0001031296false00010312962024-07-302024-07-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 30, 2024
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| Commission | | Registrant; State of Incorporation; | | I.R.S. Employer |
| File Number | | Address; and Telephone Number | | Identification No. |
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| 333-21011 | | FIRSTENERGY CORP | | 34-1843785 |
| | | (An | Ohio | Corporation) | | |
| | | 76 South Main Street | | |
| | | Akron | OH | 44308 | | |
| | | Telephone | (800) | 736-3402 | | |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, $0.10 par value per share | | FE | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On July 30, 2024, FirstEnergy Corp. (“FirstEnergy” or the “Company”) issued a press release (the “Release”) announcing its financial results for the three months ended June 30, 2024, providing earnings guidance for the third quarter of 2024, and affirming the Company’s annual operating (non-GAAP) earnings guidance for the full year 2024. A copy of the Release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The Company has presented certain financial information in the Release and in Exhibit 99.2, referenced below, in accordance with U.S. generally accepted accounting principles (“GAAP”) and also on a non-GAAP basis. Management uses these non-GAAP financial measures to evaluate the Company’s and its segments’ performance and manage its operations, and also frequently references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that these non-GAAP financial measures provide consistent and comparable measures of performance of its businesses on an ongoing basis. Management also believes that such measures are useful to shareholders and other interested parties to understand performance trends and evaluate the Company against its peer group by presenting period-over-period operating results without the effect of certain special items that may not be consistent or comparable across periods or across the Company’s peer group. The Company has provided, where available without unreasonable effort, quantitative reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the tables on page four of the Release.
The information set forth in and incorporated into this Item 2.02 of this Current Report on Form 8-K is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure
In connection with the Release, the Company also made available FirstEnergy’s 2Q 2024 Strategic and Financial Highlights, which are attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference. The 2Q 2024 Strategic and Financial Highlights are available under the “Investor Relations” section of the Company’s website, located at investors.firstenergycorp.com. Website addresses are included as inactive textual references only. Information on the Company’s website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the Securities and Exchange Commission. Important information may be disseminated initially or exclusively via the Company’s Investor Relations website; investors should consult the site to access this information.
The information set forth in and incorporated into this Item 7.01 of this Current Report on Form 8-K is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The furnishing of this Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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| Exhibit No. | | Description |
| 99.1 | | |
| 99.2 | | |
| 104 | | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
Forward-Looking Statements: This Form 8-K includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 with the U.S. Attorney’s Office for the Southern District of Ohio; the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters, including risks associated with obtaining dismissal of the derivative shareholder lawsuits; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, and climate change; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to employee, environmental, social and corporate governance opportunities, improvements, and efficiencies, including our greenhouse gas (“GHG”) reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the recently promulgated legacy coal combustion residual rules; changes to environmental laws and regulations, including, but not limited to, rules recently finalized by the Environmental Protection Agency and the Securities and Exchange Commission (“SEC”) related to climate change; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on FirstEnergy Corp.’s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.’s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.’s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
July 30, 2024
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| FIRSTENERGY CORP. |
| Registrant |
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| By: | /s/ Jason J. Lisowski |
| Jason J. Lisowski Vice President, Controller and Chief Accounting Officer |
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| FirstEnergy Corp. | | For Release: July 30, 2024 |
| 76 South Main Street | | |
| Akron, Ohio 44308 | | |
www.firstenergycorp.com | | |
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| News Media Contact: | | Investor Contact: |
Tricia Ingraham | | Gina Caskey |
| (330) 384-5247 | | (330) 761-4185 |
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FirstEnergy Announces Second Quarter 2024 Financial Results
Reports second quarter 2024 GAAP earnings of $0.08 per share and
operating (non-GAAP) earnings of $0.56 per share, above the midpoint of guidance and a 19% increase compared to the second quarter of 2023
Affirms targeted 6-8% long-term annual operating earnings per share growth and full-year 2024 operating (non-GAAP) earnings guidance of $2.61 to $2.81 per share
Received and deployed final $1.2 billion in proceeds from $3.5 billion FET LLC transaction, strengthening balance sheet and fueling Energize365 investment plan
Results include progress in settling legacy issues with the Securities and Exchange Commission (SEC) and the Office of the Ohio Attorney General
Akron, Ohio – FirstEnergy Corp. (NYSE: FE) today reported second quarter 2024 GAAP earnings of $45 million, or $0.08 per basic and diluted share, on revenue of $3.3 billion. This compares to second quarter 2023 GAAP earnings of $235 million, or $0.41 per basic and diluted share, on revenue of $3.0 billion. GAAP results for the second quarter of 2024 include an increase in asset retirement obligations associated with new environmental regulations and future expected remediation costs for retired generation facilities, debt redemption costs, and legal costs and charges connected to anticipated resolution of certain HB-6 related matters, partially offset by the receipt of insurance proceeds associated with the shareholder derivative lawsuit. GAAP results for both periods also include the impact of other special items listed below.
Operating (non-GAAP) earnings for the second quarter of 2024 were $0.56 per share, above the midpoint of the company’s guidance. In the second quarter of 2023, operating (non-GAAP) earnings were $0.47 per share.
“Our second quarter financial results are in line with our expectations, reflecting the strength of our regulated investment strategies,” said Brian X. Tierney, President and Chief Executive Officer. “In addition, we’re achieving meaningful milestones in our journey to become a premier electric company. Earlier this year, we introduced a robust capital investment program that is supported by a transformed balance sheet. We’ve achieved constructive regulatory outcomes, and we’ve structured our operations to improve the customer experience and reliability. In addition, we reached an agreement in principle with SEC staff, which remains subject to the SEC’s approval, and we are close to resolving legacy issues with the Ohio Attorney General’s office. We are proud of the progress we’ve made and are committed to driving results through a culture focused on performance excellence and continuous improvement.”
FirstEnergy provided a third quarter earnings guidance range of $490 million to $547 million, or $0.85 to $0.95 per share. The company also affirmed its 2024 operating (non-GAAP) earnings guidance range of $2.61 to $2.81 per share, and its long-term, 6% to 8% targeted annual operating earnings growth rate, which is based off the previous year’s operating earnings guidance midpoint and supported by the company’s refreshed and extended $26 billion, five-year capital investment plan, Energize365.
Second Quarter Results
Second quarter 2024 results increased $0.09 per share, or 19%, resulting from the company’s Energize365 investment plan, including rate base growth in distribution and transmission formula rate programs, higher distribution sales and constructive regulatory outcomes in multiple jurisdictions. These drivers were partially offset by higher planned operating expenses and net financing costs.
On a weather-adjusted basis, total distribution deliveries increased 3% compared to the second quarter of 2023. Weather-adjusted usage increased 4% and 7% among residential and commercial customers, respectively.
Earlier this year, the company introduced new segment reporting to enhance transparency and align with its operating structure. Segment results for 2023 have been recast for comparative purposes.
Second quarter operating earnings in the Distribution segment decreased $0.02 per share compared to the second quarter of 2023 as higher revenues from rate base growth in formula rate investment programs and higher distribution customer demand were offset primarily by higher planned operating expenses in the second quarter of 2024.
In the Integrated segment, second quarter operating earnings increased $0.09 per share compared to the second quarter of 2023, primarily due to the impact of base rate adjustments, rate base growth in formula rate investment programs, and higher distribution customer demand. These items were partially offset, in part, by a higher effective income tax rate.
In the Stand-Alone Transmission segment, second quarter 2024 operating earnings decreased $0.04 per share. Results benefited from rate base growth in formula rate investment programs, however this was more than offset by the dilutive effect of the 30% interest sale in FirstEnergy Transmission, LLC, which closed on March 25.
Second quarter 2024 operating results improved in Corporate/Other by $0.06 per share due to lower interest costs from lower average debt levels, partially offset by lower earnings from the company’s legacy investment in the Signal Peak coal mine.
First Half Results
For the first half of 2024, FirstEnergy reported GAAP earnings of $298 million, or $0.52 per basic and diluted share, on revenue of $6.6 billion. This compares to GAAP earnings of $527 million, or $0.92 per basic and diluted share, on revenue of $6.2 billion in the first half of 2023. GAAP results for both periods reflect the impact of special items listed below.
Operating (non-GAAP) earnings* for the first half of 2024 were $1.11 per share, compared to $1.06 per share in the first half of 2023.
Operating results for the first half of 2024 reflect continued growth from the company’s regulated investment strategy and favorable distribution sales compared to the first half of 2023. These factors offset the impact of higher planned operating expenses and financing costs.
