Summary

FirstEnergy is a diversified energy company headquartered in Akron, Ohio. It is one of the largest investor-owned electric systems in the country, with 10 regulated subsidiaries. The company has a small regulated generation capacity, less than 4,000 MW. FE focuses on transmission and distribution; however, the company has been selling parts of its transmission business and expects about 20% of earnings in 2024 to come from transmission operations. The company serves 6 million customers, including 2.3 million in Ohio, 1.8 million in Pennsylvania and another 2 million in other Mid-Atlantic states. FE has no natural gas operations and regulated electricity distribution accounted for about 85% of total 2023 revenue.

The EV generation mix is ​​carbon neutral nuclear (53%), clean baseload coal (35%), natural gas and oil (4%), and pumped storage hydrocarbons and other renewables (8%). We believe the company is at a disadvantage relative to its peers given its heavy reliance on coal-fired generation. FE is committed to reducing GHG emissions