FirstEnergy Corp. (FE): Business Model Canvas

FirstEnergy Corp. (FE) steht an der Spitze transformativer Energielösungen und webt ein komplexes Geflecht aus Stromerzeugung, -verteilung und innovativem Kundenservice über mehrere Bundesstaaten hinweg. Durch die strategische Ausbalancierung der traditionellen Strominfrastruktur mit modernsten erneuerbaren Technologien liefert dieses Energiekraftwerk zuverlässige und effiziente Energie und bewältigt gleichzeitig die komplexe Landschaft der Einhaltung gesetzlicher Vorschriften und der technologischen Entwicklung. Ihr Business Model Canvas offenbart einen ausgeklügelten Ansatz, der über herkömmliche Versorgungsrahmen hinausgeht und FirstEnergy als dynamischen Akteur im sich schnell verändernden Energieökosystem positioniert.

FirstEnergy Corp. (FE) – Geschäftsmodell: Wichtige Partnerschaften

Regulierungsbehörden für Elektrizitätsversorgungsunternehmen und staatliche Kommissionen für öffentliche Versorgungsunternehmen

FirstEnergy arbeitet mit mehreren staatlichen Versorgungskommissionen in seinen Servicegebieten zusammen:

Staat	Regulierungskommission	Schlüsselinteraktion
Ohio	Kommission für öffentliche Versorgungsunternehmen von Ohio	Fallgenehmigungen bewerten
Pennsylvania	Pennsylvania Public Utility Commission	Genehmigungen für Infrastrukturinvestitionen
West Virginia	Kommission für den öffentlichen Dienst von West Virginia	Vorschriften für Übertragungsleitungen

Ausrüstungslieferanten und Energieinfrastrukturunternehmer

FirstEnergy unterhält strategische Partnerschaften mit großen Ausrüstungslieferanten:

• General Electric (Netzlösungen)
• Siemens Energy
• ABB-Gruppe
• Schneider Electric

Regionale Übertragungsorganisationen

Die primäre Übertragungsorganisationspartnerschaft von FirstEnergy:

Organisation	Abdeckungsbereich	Jährliches Übertragungsvolumen
PJM-Verbindung	13 Bundesstaaten im Osten der USA	842.686 GWh (2022)

Anbieter von Technologien für erneuerbare Energien

Zu den Technologiepartnerschaften von FirstEnergy für erneuerbare Energien gehören:

• Vestas Windsysteme
• Erste Solar
• NextEra-Energieressourcen

Finanzinstitute und Investmentpartner

Wichtigste Finanzpartnerschaften ab 2023:

Institution	Partnerschaftstyp	Investitionsbetrag
JPMorgan Chase	Unternehmenskreditfazilität	2,5 Milliarden US-Dollar
Bank of America	Umschuldung	1,8 Milliarden US-Dollar
Citigroup	Infrastrukturfinanzierung	1,2 Milliarden US-Dollar

FirstEnergy Corp. (FE) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung und -übertragung

FirstEnergy betreibt 10 regulierte Übertragungs- und Verteilungsunternehmen, die 6 Millionen Kunden in Ohio, Pennsylvania, West Virginia, Virginia, Maryland, New Jersey und New York bedienen.

Erzeugungskapazität	Stromquellen	Gesamt-Megawatt
Atomkraft	Kernkraftwerk Perry	1.268 MW
Kohlekraft	Verschiedene Pflanzen	2.100 MW
Erdgas	Kombikraftwerke	1.500 MW

Wartung und Modernisierung der Netzinfrastruktur

FirstEnergy investierte 3,2 Milliarden US-Dollar für Infrastruktur-Upgrades im Zeitraum 2022-2023.

• Verbesserungen der Übertragungsleitung
• Modernisierung des Umspannwerks
• Implementierung der Smart-Grid-Technologie
• Projekte zur Verbesserung der Zuverlässigkeit

Stromverteilung über mehrere Staaten

Servicegebiet	Kundenanzahl	Servicebereich
Ohio	2,2 Millionen	Geregelter Vertrieb
Pennsylvania	1,6 Millionen	Geregelter Vertrieb
New Jersey	1,1 Millionen	Geregelter Vertrieb

Entwicklung und Integration erneuerbarer Energien

FirstEnergy verpflichtet sich 50 % CO2-Reduktion bis 2030.