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| | Consolidated GAAP Earnings Per Share (EPS) to Operating (Non-GAAP) EPS Reconciliation | |
| | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | |
| | | | 2024 | 2023 | | 2024 | 2023 | | | |
| Earnings Attributable to FirstEnergy Corp. (GAAP) - $M | | $45 | $235 | | $298 | $527 | | | |
| Basic – EPS (GAAP) | | $0.08 | $0.41 | | $0.52 | $0.92 | | | |
| Excluding Special Items: | | | | | | | | | |
| | Asset retirement obligation regulatory change | | 0.28 | — | | 0.28 | — | | | |
| | Debt-related costs | | 0.12 | 0.05 | | 0.12 | 0.05 | | | |
| | Enhanced employee retirement and other related costs | | — | 0.04 | | — | 0.04 | | | |
| | FE Forward cost to achieve | | — | — | | 0.01 | 0.06 | | | |
| | Investigation and other related costs | | 0.04 | 0.03 | | 0.07 | 0.04 | | | |
| | Mark-to-market adjustments – Pension/OPEB actuarial assumptions | | — | (0.06) | | — | (0.06) | | | |
| | Regulatory charges | | 0.04 | — | | 0.03 | 0.01 | | | |
| | Strategic transaction charges | | — | — | | 0.08 | — | | | |
| | Total Special Items | | 0.48 | 0.06 | | 0.59 | 0.14 | | | |
| Operating EPS (Non-GAAP) | | $0.56 | $0.47 | | $1.11 | $1.06 | | | |
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| Per share amounts for the special items above are based on the after-tax effect of each item divided by the number of shares outstanding for the period. The current and deferred income tax effect was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rate ranges from 21% to 29%. Basic EPS (GAAP) and Operating EPS (Non-GAAP) is based on 575 million shares for the Second Quarter and First Half 2024 and 573 million shares for the Second Quarter and First Half 2023. | |
Non-GAAP Financial Measures
We refer to certain financial measures, including Operating earnings (loss) and Operating earnings (loss) per share (EPS), including by segment, as “non-GAAP financial measures,” which are not calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and exclude the impact of “special items,” on the following measures: Total revenues, Total operating expenses, Total other expense, and Earnings (loss) attributable to FirstEnergy Corp., as included in the table above. Management uses these non-GAAP financial measures to evaluate the company’s and its segments’ performance and manage its operations and frequently references these
non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that the non-GAAP financial measures of Operating earnings (loss) and Operating EPS, including by segment, provide consistent and comparable measures of performance of its businesses on an ongoing basis. Management also believes that such measures are useful to shareholders and other interested parties to understand performance trends and evaluate the company against its peer group by presenting period-over-period operating results without the effect of certain special items that may not be consistent or comparable across periods or across the company’s peer group. These non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP financial measures, which for Operating EPS is EPS attributable to FirstEnergy Corp. (GAAP), as reconciled in the above table. Also, such non-GAAP financial measures may not be comparable to similarly titled measures used by other entities.
Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating the company’s ongoing core activities and results of operations or otherwise warrant separate classification. Operating EPS is calculated by dividing Operating earnings (loss), which excludes special items as discussed above, for the periods presented by the weighted average number of common shares outstanding in the respective period. Special Items for the period can be found in more detail in the Company’s Strategic and Financial Highlights, available at www.firstenergycorp.com/ir.
Forward-Looking Non-GAAP Measures
A reconciliation of forward-looking non-GAAP measures, including 2024 Operating EPS and long-term annual Operating EPS growth projections, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Specifically, management cannot, without unreasonable effort, predict the impact of these special items in the context of Operating EPS guidance and long-term annual Operating EPS growth rate projections because these items, which could be significant, are difficult to predict and may be highly variable. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These special items are uncertain, depend on various factors and may have a material impact on our future GAAP results.
Investor Materials and Teleconference
FirstEnergy’s Strategic and Financial Highlights presentation is posted on the company’s Investor Information website – www.firstenergycorp.com/ir. It can be accessed through the Second Quarter 2024 Financial Results link. Important information may be disseminated initially or exclusively via the company’s Investor Information website; investors should consult the site to access this information.
The company invites investors, customers and other interested parties to listen to a live webcast of its teleconference for financial analysts and view presentation slides at 10:00 a.m. EDT tomorrow. FirstEnergy management will present an overview of the company’s financial results followed by a question-and-answer session. The teleconference and presentation can be
accessed on the Investor Information website by selecting the Second Quarter 2024 Earnings Webcast link. The webcast and presentation will be archived on the website.
FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company’s transmission subsidiaries operate more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on X, formerly known as Twitter, @FirstEnergyCorp.
Forward-Looking Statements: This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 with the U.S. Attorney’s Office for the Southern District of Ohio; the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters, including risks associated with obtaining dismissal of the derivative shareholder lawsuits; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, and climate change; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to employee, environmental, social and corporate governance opportunities, improvements, and efficiencies, including our greenhouse gas (“GHG”) reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the recently promulgated legacy coal combustion residual rules; changes to environmental laws and regulations, including, but not limited to, rules recently finalized by the Environmental Protection Agency and the Securities and Exchange Commission (“SEC”) related to climate change; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit
facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on FirstEnergy Corp.’s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.’s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.’s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.
(073024)
Focused on Our Future 2Q 2024 Strategic & Financial Highlights Published July 30, 2024
Forward-Looking Statements 2 This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 with the U.S. Attorney’s Office for the Southern District of Ohio; the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters, including risks associated with obtaining dismissal of the derivative shareholder lawsuits; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, and climate change; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to employee, environmental, social and corporate governance opportunities, improvements, and efficiencies, including our greenhouse gas (“GHG”) reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the recently promulgated legacy coal combustion residual rules; changes to environmental laws and regulations, including, but not limited to, rules recently finalized by the Environmental Protection Agency and the Securities and Exchange Commission (“SEC”) related to climate change; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on FirstEnergy Corp.’s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.’s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.’s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.’s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise. Strategic & Financial Highlights – Published July 30, 2024
Non-GAAP Financial Matters Strategic & Financial Highlights – Published July 30, 20243 This presentation contains references to certain financial measures including Operating earnings (loss) and Operating earnings (loss) per share (“EPS”), including by segment and the impact of special items on the following measures: Total revenues, Total operating expenses, Total other expense, and Earnings (loss) attributable to FirstEnergy Corp. These are “non-GAAP financial measures” which are not calculated in accordance with U.S. Generally Accepted Accounting Principals, (“GAAP”). Management uses these non-GAAP financial measures to evaluate the Company’s and its segments’ performance and manage its operations, and frequently references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance comparisons. Management believes that the non-GAAP financial measures of Operating earnings (loss), Operating EPS, including by segment, provide consistent and comparable measures of performance of its businesses on an ongoing basis. Management also believes that such measures are useful to shareholders and other interested parties to understand performance trends and evaluate the Company against its peer group by presenting period-over-period operating results without the effect of certain special items that may not be consistent or comparable across periods or across the Company’s peer group. These non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP financial measures, which for Operating EPS is Continuing Operations EPS (GAAP), each as reconciled throughout the presentation. Also, the non-GAAP financial measures may not be comparable to similarly titled measures used by other entities. Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating the Company’s ongoing core activities and results of operations or otherwise warrant separate classification. Operating EPS is calculated by dividing Operating earnings (loss), which excludes special items, for the periods presented by the weighted average number of common shares outstanding in the respective period. A reconciliation of forward-looking non-GAAP measures, including 2024 Operating EPS, long-term annual Operating EPS growth projections, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Specifically, management cannot, without unreasonable effort, predict the impact of these special items in the context of Operating EPS guidance, long-term annual Operating EPS growth rate projections forecasts because these items, which could be significant, are difficult to predict and may be highly variable. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These special items are uncertain, depend on various factors and may have a material impact on our future GAAP results.
