FIRSTENERGY Business Summary

FirstEnergy Corp (FE) is a premier American investor-owned electric utility that generates revenue through regulated electricity distribution, transmission, and integrated services. The company’s operations are divided into three primary segments: Regulated Distribution, serving over six million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York; Regulated Transmission, which manages extensive high-voltage networks; and an Integrated segment encompassing distribution, transmission, and 3,610 MW of regulated generation capacity. For the fiscal year 2025, FirstEnergy reported $15.1 billion in revenue, anchored by state and FERC-regulated returns and its $36 billion "Energize365" capital plan (2026–2030). Positioned as one of the largest electric systems in the U.S., FirstEnergy competes directly with American Electric Power (AEP), Dominion Energy, Duke Energy, and Exelon, distinguishing itself through aggressive grid modernization and a strategic transition toward a fully regulated business model. Established in 1997 via the merger of Ohio Edison and Centerior Energy, FirstEnergy is led by Brian X. Tierney, who serves as Board Chair, President, and CEO. Tierney’s pedigree includes over two decades at American Electric Power, where he served as CFO, and a tenure as Global Head of Portfolio Operations at Blackstone Infrastructure Partners. The core leadership team includes K. Jon Taylor (SVP and CFO), Toby L. Thomas (Chief Operating Officer), and John Combs (SVP, Shared Services), who directs the company’s technology modernization following his role as a CTO at JPMorgan Chase. The company is governed by a board featuring Lead Independent Director Lisa Winston Hicks and has attracted significant institutional interest from firms such as Elliott Management and the National Pension Service.