Summary
FirstEnergy is an electric company based in Akron, Ohio. It is one of the nation’s larger investor-owned electric systems, with 10 regulated subsidiaries. The company has small regulated generating capacity, under 4,000 MW. FE’s focus is on transmission and distribution; however, the company has been selling portions of its transmission business. The company serves over 6 million customers, including 2.3 million in Ohio, 1.8 million in Pennsylvania, and 2 million more in WV, MD, and NJ. In 2024, revenues were $13.5 billion, of which just 50% was from distribution operations and 36% was from integrated utilities.
We believe that the company is at a disadvantage versus its peers given its heavy reliance on coal generation. Of generating capacity in 2024, 3,200 MW was from coal-fired plants, with the remaining energy from hydro and solar. The utility largely exited its nuclear operations by retiring its generating plants about five years ago. FE has pledged to reduce GHG emissions by 30% (from its 2019 baseline) by 2030 and