Focus of Today’s Call Strategic & Financial Highlights – Published July 30, 20244 Brian X. Tierney – President and Chief Executive Officer K. Jon Taylor – Senior Vice President, Chief Financial Officer ■ Delivered on 2Q financial objectives and on track to meet our goals ■ Key accomplishments to position FE for the future ■ Updates on regulatory proceedings, data center activity, and legacy issues ■ Strong execution driving 2Q & YTD results in line with our plan ■ Review of economic and customer activity, and other key financial updates ■ Additional detail on regulatory activity
$0.08 $0.56 $0.41 $0.47 GAAP EPS Operating EPS Second Quarter Key Highlights 5 Financial Overview 2024 vs 2023 EPS Results Delivered 2Q24 Operating EPS of $0.56, $0.01 above guidance midpoint and $0.09 above 2Q23 results Delivered YTD24 Operating EPS of $1.11, $0.05 above YTD23 results (1) The amount and timing of items impacting comparability makes a detailed reconciliation of forward-looking non-GAAP financial measures impracticable. Please see slide 3 for more information. $0.52 $1.11 $0.92 $1.06 GAAP EPS Operating EPS YTD June 2Q24 Guidance Midpoint $0.55 Affirming 6-8%(1) long-term annual Operating EPS growth target Strategic & Financial Highlights – Published July 30, 2024 2024 2023 Affirming 2024-2028 Energize365 Investment plan of $26B and 9% average annual rate base growth Continued strong execution with a focus on financial discipline and continuous improvement Declared dividend per share (payable 9/1/24) of $0.425 Affirming 2024 Operating EPS Guidance of $2.61-$2.81(1) Providing 3Q24 EPS Guidance of $0.85-$0.95
Brian Tierney President & CEO Wade Smith President, FE Utilities Torrence Hinton President, OH John Hawkins President, PA Doug Mokoid President, NJ [Open] President, WV/MD Mark Mroczynski President, Transmission Amanda Mertens Campbell VP, External Affairs Toby Thomas COO Jon Taylor SVP, CFO & Strategy Abigail Phillips VP, Chief Risk Officer John Combs SVP, Shared Services April Marx Acting SVP, CHRO & Corp Services Hyun Park SVP, CLO Simplified Segments with a New Operating Model Strategic & Financial Highlights – Published July 30, 20246 Stand-Alone Transmission Distribution Integrated Corp/Other (FE Parent Debt & Other Obligations) PAOH CEIOE TE FE PA WV & MDNJ JCP&L PEMP FET, LLC KATCo Represents leaders who have joined FE since June 2023 $26B Energize365 Investment Plan (2024-2028) ▪ Focused on investments to strengthen the grid and support the energy transition ▪ Plan drives 9% average annual rate base growth ▪ Plan represents a 44% increase over previous plan Aligned the organizational structure and personnel to focus on our five regulated businesses allowing for greater transparency into business unit performance Segment Reporting Leadership Structure
Active Regulatory Plan 7 Strategic & Financial Highlights – Published July 30, 2024 ESP V Grid Mod II Base Rate Case PUCO order issued May 15th; Application for Rehearing filed June 14th Settlement agreement filed in April; Hearings concluded on July 2nd Filed in late May requesting ~$94M rate adjustment, 10.8% ROE, ~55% Equity ratio Base Rate Case LTIIP III EnergizeNJ Filed in early April requesting $502M rate adjustment, 11.3% ROE, 53.8% Equity ratio Filed July 22nd requesting 5-yr program, totaling investments of $1.6B Submitted amended filing on February 27th; Settlement negotiations in progress Received constructive regulatory outcomes and continue to pursue fair and reasonable outcomes with an active regulatory calendar
Transformational Balance Sheet Improvement Strategic & Financial Highlights – Published July 30, 20248 2021 4Q 1Q 2Q 3Q 4Q With a strengthened balance sheet, we are positioned to execute our $26B Energize365 program, without the need for incremental equity(1) (1) Excluding employee benefit programs of up to ~$100M/year S&P upgrade from BB to BB+ Moody’s and Fitch outlook from Stable to Positive 2022 2023 2024 Fitch upgrade from BB+ to BBB- S&P outlook from Stable to Positive Fitch outlook from Stable to Positive Moody’s upgrade from Ba1 to Baa3; Stable outlook S&P upgrade from BB+ to BBB-; Positive outlook Announced $3.4B Equity Raise - $2.4B FET 19.9% Interest Sale - $1B Common Equity (closed Dec ‘21) Announced $3.5B Equity Raise - $3.5B FET 30% Interest Sale (closed March ‘24) 1Q 2Q 3Q 4Q 1Q 2Q 3Q Note: FE Corp. Senior Unsecured rating ■ Total equity proceeds of ~$7B since late 2021, equivalent to issuing common equity at $87/sh ■ Reduced FE Corp. long-term debt by $1.7B (22%) since September 2021 (from $7.8B to $6.1B) ■ FE Corp. and all subsidiaries are investment grade at all three rating agencies – FE Corp. on positive outlook at S&P & Fitch (closed May ’22)
Economic Activity ▪ Developers focused on all FirstEnergy states ▪ Large load studies (>500 MW) more than doubled in 2024 Data Center Overview Strategic & Financial Highlights – Published July 30, 20249 ▪ FirstEnergy has excess transmission capacity for data center and other load growth ▪ FirstEnergy is participating in PJM RTEP open windows for broader transmission growth ▪ Reviewing retail line extension policies in state jurisdictions; focused on potential need for large load customers to provide assurances ▪ Desire to enable all load growth and keep rates affordable Load Impacts Tariff Design Resource Adequacy ▪ Load growth and baseload retirements could outpace dispatchable generating resource additions ▪ FirstEnergy is engaging with our customers and states to ensure adequate supply Load growth from data centers is expected to benefit all stakeholders and includes opportunities to improve the capacity, operating flexibility, and resiliency of the grid
Progress Addressing Legacy Issues Strategic & Financial Highlights – Published July 30, 202410 U.S. Department of Justice ▪On July 21, the U.S. Attorney’s Office for the Southern District of Ohio filed a status report confirming that FE has successfully completed the obligations that it was required to perform for a three-year period under its DPA ▪Certain continuing obligations include: ‒ Publish any payments to a 501(c)(4) and to a political official ‒ Not make any statements that contradict its acceptance of responsibility ‒ Notify the DOJ of any changes in its corporate form ‒ Continue to cooperate with DOJ SEC Investigation ▪Agreement-in-principle with SEC Staff – Based on the facts set forth in DPA – Subject to approval by the SEC ▪Recorded a reserve of $100M in 2Q24 in connection with expected resolution OOCIC / Ohio AG ▪Progress in resolving both OOCIC investigation and Ohio AG civil lawsuit ▪No new findings since DPA ▪Recorded a reserve of $19.5M in 2Q24 in connection with resolution on both matters ▪Resolution is expected to include a non- prosecution agreement and dismissal of Ohio AG civil lawsuit PUCO Audits ▪Political and Charitable Spend: audit report due August 28, 2024 ▪Corporate Separation: discovery ongoing and hearing to begin October 9, 2024 ▪Rider DMR/DCR: discovery ongoing and hearing to begin February 3, 2025
Shareholder Value Proposition 11 (1) As measured year-over-year off prior midpoint guidance. The amount and timing of items impacting comparability makes a detailed reconciliation of forward-looking non-GAAP financial measures impracticable. Please see slide 3 for more information. Strong Growth Outlook Attractive Risk Profile Compelling Total Shareholder Return 6-8% long-term annual Operating EPS growth(1) Energize365 T&D Investment Plan of $26B through 2024-2028 9% Average Annual Rate Base Growth 2024-2028 Significant infrastructure investment opportunities beyond plan horizon Targeted 14-15% FFO/Debt over plan horizon No incremental equity needs expected through the planning period beyond Employee Benefit programs of up to ~$100M annually Constructive regulatory frameworks with 75% of planned investment in formula rate programs Low-risk diversified T&D asset mix with strong affordability position Attractive total shareholder return of 10-12%+ with potential for upside (6-8% Operating EPS growth and 4%+ dividend yield) Vastly improved earnings quality, driven by core regulated business growth Committed to dividend growth in line with earnings growth, targeting dividend payout ratio of 60-70% Our diversified asset mix, coupled with an improved balance sheet and a strong affordability position, provides the opportunity to significantly enhance the customer experience and provide solid risk-adjusted returns to our investors Strategic & Financial Highlights – Published July 30, 2024
Delivering Financial Results 2Q 2024 Earnings Summary – Segment View Strategic & Financial Highlights – Published July 30, 202412 Note: Reconciliations between GAAP Earnings and Operating (non-GAAP) earnings and detailed information is available in the Earnings Supplement section of the Strategic & Financial Highlights Our focus on efficient operations and financial discipline allowed us to deliver operating results above the mid-point of 2Q Guidance and $0.09/sh above 2Q23 Quarter-over-Quarter Operating EPS Walk Dx $0.24 Int $0.12 Tx $0.18 Corp($0.07) Dx $0.22 Int $0.21 Tx $0.14 Corp($0.01) ▪ Distribution -$0.02: planned increase in operating expenses partially offset by the impact of higher customer demand and rate base growth ▪ Integrated +$0.09: implementation of new base rates, rate base growth, and the impact of higher customer demand, partially offset by a higher effective tax rate and Tx project abandonment costs ▪ Stand-Alone Transmission -$0.04: impact of FET 30% sale (closed 3/25/24), partially offset by continued rate base growth ▪ Corporate +$0.06: Lower financing costs from the redemption of high-cost debt from the FET 30% asset sale 2Q24 GAAP EPS: $0.08/sh (vs. $0.41/sh in 2Q23) 2Q24 Operating EPS: $0.56/sh (vs. $0.47/sh in 2Q23) Rates & Investments +$0.02 Customer Demand +$0.06 Operating Expenses -$0.07 Financing Costs: -$0.01 All Other -$0.02 Rates & Investments +$0.08 Customer Demand +$0.05 All Other -$0.04 Rates & Investments +$0.03 Financing Costs -$0.07 (includes -$0.06 impact from FET 30% sale) Financing Costs +$0.06 All Other +$0.00 (ETR +$0.02, Signal Peak -$0.02) Signal Peak -$0.02 ($0.05 in 2Q23 vs. $0.03 in 2Q24)
Delivering Financial Results YTD 2024 Earnings Summary – Segment View Strategic & Financial Highlights – Published July 30, 202413 Note: Reconciliations between GAAP Earnings and Operating (non-GAAP) earnings and detailed information is available in the Earnings Supplement section of the Strategic & Financial Highlights We remain on track in 2024 due to strong execution on our Energize365 capital investment program, solid financial discipline, and a culture of continuous improvement YTD Operating EPS Walk Dx $0.57 Int $0.26 Tx $0.35 Corp($0.12) Dx $0.52 Int $0.36 Tx $0.32 Corp($0.09) ▪ Distribution -$0.05: planned increase in operating expenses partially offset by the impact of higher customer demand and rate base growth ▪ Integrated +$0.10: implementation of new base rates, rate base growth, and the impact of higher customer demand, partially offset by a higher effective tax rate and higher operating expenses ▪ Stand-Alone Transmission -$0.03: impact of FET 30% sale (closed 3/25/24), partially offset by continued rate base growth ▪ Corporate +$0.03: impact of FET 30% sale and higher discrete tax benefits, partially offset by lower planned earnings from Signal Peak YTD24 GAAP EPS: $0.52/sh (vs. $0.92/sh YTD23) YTD24 Operating EPS: $1.11/sh (vs. $1.06/sh YTD23) Rates & Investments +$0.03 Customer Demand +$0.06 Operating Expenses -$0.10 Financing Costs -$0.01 All Other -$0.03 Rates & Investments +$0.14 Customer Demand +$0.05 Operating Expenses -$0.04 Financing Costs -$0.01 All Other -$0.04 Rates & Investments +$0.05 Financing Costs -$0.08 (includes -$0.06 impact from FET 30% sale) Financing Costs +$0.03 All Other +$0.00 (ETR +$0.06, Signal Peak -$0.06) Signal Peak -$0.06 (~$0.12 YTD23 vs. $0.06 in YTD24)