• Investitionen in Solarprojekte: 150 MW
• Windenergiepartnerschaften: 200 MW
• Energiespeicherinitiativen: 100 MW

Kundenservice und Energiemanagement

Jährliches Kundendienstbudget: 275 Millionen Dollar

Servicekanal	Jährliche Interaktionen	Digitales Engagement
Callcenter	3,2 Millionen	65 % digitale Auflösungsrate
Online-Portal	2,8 Millionen	85 % Kundenzufriedenheit
Mobile App	1,5 Millionen	72 % aktive Benutzer

FirstEnergy Corp. (FE) – Geschäftsmodell: Schlüsselressourcen

Energieerzeugungsanlagen

FirstEnergy betreibt ein vielfältiges Stromerzeugungsportfolio mit folgender Zusammensetzung:

Generationstyp	Kapazität (MW)	Prozentsatz
Nuklear	1,390	34.2%
Kohle	2,160	53.1%
Erdgas	510	12.5%
Erneuerbar	20	0.2%

Übertragungs- und Verteilungsinfrastruktur

Das Übertragungs- und Verteilungsnetz von FirstEnergy umfasst:

• Gesamte Übertragungsleitungen: 24.500 Rundstreckenmeilen
• Verteilungsleitungen: 62.000 Kreismeilen
• Unterstationen: 516
• Servicegebiet, das 6 Bundesstaaten abdeckt

Zusammensetzung der Belegschaft

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtbelegschaft	13,170
Technik/Ingenieurwesen	4,251
Operationen	6,035
Management	1,884

Finanzielle Ressourcen

Finanzkennzahlen ab 2023:

• Gesamtvermögen: 37,2 Milliarden US-Dollar
• Gesamtverschuldung: 15,6 Milliarden US-Dollar
• Verfügbare Kreditlinien: 3,5 Milliarden US-Dollar
• Jahresumsatz: 11,8 Milliarden US-Dollar

Technologie und Innovation

Technologieinvestitionen und -fähigkeiten:

• Smart-Grid-Technologien werden in 6 Bundesstaaten eingesetzt
• Fortschrittliche Messinfrastruktur für 2,2 Millionen Kunden
• Investitionen in die Cybersicherheit: 124 Millionen US-Dollar pro Jahr
• Jährliche F&E-Ausgaben: 47 Millionen US-Dollar

FirstEnergy Corp. (FE) – Geschäftsmodell: Wertversprechen

Zuverlässige Stromversorgung in mehreren Bundesstaaten

FirstEnergy bedient 6 Millionen Kunden in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland und New York. Das Unternehmen betreibt ab 2023 24.512 Meilen Übertragungsleitungen und 266.000 Meilen Verteilungsleitungen.

Servicegebiet	Anzahl der Kunden	Übertragungsleitungen (Meilen)	Vertriebslinien (Meilen)
Ohio	2,2 Millionen	8,745	93,000
Pennsylvania	1,6 Millionen	6,212	67,500
Andere Staaten	2,2 Millionen	9,555	105,500

Engagement für den Übergang zu sauberer Energie

FirstEnergy-Ziele 100 % CO2-freie Stromerzeugung bis 2050. Das aktuelle Portfolio an erneuerbaren Energien umfasst:

• Solarerzeugungskapazität: 250 MW
• Windenergieinvestitionen: 175 MW
• CO2-Reduktionsziel: 80 % bis 2030

Umfassende Energielösungen

FirstEnergy bietet vielfältige Energiedienstleistungen mit jährlicher Umsatzaufschlüsselung:

Kundensegment	Jahresumsatz	Marktanteil
Privatkunden	4,2 Milliarden US-Dollar	62%
Gewerbliche Kunden	2,1 Milliarden US-Dollar	28%
Industriekunden	1,1 Milliarden US-Dollar	10%

Erweiterte Netzzuverlässigkeit und -belastbarkeit

Investition in die Netzmodernisierung:

