of December 31, 2024, distributes electricity to approximately 1.2 million customers in New Jersey across its distribution footprint. The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.
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The $234 million increase in total revenues resulted from the following sources:
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•Higher uncollectible expenses of $4 million, which were deferred for future recovery;