2.4% 2.9% 3.1% 2.9% 1.3% 2.2% 2.5% 2.8% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 2Q23 3Q23 4Q23 1Q24 GDP Growth U.S. FE Service Territory G ro w th v s . P ri o r Y e a r Economic, Load, and Financial Updates Strategic & Financial Highlights - Published July 30, 202414 Economic and Load Activity Financing Updates ▪ 30% FET interest sale to Brookfield ✓ Received remaining $1.2B of $3.5B in July (received $2.3B in cash at March ’24 close) ▪ FE Corp. and all subs are investment grade at all three rating agencies o Continued positive ratings momentum in July with S&P upgrades of FET, LLC and its subs; maintained positive outlooks o FE Corp. on positive outlook at S&P & Fitch ▪ In July, launched RFP for a second pension lift-out transaction to eliminate the remaining $700M non-regulated pension liability ME 4.0% due 4/15/25 Maturity (early redemption) $250M PN 4.15% due 4/15/25 Maturity (early redemption) $200M CEI 5.5% due 8/15/24 Maturity $300M Revolver paydown / Other $450M Total $1.2B Our focus is on continued execution of our plan, achieving credit-supportive regulatory outcomes, moving past legacy issues, and financing our robust investment plan in a credit-supportive manner Source: Moody’s Analytics & U.S Bureau of Economic Analysis (Data as of 7/25/24), Note: FE Service Territory = weighted average of 5 state jurisdictions based on customer count ▪ Positive GDP growth and Employment growth in our region ▪ Positive TTM weather-adjusted load growth of +0.9% in total o Residential +0.4%, Commercial +1.3%, Industrial +1.1% ▪ Well-positioned to serve customers; our investment program will adjust as needed to ensure capacity and reliable service 2.5% 2.1% 1.9% 1.8% 1.7%1.7% 1.4% 1.4% 1.0% 1.2% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 2Q23 3Q23 4Q23 1Q24 2Q24 Employment Growth U.S. FE Service Territory G ro w th v s . P ri o r Y e a r
Recent Regulatory Activity 15 Strategic & Financial Highlights – Published July 30, 2024 EnergizeNJ: Settlement negotiations in progress ▪ Infrastructure Investment Plan (IIP) filed in November 2023, $900M+ in capital investments over 5 years (2024-2029) to enhance reliability and modernize distribution system EE&C: Settlement negotiations in progress ▪ Program filed in December 2023- with a proposed budget of ~$964M for the January 2025 - June 2027 period and includes programs addressing energy efficiency, peak demand reduction, and building decarbonization ▪ Final order is required by October 15, 2024 New Jersey LTIIP III: Filed in July for 5-year, $1.6B of capital investments ▪ Builds on LTIIP I (2016-2019) & LTIIP II (2020-2024) ▪ Supplements reliability investment and includes both grid modernization and system resiliency ▪ Plan includes ~$1.4B to be in-serviced during the 2025-2029 period Base Rate Case: Settlement negotiations expected to begin in early August ▪ Filed in April for $502M revenue increase on $7.2B rate base, 11.3% ROE and 53.8% Equity, based on a 2025 projected test year. ▪ Key components include enhanced vegetation management program, recovery of costs associated with major storms, COVID-19 and LED streetlight conversions, changing pension/OPEB recovery, and a proposed pension/OPEB tracking mechanism Pennsylvania Base Rate Case: Update filing due July 31 ▪ Filed May 31 for ~$94M revenue increase on $4.3B rate base, 10.8% ROE and average ~55% Equity, based on a 2024 test year. ▪ Key components include recovery of investments in base rates and resetting riders DCR and AMI to zero, changing pension recovery, a proposed pension tracking mechanism, and recovery of other costs previously incurred (major storms, LED streetlights) ESP V: PUCO granted all applications for rehearing for further consideration on July 10; no statutory deadline Grid Mod II: Hearings were held this summer; anticipate an order in 4Q24 Ohio
Earnings Supplement to the Financial Community 17. 2Q Earnings Summary and Reconciliation 18. 2Q Earnings Drivers by Segment 19. YTD Summary and Reconciliation 20. YTD Earnings Drivers by Segment 21. Special Items Descriptions 22. 2Q 2024 Earnings Results 23. 2Q 2023 Earnings Results 24. Quarter-over-Quarter Earnings Comparison 25. YTD 2024 Earnings Results 26. YTD 2023 Earnings Results 27. YTD Year-over-Year Comparison TABLE OF CONTENTS (Slide) Gina E. Caskey Director, IR & Corporate Responsibility caskeyg@firstenergycorp.com 330.761.4185 Jake M. Mackin Manager, Investor Relations mackinj@firstenergycorp.com 330.384.4829 Other sections within Highlights include: • Quarterly Support (slides 28-35) Strategic & Financial Highlights – Published July 30, 202416
2Q Earnings Summary and Reconciliation Strategic & Financial Highlights – Published July 30, 202417 EPS Variance Analysis Stand-Alone Corporate / FirstEnergy Corp. (in millions, except per share amounts) Distribution Integrated Transmission Other Consolidated 2Q 2023 Earnings (Loss) Attributable to FirstEnergy Corp. - GAAP $145 $75 $105 $(90) $235 2Q 2023 Basic Earnings (Loss) Per Share - GAAP (avg. shares outstanding 573M) $0.26 $0.13 $0.18 $(0.16) $0.41 Special Items - 2023 Debt-related costs — — — 0.05 0.05 Enhanced employee retirement and other related costs 0.02 0.02 — — 0.04 Investigation and other related costs — — — 0.03 0.03 Mark-to-market adjustments - Pension/OPEB actuarial assumptions (0.04) (0.03) — 0.01 (0.06) Total Special Items - 2Q 2023 (0.02) (0.01) — 0.09 0.06 2Q 2023 Operating Earnings (Loss) Per Share - Non-GAAP $0.24 $0.12 $0.18 $(0.07) $0.47 Rates & Investments 0.02 0.08 0.03 — 0.13 Customer Demand 0.06 0.05 — — 0.11 Operating Expenses (0.07) — — — (0.07) Financing Costs (0.01) — (0.07) 0.06 (0.02) All Other (0.02) (0.04) — — (0.06) 2Q 2024 Operating Earnings (Loss) Per Share - Non-GAAP $0.22 $0.21 $0.14 $(0.01) $0.56 Special Items - 2024 ARO regulatory change (0.06) (0.02) — (0.20) (0.28) Debt-related costs — — — (0.12) (0.12) Investigation and other related costs — — — (0.04) (0.04) Regulatory charges (0.04) — — — (0.04) Total Special Items - 2Q 2024 (0.10) (0.02) — (0.36) (0.48) 2Q 2024 Basic Earnings (Loss) Per Share - GAAP (avg. shares outstanding 575M) $0.12 $0.19 $0.14 $(0.37) $0.08 2Q 2024 Earnings (Loss) Attributable to FirstEnergy Corp. - GAAP $68 $108 $81 $(212) $45 Per share amounts for the special items and earnings drivers above and throughout this report are based on the after-tax effect of each item divided by the number of shares outstanding for the period. The current and deferred income tax effect was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rates range from 21% to 29% in the first quarter of 2024 and 2023. Quarterly Summary Quarterly Reconciliation 2Q 2024 2Q 2023 Change GAAP Earnings Per Basic Share $0.08 $0.41 $(0.33) Special Items $0.48 $0.06 $0.42 Operating (Non-GAAP) Earnings Per Share $0.56 $0.47 $0.09 Note: Refer to slide 3 for information on Non-GAAP Financial Matters.
Descriptions: 2Q 2024 vs. 2Q 2023 (1) Includes the net impact of interest expense, capitalized financing costs, and interest income (which is included within "miscellaneous income, net"). 2Q Earnings Drivers by Segment Strategic & Financial Highlights – Published July 30, 202418 Distribution Integrated Stand-Alone Transmission Corp / Other Rates & Investments +$0.13 $0.02: Formula Dx investment programs and lower OH rate credit $0.08: Implementation of base rate cases, formula Dx and Tx investment programs $0.03: Formula Tx investment programs - Customer Demand +$0.11 $0.06: Favorable weather vs. 2023 (+$0.05) and weather-adjusted load (+$0.01) $0.05: Favorable weather vs 2023 (+$0.03) and weather-adjusted load (+$0.02) - - Operating Expenses ($0.07) ($0.07): Higher planned vegetation management expense and lower bad debt expense in 2023 - - - Financing Costs(1) ($0.02) ($0.01): Higher short-term borrowings - ($0.07): Due to the impact of FET 30% interest sale (closed 3/25/24) as well as higher short-term borrowings $0.06: Primarily due to lower long-term debt from early redemptions, lower short-term borrowings, and interest income on Brookfield note All Other ($0.06) ($0.02): Primarily due to a higher effective tax rate ($0.04): Primarily due to a higher effective tax rate and Tx project abandonment costs - $0.00: Higher discrete tax benefits offset by lower Signal Peak earnings Total $0.09 $(0.02) $0.09 $(0.04) $0.06
YTD Earnings Summary and Reconciliation Strategic & Financial Highlights – Published July 30, 202419 Strategic & Financial Highlights – Published July 30, 2024 EPS Variance Analysis Stand-Alone Corporate / FirstEnergy Corp. (in millions, except per share amounts) Distribution Integrated Transmission Other Consolidated 2023 Earnings (Loss) Attributable to FirstEnergy Corp. - (GAAP) $331 $145 $201 $(150) $527 2023 Basic Earnings (Loss) Per Share - GAAP (avg. shares outstanding 573M) $0.58 $0.25 $0.35 $(0.26) $0.92 Special Items - 2023 Enhanced employee retirement and other related costs 0.02 0.02 — — 0.04 Debt-related costs — — — 0.05 0.05 FE Forward costs to achieve 0.01 0.01 — 0.04 0.06 Investigation and other related costs — — — 0.04 0.04 Mark-to-market adjustments - Pension/OPEB actuarial assumptions (0.04) (0.03) — 0.01 (0.06) Regulatory charges — 0.01 — — 0.01 Total Special Items - 2023 (0.01) 0.01 — 0.14 0.14 2023 Operating Earnings (Loss) Per Share - Non-GAAP $0.57 $0.26 $0.35 $(0.12) $1.06 Rates & Investments 0.03 0.14 0.05 — 0.22 Customer demand 0.06 0.05 — — 0.11 Operating Expense (0.10) (0.04) — — (0.14) Financing Costs (0.01) (0.01) (0.08) 0.03 (0.07) All Other (0.03) (0.04) — — (0.07) 2024 Operating Earnings (Loss) Per Share - Non-GAAP $0.52 $0.36 $0.32 $(0.09) $1.11 Special Items - 2024 ARO regulatory change (0.06) (0.02) — (0.20) (0.28) Debt-related costs — — — (0.12) (0.12) FE Forward cost to achieve (0.01) — — — (0.01) Investigation and other related costs — — — (0.07) (0.07) Regulatory charges (0.04) 0.01 — — (0.03) Strategic transaction charges — (0.02) (0.03) (0.03) (0.08) Total Special Items - 2024 (0.11) (0.03) (0.03) (0.42) (0.59) 2024 Basic Earnings (Loss) Per Share - GAAP (avg. shares outstanding 575M) $0.41 $0.33 $0.29 $(0.51) $0.52 2024 Earnings (Loss) Attributable to FirstEnergy Corp. - (GAAP) $233 $190 $165 $(290) $298 Per share amounts for the special items and earnings drivers above and throughout this report are based on the after-tax effect of each item divided by the number of shares outstanding for the period. The current and deferred income tax effect was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount if deductible/taxable. The income tax rates range from 21% to 29% in 2024 and 2023. YTD June Summary YTD June Reconciliation 2024 2023 Change GAAP Earnings Per Basic Share $0.52 $0.92 $(0.40) Special Items $0.59 $0.14 $0.45 Operating (Non-GAAP) Earnings Per Share $1.11 $1.06 $0.05 Note: Refer to slide 3 for information on Non-GAAP Financial Matters.
