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Apr 04, 2025
FirstEnergy Corp.: FE has converted to reporting core earnings versus operating earnings in 2025
Summary
FirstEnergy is an electric company based in Akron, Ohio. It is one of the nation's largest 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 is from coal-fired plants, with the remaining energy from hydro and solar. FE has pledged to reduce GHG emissions by 30% (from its 2019 baseline) by 2
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