Descriptions: YTD24 vs. YTD23 (1) Includes the net impact of interest expense, capitalized financing costs, and interest income (which is included within "miscellaneous income, net"). YTD Earnings Drivers by Segment Strategic & Financial Highlights – Published July 30, 202420 Distribution Integrated Stand-Alone Transmission Corp / Other Rates & Investments +$0.22 $0.03: Formula Dx investment programs and lower OH rate credit $0.14: Implementation of base rate cases, formula Dx and Tx investment programs $0.05: Formula Tx investment programs - Customer Demand +$0.11 $0.06: Favorable weather vs. 2023 (+$0.08), partially offset by lower weather-adjusted sales ($0.02) $0.05: Favorable weather vs 2023 - - Operating Expenses ($0.14) ($0.10): Higher planned vegetation management expense and lower bad debt expense in 2023 ($0.04): Higher non-deferred storm costs, depreciation, and general taxes - - Financing Costs(1) ($0.07) ($0.01): Higher long-term debt from issuances in 2023 ($0.01): Higher long-term debt from new issuances as well as higher short-term borrowings ($0.08): Due to the impact of FET 30% interest sale (closed 3/25/24) as well as higher short-term borrowings $0.03: Primarily due to interest expense benefits from use of proceeds on FET 30% sale, partially offset by convertible debt issuance in May 2023 All Other ($0.07) ($0.03): Primarily due to a higher effective tax rate ($0.04): Primarily due to a higher effective tax rate and Tx project abandonment costs - $0.00: Primarily due to higher discrete tax benefits offset by lower Signal Peak earnings Total $0.05 $(0.05) $0.10 $(0.03) $0.03
Special Items Descriptions Strategic & Financial Highlights – Published July 30, 202421 ▪ ARO regulatory change: Primarily related to an increase in asset retirement obligations associated with AE Supply’s evaluation of closure options for McElroy’s Run, including the potential transfer of the site and remediation obligations to a third-party, and other interpretation changes to its closure plans, as well an estimate for new remediation obligations for various legacy coal combustion residual sites that were triggered by recently finalized EPA regulations. ▪ Debt-related costs: Primarily reflects costs associated with the redemption and early retirement of debt. ▪ Enhanced employee retirement and other related costs: Primarily reflects transition and benefit costs associated with the Company's voluntary retirement program and involuntary separations. ▪ Exit of generation: Primarily reflects charges or credits resulting from the exit of competitive operations. ▪ FE Forward cost to achieve: Primarily reflects the termination charge associated with exiting certain sporting sponsorship agreements and certain advisory and other costs incurred to transform FirstEnergy Corp. for the future. ▪ Investigation and other related costs: Primarily reflects litigation settlements and reserves, including those related to the SEC and OOCIC investigations, and other legal and advisory expenses related to the government investigations, net of the received derivative settlement insurance proceeds. ▪ Mark-to-market adjustments - Pension/OPEB actuarial assumptions: Reflects the change in fair value of plan assets and net actuarial gains and losses associated with the Company's pension and other post-employment benefit plans. ▪ Regulatory charges (credits): Primarily reflects the impact of regulatory agreements, proceedings, audits, concessions or orders requiring certain commitments, refunds, and/or disallowing the recoverability of costs, net of related credits. ▪ State tax legislative changes: Primarily reflects charges resulting from state tax legislative changes. ▪ Strategic transaction charges: Primarily reflects the net tax charges and related updates associated with the FET interest sales and consolidation of the Pennsylvania Companies. Note: Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in evaluating, the Company’s ongoing core activities and results of operations or otherwise warrant separate classification. Special items are not necessarily non-recurring.
2Q 2024 Earnings Results Strategic & Financial Highlights – Published July 30, 202422 2nd Quarter 2024 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 1,610 $ 1,162 $ 463 $ 1 $ 3,236 $ — $ — $ — $ — $ — $ 1,610 $ 1,162 $ 463 $ 1 $ 3,236 (2) Other 38 16 5 (15) 44 — — — — — 38 16 5 (15) 44 (3) Total Revenues 1,648 1,178 468 (14) 3,280 — — — — — 1,648 1,178 468 (14) 3,280 (4) Fuel — 128 — — 128 — — — — — — 128 — — 128 (5) Purchased power 510 363 — 4 877 — — — — — 510 363 — 4 877 (6) Other operating expenses 640 338 91 101 1,170 (80) (a)(c)(e) (17) (a)(c) — (140) (a)(d) (237) 560 321 91 (39) 933 (7) Provision for depreciation 162 132 84 19 397 — (1) (c) — — (1) 162 131 84 19 396 (8) Deferral of regulatory assets, net (9) — 1 — (8) — — — — — (9) — 1 — (8) (9) General taxes 181 32 70 10 293 (1) (c) — — — (1) 180 32 70 10 292 (10) Total Operating Expenses 1,484 993 246 134 2,857 (81) (18) — (140) (239) 1,403 975 246 (6) 2,618 (11) Debt redemption costs — — — (85) (85) — — — 85 (b) 85 — — — — — (12) Equity method investment earnings — — — 22 22 — — — — — — — — 22 22 (13) Miscellaneous income, net 29 14 5 11 59 — — — — — 29 14 5 11 59 (14) Interest expense (109) (65) (66) (45) (285) — — — 3 (b) 3 (109) (65) (66) (42) (282) (15) Capitalized financing costs 5 10 14 — 29 — — — — — 5 10 14 — 29 (16) Total Other Expense (75) (41) (47) (97) (260) — — — 88 88 (75) (41) (47) (9) (172) (17) Income taxes (benefits) 21 36 41 (33) 65 20 (a)(c)(e) 5 (a)(c) — 23 (a)(b)(d) 48 41 41 41 (10) 113 (18) Income attributable to noncontrolling interest — — 53 — 53 — — — — — — — 53 — 53 (19) Earnings Attributable to FirstEnergy Corp. $ 68 $ 108 $ 81 $ (212) $ 45 $ 61 $ 13 $ — $ 205 $ 279 $ 129 $ 121 $ 81 $ (7) $ 324 (20) Average Shares Outstanding 575 575 575 (21) Earnings per Share $ 0.12 $ 0.19 $ 0.14 $ (0.37) $ 0.08 $ 0.10 $ 0.02 $ — $ 0.36 $ 0.48 $ 0.22 $ 0.21 $ 0.14 $ (0.01) $ 0.56 Special Items (after-tax impact): (a) (a) ARO regulatory change $ 34 $ 12 $ — $ 115 $ 161 (b) (b) Debt-related costs — — — 69 69 (c) (c) FE Forward cost to achieve 2 1 — — 3 (d) (d) Investigation and other related costs — — — 21 21 (e) (e) Regulatory charges 25 — — — 25 Impact to Earnings $ 61 $ 13 $ — $ 205 $ 279
2Q 2023 Earnings Results Strategic & Financial Highlights – Published July 30, 202423 2nd Quarter 2023 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 1,582 $ 940 $ 432 $ 3 $ 2,957 $ — $ — $ — $ — $ — $ 1,582 $ 940 $ 432 $ 3 $ 2,957 (2) Other 45 16 4 (16) 49 — — — — — 45 16 4 (16) 49 (3) Total Revenues 1,627 956 436 (13) 3,006 — — — — — 1,627 956 436 (13) 3,006 (4) Fuel — 140 — — 140 — — — — — — 140 — — 140 (5) Purchased power 566 323 — 5 894 — — — — — 566 323 — 5 894 (6) Other operating expenses 532 278 92 (17) 885 (19) (b)(c)(f) (10) (b)(c) — (17) (d) (46) 513 268 92 (34) 839 (7) Provision for depreciation 156 114 74 17 361 (2) (c) — — — (2) 154 114 74 17 359 (8) Deferral of regulatory assets, net (9) (28) 4 — (33) — — — — — (9) (28) 4 — (33) (9) General taxes 174 30 65 9 278 — — — — — 174 30 65 9 278 (10) Total Operating Expenses 1,419 857 235 14 2,525 (21) (10) — (17) (48) 1,398 847 235 (3) 2,477 (11) Debt redemption costs — — — (36) (36) — — — 36 (a) 36 — — — — — (12) Equity method investment earnings — — — 35 35 — — — — — — — — 35 35 (13) Miscellaneous income, net 26 16 5 (4) 43 3 (b) 3 (b) — — 6 29 19 5 (4) 49 (14) Pension and OPEB mark-to-market adjustment 34 24 6 (5) 59 (34) (e) (23) (e) — 5 (e) (52) — 1 6 — 7 (15) Interest expense (96) (61) (59) (60) (276) — — — — — (96) (61) (59) (60) (276) (16) Capitalized financing costs 5 8 7 2 22 — — — — — 5 8 7 2 22 (17) Total Other Expense (31) (13) (41) (68) (153) (31) (20) — 41 (10) (62) (33) (41) (27) (163) (18) Income taxes (benefits) 32 11 36 (5) 74 (2) (b)(c)(e)(f ) (4) (b)(c)(e) — 12 (a)(d)(e) 6 30 7 36 7 80 (19) Income attributable to noncontrolling interest — — 19 — 19 — — — — — — — 19 — 19 (20) Earnings (Loss) Attributable to FirstEnergy Corp. $ 145 $ 75 $ 105 $ (90) $ 235 $ (8) $ (6) $ — $ 46 $ 32 $ 137 $ 69 $ 105 $ (44) $ 267 (21) Average Shares Outstanding 573 573 573 (22) Earnings (Loss) per Share $ 0.26 $ 0.13 $ 0.18 $ (0.16) $ 0.41 $ (0.02) $ (0.01) $ — $ 0.09 $ 0.06 $ 0.24 $ 0.12 $ 0.18 $ (0.07) $ 0.47 Special Items (after-tax impact): (a) (a) Debt-related costs $ — $ — $ — $ 29 $ 29 (b) (b) Enhanced employee retirement and other related costs 12 8 — — 20 (c) (c) FE Forward cost to achieve 5 2 — — 7 (d) (d) Investigation and other related costs — — — 13 13 (e) (e) Mark-to-market adjustments - Pension/OPEB actuarial assumptions (26) (16) — 4 (38) (f) (f) Regulatory charges 1 — — — 1 Impact to Earnings $ (8) $ (6) $ — $ 46 $ 32
Quarter-over-Quarter Earnings Comparison Strategic & Financial Highlights – Published July 30, 202424 2nd Quarter 2024 vs 2nd Quarter 2023 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 28 $ 222 $ 31 $ (2) $ 279 $ — $ — $ — $ — $ — $ 28 $ 222 $ 31 $ (2) $ 279 (2) Other (7) — 1 1 (5) — — — — — (7) — 1 1 (5) (3) Total Revenues 21 222 32 (1) 274 — — — — — 21 222 32 (1) 274 (4) Fuel — (12) — — (12) — — — — — — (12) — — (12) (5) Purchased power (56) 40 — (1) (17) — — — — — (56) 40 — (1) (17) (6) Other operating expenses 108 60 (1) 118 285 (61) (7) — (123) (191) 47 53 (1) (5) 94 (7) Provision for depreciation 6 18 10 2 36 2 (1) — — 1 8 17 10 2 37 (8) Deferral of regulatory assets, net — 28 (3) — 25 — — — — — — 28 (3) — 25 (9) General taxes 7 2 5 1 15 (1) — — — (1) 6 2 5 1 14 (10) Total Operating Expenses 65 136 11 120 332 (60) (8) — (123) (191) 5 128 11 (3) 141 (11) Debt redemption costs — — — (49) (49) — — — 49 49 — — — — — (12) Equity method investment earnings — — — (13) (13) — — — — — — — — (13) (13) (13) Miscellaneous income, net 3 (2) — 15 16 (3) (3) — — (6) — (5) — 15 10 (14) Pension and OPEB mark-to-market adjustment (34) (24) (6) 5 (59) 34 23 — (5) 52 — (1) (6) — (7) (15) Interest expense (13) (4) (7) 15 (9) — — — 3 3 (13) (4) (7) 18 (6) (16) Capitalized financing costs — 2 7 (2) 7 — — — — — — 2 7 (2) 7 (17) Total Other Expense (44) (28) (6) (29) (107) 31 20 — 47 98 (13) (8) (6) 18 (9) (18) Income taxes (benefits) (11) 25 5 (28) (9) 22 9 — 11 42 11 34 5 (17) 33 (19) Income attributable to noncontrolling interest — — 34 — 34 — — — — — — — 34 — 34 (20) Earnings (Loss) Attributable to FirstEnergy Corp. $ (77) $ 33 $ (24) $ (122) $ (190) $ 69 $ 19 $ — $ 159 $ 247 $ (8) $ 52 $ (24) $ 37 $ 57 (21) Average Shares Outstanding 2 2 2 (22) Earnings (Loss) per Share $ (0.14) $ 0.06 $ (0.04) $ (0.21) $ (0.33) $ 0.12 $ 0.03 $ — $ 0.27 $ 0.42 $ (0.02) $ 0.09 $ (0.04) $ 0.06 $ 0.09
YTD 2024 Earnings Results Strategic & Financial Highlights – Published July 30, 202425 YTD June 2024 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 3,335 $ 2,244 $ 897 $ 4 $ 6,480 $ — $ — $ — $ — $ — $ 3,335 $ 2,244 $ 897 $ 4 $ 6,480 (2) Other 80 29 9 (31) 87 — — — — — 80 29 9 (31) 87 (3) Total Revenues 3,415 2,273 906 (27) 6,567 — — — — — 3,415 2,273 906 (27) 6,567 (4) Fuel — 233 — — 233 — — — — — — 233 — — 233 (5) Purchased power 1,152 752 — 9 1,913 — — — — — 1,152 752 — 9 1,913 (6) Other operating expenses 1,227 692 167 90 2,176 (84) (a)(c)(d) (71) (a)(c)(d) — (162) (a)(c) (317) 1,143 621 167 (72) 1,859 (7) Provision for depreciation 323 254 165 36 778 (1) (c) (1) (c) — — (2) 322 253 165 36 776 (8) Amortization (deferral) of regulatory assets, net (97) (78) 3 — (172) — 61 (d) — — 61 (97) (17) 3 — (111) (9) General taxes 373 70 139 22 604 (1) (c) — — — (1) 372 70 139 22 603 (10) Total Operating Expenses 2,978 1,923 474 157 5,532 (86) (11) — (162) (259) 2,892 1,912 474 (5) 5,273 (11) Debt redemption costs — — — (85) (85) — — — 85 (b) 85 — — — — — (12) Equity method investment earnings — — — 43 43 — — — — — — — — 43 43 (13) Miscellaneous income, net 73 26 5 (1) 103 — — — — — 73 26 5 (1) 103 (14) Interest expense (225) (136) (131) (98) (590) — — — 3 (b) 3 (225) (136) (131) (95) (587) (15) Capitalized financing costs 10 21 27 1 59 — — — — — 10 21 27 1 59 (16) Total Other Expense (142) (89) (99) (140) (470) — — — 88 88 (142) (89) (99) (52) (382) (17) Income taxes (benefits) 62 71 101 (34) 200 21 (a)(c)(d) (4) (a)(c)(d)(e) (24) (e) 8 (a)(b)(c)(e) 1 83 67 77 (26) 201 (18) Income attributable to noncontrolling interest — — 67 — 67 — — 5 (e) — 5 — — 72 — 72 (19) Earnings (Loss) Attributable to FirstEnergy Corp. $ 233 $ 190 $ 165 $ (290) $ 298 $ 65 $ 15 $ 19 $ 242 $ 341 $ 298 $ 205 $ 184 $ (48) $ 639 (20) Average Shares Outstanding 575 575 575 (21) Earnings (Loss) per Share $ 0.41 $ 0.33 $ 0.29 $ (0.51) $ 0.52 $ 0.11 $ 0.03 $ 0.03 $ 0.42 $ 0.59 $ 0.52 $ 0.36 $ 0.32 $ (0.09) $ 1.11 Special Items (after-tax impact): (a) (a) ARO regulatory change $ 34 $ 12 $ — $ 115 $ 161 (b) (b) Debt-related costs — — — 69 69 (c) (c) FE Forward cost to achieve 6 2 — — 8 (c) (c) Investigation and other related costs — — — 38 38 (d) (d) Regulatory charges (credits) 25 (7) — — 18 (e) (e) Strategic transaction charges — 8 19 20 47 Impact to Earnings $ 65 $ 15 $ 19 $ 242 $ 341
YTD 2023 Earnings Results Strategic & Financial Highlights – Published July 30, 202426 YTD June 2023 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ 3,361 $ 1,952 $ 828 $ 5 $ 6,146 $ — $ 6 (g) $ 1 (g) $ — $ 7 $ 3,361 $ 1,958 $ 829 $ 5 $ 6,153 (2) Other 83 32 8 (32) 91 — — — — — 83 32 8 (32) 91 (3) Total Revenues 3,444 1,984 836 (27) 6,237 — 6 1 — 7 3,444 1,990 837 (27) 6,244 (4) Fuel — 273 — — 273 — — — — — — 273 — — 273 (5) Purchased power 1,283 725 — 10 2,018 — — — — — 1,283 725 — 10 2,018 (6) Other operating expenses 1,035 538 163 (5) 1,731 (24) (b)(d)(g) (13) (b)(d) (1) (g) (63) (c)(d)(e) (101) 1,011 525 162 (68) 1,630 (7) Provision for depreciation 309 227 149 37 722 (3) (d) — — — (3) 306 227 149 37 719 (8) Amortization (deferral) of regulatory assets, net (50) (68) 5 — (113) — — — — — (50) (68) 5 — (113) (9) General taxes 362 64 128 20 574 — — — — — 362 64 128 20 574 (10) Total Operating Expenses 2,939 1,759 445 62 5,205 (27) (13) (1) (63) (104) 2,912 1,746 444 (1) 5,101 (11) Debt redemption costs — — — (36) (36) — — — 36 (a) 36 — — — — — (12) Equity method investment earnings — — — 91 91 — — — — — — — — 91 91 (13) Miscellaneous income, net 48 32 11 (13) 78 3 (b) 3 (b) — — 6 51 35 11 (13) 84 (14) Pension and OPEB mark-to-market adjustment 34 24 6 (5) 59 (34) (f) (23) (f) — 5 (f) (52) — 1 6 — 7 (15) Interest expense (190) (120) (117) (112) (539) — — — — — (190) (120) (117) (112) (539) (16) Capitalized financing costs 10 15 16 2 43 — — — — — 10 15 16 2 43 (17) Total Other Expense (98) (49) (84) (73) (304) (31) (20) — 41 (10) (129) (69) (84) (32) (314) (18) Income taxes (benefits) 76 31 69 (12) 164 (1) (b)(d)(f)(g)(h) (3) (b)(d)(f)(g) 1 (g) 22 (a)(c)(d)(e)(f) 19 75 28 70 10 183 (19) Income attributable to noncontrolling interest — — 37 — 37 — — — — — — — 37 — 37 (20) Earnings (Loss) Attributable to FirstEnergy Corp. $ 331 $ 145 $ 201 $ (150) $ 527 $ (3) $ 2 $ 1 $ 82 $ 82 $ 328 $ 147 $ 202 $ (68) $ 609 (21) Average Shares Outstanding 573 573 573 (22) Earnings (Loss) per Share $ 0.58 $ 0.25 $ 0.35 $ (0.26) $ 0.92 $ (0.01) $ 0.01 $ — $ 0.14 $ 0.14 $ 0.57 $ 0.26 $ 0.35 $ (0.12) $ 1.06 Special Items (after-tax impact): (a) (a) Debt-related costs $ — $ — $ — $ 29 $ 29 (b) (b) Enhanced employee retirement and other related costs 12 9 — — 21 (c) (c) Exit of generation — — — 1 1 (d) (d) FE Forward cost to achieve 9 3 — 22 34 (e) (e) Investigation and other related costs — — — 26 26 (f) (f) Mark-to-market adjustments - Pension/OPEB actuarial assumptions (26) (16) — 4 (38) (g) (g) Regulatory charges 1 6 1 — 8 (h) (h) State tax legislative change 1 — — — 1 Impact to Earnings $ (3) $ 2 $ 1 $ 82 $ 82
YTD Year-over-Year Comparison Strategic & Financial Highlights – Published July 30, 202427 YTD June 2024 vs YTD June 2023 (in millions, except for per share amounts) GAAP Special Items Operating (Non-GAAP) Dx Int Tx Corp FE Dx Int Tx Corp FE Dx Int Tx Corp FE (1) Electric sales $ (26) $ 292 $ 69 $ (1) $ 334 $ — $ (6) $ (1) $ — $ (1) $ (26) $ 286 $ 68 $ (1) $ 333 (2) Other (3) (3) 1 1 (4) — — — — — (3) (3) 1 1 (4) (3) Total Revenues (29) 289 70 — 330 — (6) (1) — (1) (29) 283 69 — 329 (4) Fuel — (40) — — (40) — — — — — — (40) — — (40) (5) Purchased power (131) 27 — (1) (105) — — — — — (131) 27 — (1) (105) (6) Other operating expenses 192 154 4 95 445 (60) (58) 1 (99) (158) 132 96 5 (4) 287 (7) Provision for depreciation 14 27 16 (1) 56 2 (1) — — 2 16 26 16 (1) 58 (8) Amortization (deferral) of regulatory assets, net (47) (10) (2) — (59) — 61 — — — (47) 51 (2) — (59) (9) General taxes 11 6 11 2 30 (1) — — — (1) 10 6 11 2 29 (10) Total Operating Expenses 39 164 29 95 327 (59) 2 1 (99) (157) (20) 166 30 (4) 170 (11) Debt redemption costs — — — (49) (49) — — — 49 49 — — — — — (12) Equity method investment earnings — — — (48) (48) — — — — — — — — (48) (48) (13) Miscellaneous income, net 25 (6) (6) 12 25 (3) (3) — — (3) 22 (9) (6) 12 22 (14) Pension and OPEB mark-to-market adjustment (34) (24) (6) 5 (59) 34 23 — (5) 29 — (1) (6) — (30) (15) Interest expense (35) (16) (14) 14 (51) — — — 3 3 (35) (16) (14) 17 (48) (16) Capitalized financing costs — 6 11 (1) 16 — — — — — — 6 11 (1) 16 (17) Total Other Expense (44) (40) (15) (67) (166) 31 20 — 47 78 (13) (20) (15) (20) (88) (18) Income taxes (benefits) (14) 40 32 (22) 36 22 (1) (25) (14) (17) 8 39 7 (36) 19 (19) Income attributable to noncontrolling interest — — 30 — 30 — — 5 — 5 — — 35 — 35 (20) Earnings (Loss) Attributable to FirstEnergy Corp. $ (98) $ 45 $ (36) $ (140) $ (229) $ 68 $ 13 $ 18 $ 160 $ 246 $ (30) $ 58 $ (18) $ 20 $ 17 (21) Average Shares Outstanding 2 2 2 (22) Earnings (Loss) per Share $ (0.17) $ 0.08 $ (0.06) $ (0.25) $ (0.40) $ 0.12 $ 0.02 $ 0.03 $ 0.28 $ 0.45 $ (0.05) $ 0.10 $ (0.03) $ 0.03 $ 0.05
Quarterly Support Strategic & Financial Highlights – Published July 30, 2024 Strategic & Regulatory 29. Regulatory Calendar 30. Earned ROE Summary 31. Earnings ROEs Detail by Jurisdiction TABLE OF CONTENTS (Slide) 28 Quarterly Support 32. TTM Actual Sales by Class 33. TTM Weather-Adjusted Sales 34. TTM Weather Impacts 35. Credit Ratings Summary
Jurisdiction Regulatory Matter Key Dates Ohio ▪ Base Rate Case ▪ Grid Mod II ▪ Electric Security Plan (ESP V) ▪ HB6 Related Investigations ▪ Filed base rate request for approximately $94M on 5/31/24, Update filing due 7/31/24 ▪ Settlement agreement filed 4/12/24; hearings concluded 7/2/24 ▪ PUCO order issued 5/15/24, Application for Rehearing filed 6/14/24 ▪ Review of Political and Charitable Spending (audit report due 8/28/24); Corporate Separation Audit (hearings to begin 10/9/24); Rider DCR/DMR Audit (hearings to begin 2/3/25) Pennsylvania ▪ Base Rate Case ▪ Long-Term Infrastructure Improvement Plan (LTIIP III) ▪ Approval of FET 30% Interest Sale ▪ Legal Entity Consolidation ▪ Filed base rate request for $502M on 4/2/24; Intervenor testimony filed 6/25/24; Company rebuttal submitted; Hearings start 8/15/24; Anticipated rates effective date January 2025 ▪ Filed 7/22/24, requesting 5-yr program, totaling investments of $1.6B ▪ Received PAPUC approval of settlement agreement on 3/14/24; completed sale on 3/25/24 ▪ Completed on 1/1/24 New Jersey ▪ Distribution Base Rate Case Filing ▪ Infrastructure Investment Program (EnergizeNJ) ▪ Energy Efficiency Triennial Plan Filing ▪ Management Audit ▪ Received BPU approval of settlement agreement on 2/14/24; implementation of base rate case effective 2/15/24 with rates effective for customers on 6/1/24 ▪ Submitted amended filing on 2/27/24; Settlement negotiations in progress ▪ Filed 12/1/23; Settlement negotiations in progress; Procedural Schedule has been suspended ▪ Final report released on 4/12/23; Comments filed on 7/31/23 West Virginia ▪ Base Rate Case (Dx+Tx+Gx) ▪ Solar Generation Projects Proceeding ▪ Depreciation Rate Filing ▪ Annual ENEC Filing (2023) ▪ Received WVPSC approval of settlement agreement on 3/26/24; rates effective 3/27/24 ▪ Received WVPSC approval of first 30 MW on 8/23/23, surcharge effective 1/1/24; approval pending on additional 20 MW ▪ Received WVPSC approval of settlement with rates effective 3/27/24 ▪ Received WVPSC approval of settlement with rates effective 3/27/24 to increase ENEC rates, with deferred amounts to be recovered in 2025-2026 Maryland ▪ Energy Efficiency Plan (EmPOWER) ▪ Electric School Bus Pilot ▪ EV Phase II ▪ New legislation effective 7/1/24 reduces the carrying cost on the unamortized balances of EmPOWER costs from the pre-tax ROR to the average cost of outstanding debt ▪ Filed 1/17/24; hearing scheduled for 10/4/24 ▪ Filed 3/1/24 FERC ▪ FERC Rulemaking and Proceedings Re: Tx Planning ▪ Approval of FET 30% Interest Sale ▪ PA Legal Entity Consolidation ▪ FERC Order 1920 issued 5/13/2024, PJM compliance filing due 6/2025; FirstEnergy’s focus will be on items set for resolution in PJM compliance filing. ▪ Received FERC approval on 8/14/23; completed sale on 3/25/24 ▪ Completed 1/1/24 Regulatory Calendar Select Proceedings 29 Strategic & Financial Highlights – Published July 30, 2024
Earned ROE (Weighted Avg) 7.7% 2.5% 7.8% 7.1% 6.8% 10.7% 10.45% 0% 5% 10% OH PA NJ WV MD FET TransCos KATCo Earned ROE Summary TTM 6/30/2024 (see slide 31 for details by jurisdiction) 30 Distribution Integrated Stand-Alone Transmission Rate Base $4.3B $7.2B $4.4B $3.7B $0.9B $7.9B $0.5B FE EPS Sensitivity Annual ROE (+/- 100 bps) ~$0.04 ~$0.06 ~$0.04 ~$0.03 ~$0.01 ~$0.04 <$0.01 % of Total Rate Base 15% 25% 15% 13% 3% 28% 2% As filed in pending rate case (1) Commentary on recent/current base rate cases ▪ OH: Filed base rate request for approximately $94M on 5/31/24; update filing due 7/31/24; ROE with full rate request is 10.8% ▪ PA: Filed base rate case request for $502M on 4/2/24, based on 2025F test year; ROE with full rate request is 11.3% ▪ NJ: Implementation of new base rates effective 2/15/24 of $85M annually ▪ WV: Implementation of new base rates effective 3/27/24 of $105M annually ▪ MD: Implementation of new base rates effective 10/19/23 of $29M annually (1) ROE and rate base represent the filed position by the Company in its pending rate case before revenue adjustment. (2) NJ and MD include distribution and transmission. WV includes distribution, transmission, and generation. (3) Includes weighted average ROE of ATSI, MAIT, and TrAILCo and excludes impact of interest on FET, LLC Hold Co debt, which approximates $100M annually (3)(2)(2) (2) Note: Numbers may not foot due to rounding Strategic & Financial Highlights – Published July 30, 2024 As filed in pending rate case (1)
Earned ROE Detail by Jurisdiction TTM 6/30/2024 31 (1) For distribution assets, represents rate base at the end of the quarter (unless otherwise noted). For FERC-regulated transmission assets, represents projected average rate base from latest Projected Transmission Revenue Requirement (PTRR) filings. (2) Calculated using filed capital structure for OH & PA, authorized for NJ, and actual for WV & MD (3) Actual revenue, not weather normalized; Income taxes calculated using statutory rates or consistent with practice used in base rate case filing (4) Includes PE-VA transmission assets Test Year Allowed ROE Earned ROE Rate Base(1) Equity %(2) Notes & Key Regulatory Adjustments(3) Distribution OH Dx 2024 (proj.) 10.8% (filed) 7.7% (filed) $4.3B (filed) 55% (filed) ▪ See Regulatory Corner for key filing parameters and adjustments PA Dx 2025 (proj.) 11.3% (filed) 2.5% (filed) $7.2B (filed) 54% (filed) ▪ See Regulatory Corner for key filing parameters and adjustments Integrated NJ Dx June 2023 9.6% 7.4% $3.3B 52% Earned ROEs reflect the following: ▪ Recovery of previously incurred actuarial losses on Pension/OPEB consistent with the calculation of allowed ROEs ▪ Excludes allowance for funds used during construction-equity on Construction Work in Process (excluded from rate base) Tx Formula 10.20% 9.1% $1.1B 51% WV Dx, Tx, Gx Dec 2022 9.8% 7.1% $3.7B 51% Earned ROEs reflect the following: ▪ Recovery of previously incurred actuarial losses on Pension/OPEB consistent with the calculation of allowed ROEs ▪ Excludes income from investment in Allegheny Generating Company (Bath County pumped storage facility) and securitized Fort Martin scrubbers ▪ Excludes allowance for funds used during construction-equity on Construction Work in Process (excluded from rate base) MD Dx Dec 2022 9.5% 5.7% $0.7B 51% Earned ROEs reflect the following: ▪ Recovery of previously incurred actuarial losses on Pension/OPEB consistent with the calculation of allowed ROEs ▪ Excludes return/income on programs such as MD’s EmPOWER energy efficiency program Tx(4) Formula 10.45% 10.45% $0.2B 50% Stand-Alone Transmission FET ATSI Formula 10.38% 10.38% $4.1B 60% Earned ROEs reflect the following: ▪ Excludes allowance for funds used during construction-equity on Construction Work in Process (excluded from rate base) MAIT Formula 10.30% 10.30% $2.4B 60% TrAIL Formula 11.70% 11.70% $1.4B 60% KATCo Tx Formula 10.45% 10.45% $0.5B 51% Strategic & Financial Highlights – Published July 30, 2024
Actual Sales by Class Percent change vs. prior year 32 Commercial includes street lighting Numbers may not add due to rounding Strategic & Financial Highlights – Published July 30, 2024 -3.5% -4.9% 1.0% 15.7% 1.2% -1.3% -1.1% -0.2% 11.8% 2.1% 0.0% 2.0% 3.1% -0.5% 1.1% -1.7% -1.3% 1.5% 7.9% 1.4% 3Q23 4Q23 1Q24 2Q24 TTM Residential Commercial Industrial Total (MWh in 3Q22 3Q23 4Q22 4Q23 1Q23 1Q24 2Q23 2Q24 TTM 2Q23 TTM 2Q24 thousands) Residential 15,500 14,954 13,135 12,486 13,941 14,087 10,836 12,536 53,412 54,063 Commercial 9,662 9,541 8,650 8,556 8,632 8,615 8,160 9,126 35,105 35,838 Industrial 14,274 14,275 13,601 13,869 13,511 13,924 13,885 13,820 55,271 55,888 Total 39,436 38,771 35,385 34,912 36,084 36,626 32,881 35,482 143,788 145,789
Actual Weather-Adjusted Sales by Class Percent change vs. prior year Strategic & Financial Highlights – Published July 30, 202433 Commercial includes street lighting Numbers may not add due to rounding 2.3% -0.4% -3.5% 4.2% 0.4% 1.2% 2.0% -4.6% 7.2% 1.3% 0.0% 2.0% 3.1% -0.5% 1.1%1.2% 1.1% -1.5% 3.0% 0.9% 3Q23 4Q23 1Q24 2Q24 TTM Residential Commercial Industrial Total (MWh in 3Q22 3Q23 4Q22 4Q23 1Q23 1Q24 2Q23 2Q24 TTM 2Q23 TTM 2Q24 thousands) Residential 14,945 15,293 13,170 13,122 15,982 15,428 11,511 11,989 55,608 55,832 Commercial 9,514 9,629 8,617 8,786 9,403 8,968 8,362 8,963 35,896 36,346 Industrial 14,274 14,275 13,601 13,869 13,511 13,925 13,885 13,820 55,271 55,889 Total 38,733 39,197 35,388 35,777 38,896 38,321 33,758 34,772 146,775 148,067
Weather Impacts 34 KWh Strategic & Financial Highlights – Published July 30, 2024 0 100 200 300 400 500 1,400 1,150 900 650 400 150 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 HDD CDD HDD Norm CDD Norm Total EPS Impact 2Q YTD Weather vs Normal: Weather vs Normal: $0.04 -$0.04 Weather vs 2023: Weather vs 2023: $0.08 $0.13 OH PA NJ WV MD Total Days % Days % Days % Days % Days % Days % 2Q24 vs Normal CDD 79 32% 118 46% 141 42% 67 25% 119 33% 104 37% HDD (202) -31% (172) -30% (61) -13% (142) -30% (117) -26% (154) -28% vs 2Q23 CDD 184 124% 235 170% 228 90% 235 226% 248 105% 217 131% HDD (192) -30% (149) -27% 57 16% (155) -32% (43) -12% (118) -23%
▪ On July 22, 2024, S&P upgraded FET, LLC by 2 notches and ATSI, MAIT, and TrAILCo by 1 notch while maintaining their positive outlooks. ▪ On May 6, 2024, Fitch upgraded all subsidiaries and put FE Corp. and several subsidiaries on positive outlook. ▪ On April 23, 2024, S&P upgraded FE Corp.’s ratings and maintained positive outlook ‒ S&P also upgraded ratings of OE, TE, FEPA, AGC, ATSI, MAIT ▪ On March 28, 2024, Moody’s upgraded FE Corp.’s ratings to Baa3 from Ba1 Credit Ratings As of July 29, 2024 Strategic & Financial Highlights – Published July 30, 2024 Most Recent Ratings Actions 35 * Holding company S = Stable P = Positive Ratings are not recommendations to buy, sell, or hold securities. Ratings are subject to change or withdrawal at any time by the credit rating agencies. N = Negative FE Corp. and all subsidiaries are investment grade at all three rating agencies Issuer/Corporate Family Senior Secured Senior Unsecured Outlook/Watch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch FirstEnergy Corp.* BBB Baa3 BBB- BBB- Baa3 BBB- P S P Distribution Segment Cleveland Electric Illuminating BBB Baa3 BBB+ A- Baa1 A BBB Baa3 A- P S S Ohio Edison BBB+ A3 BBB+ A A1 A BBB+ A3 A- P S S Toledo Edison BBB+ Baa2 BBB+ A A3 A P S S FirstEnergy Pennsylvania Electric Co. BBB+ A3 BBB+ A A1 BBB+ A3 A- P S P Integrated Segment Jersey Central Power & Light BBB A3 BBB+ BBB A3 A- P S P Monongahela Power BBB Baa2 BBB+ A- A3 A BBB Baa2 S S P Allegheny Generating Co. BBB- Baa2 BBB+ S S P Potomac Edison BBB Baa2 BBB+ A- A3 A S S S Stand-Alone Transmission Segment FirstEnergy Transmission* A- Baa2 BBB BBB+ Baa2 BBB P S P American Transmission Systems Inc. A- A3 A- A- A3 A P S P Mid-Atlantic Interstate Transmission A- A3 A- A- A3 A P S P Trans-Allegheny Interstate Line Co. A- A3 A- A- A3 A P S P Keystone Appalachian Transmission Co. A3 BBB+ S P
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FirstEnergy (NYSE:FE)
過去 株価チャート
から 7 2024 まで 7 2024
FirstEnergy (NYSE:FE)
過去 株価チャート
から 7 2023 まで 7 2024