• Jährliche Investitionen in die Netzinfrastruktur: 1,3 Milliarden US-Dollar
• Einsatz der Smart-Grid-Technologie: 85 % Abdeckung
• Ausfallreduzierungsrate: 22 % Verbesserung seit 2018

Wettbewerbsfähige Preise und Energieeffizienzprogramme

Auswirkungen des Energieeffizienzprogramms:

• Jährliche Energieeinsparung: 450 GWh
• Kosteneinsparungen für den Kunden: 72 Millionen US-Dollar
• Teilnehmer des Demand-Response-Programms: 125.000 Kunden

FirstEnergy Corp. (FE) – Geschäftsmodell: Kundenbeziehungen

Digitale Kundenservice-Plattformen

FirstEnergy betreibt eine umfassende digitale Kundenserviceplattform mit den folgenden Schlüsselkennzahlen:

Plattformfunktion	Nutzungsstatistik
Benutzer des Online-Kundenportals	1,6 Millionen registrierte Benutzer
Mobile App-Downloads	487.000 aktive mobile App-Nutzer
Durchschnittliche Lösungszeit für digitale Dienste	24 Minuten

Personalisierte Energiemanagement-Tools

FirstEnergy bietet fortschrittliche Energiemanagementlösungen mit spezifischen Funktionen:

• Smart-Meter-Installationen: 2,2 Millionen im Einsatz
• Plattform zur Verfolgung des Energieverbrauchs: Überwachung des Verbrauchs in Echtzeit
• Personalisierte Energieeffizienzempfehlungen für 98 % der Privatkunden

Online-Abrechnung und Kontoverwaltung

Leistungskennzahlen der digitalen Abrechnungsplattform:

Abrechnungskanal	Akzeptanzrate
Online-Rechnungszahlung	76 % der Kunden
Papierlose Abrechnung	62 % Einschreibung
Autopay-Registrierung	54 % des Kundenstamms

Community-Engagement-Programme

Zu den Community-Engagement-Initiativen von FirstEnergy gehören:

• Jährliche Gemeinschaftsinvestition: 12,3 Millionen US-Dollar
• Teilnehmer des Energieeffizienzprogramms: 340.000 Kunden
• Lokale Partnerschaften zur Personalentwicklung: 15 aktive Kooperationen

Proaktive Kommunikation bei Serviceunterbrechungen

Kommunikationsleistung bei Dienstunterbrechung:

Kommunikationskanal	Auslastungsrate
Automatisierte Textbenachrichtigungen	89 % Kundenreichweite
E-Mail-Benachrichtigungen	82 % Kundenreichweite
Social-Media-Updates	65 % Informationsverbreitung in Echtzeit

FirstEnergy Corp. (FE) – Geschäftsmodell: Kanäle

Online-Webportal

FirstEnergy betreibt ein umfassendes Online-Webportal mit 2,6 Millionen registrierten Benutzerkonten (Stand 2023). Das Portal verarbeitet etwa 1,2 Millionen monatliche Rechnungszahlungen und wickelt 85 % der Kundendienstanfragen digital ab.

Webportal-Metrik	Daten für 2023
Registrierte Benutzer	2,6 Millionen
Monatliche Rechnungszahlungen	1,2 Millionen
Digitale Serviceanfragen	85%

Mobile Smartphone-Anwendungen

Die mobile Anwendung von FirstEnergy wurde 742.000 Mal auf iOS- und Android-Plattformen heruntergeladen. Die App unterstützt Verfolgung des Energieverbrauchs in Echtzeit und ermöglicht 450.000 monatliche Zahlungen von Mobilfunkrechnungen.

• Gesamtzahl der App-Downloads: 742.000
• Monatliche mobile Zahlungen: 450.000
• Funktionen: Verbrauchsverfolgung, Rechnungszahlung, Ausfallberichte

Kundendienst-Callcenter

FirstEnergy betreibt drei primäre Kundendienst-Callcenter mit 672 engagierten Supportmitarbeitern. Diese Zentren bearbeiten jährlich 1,1 Millionen Kundeninteraktionen mit einer durchschnittlichen Anruflösungszeit von 7,3 Minuten.

Callcenter-Metrik	Daten für 2023
Anzahl der Call Center	3
Support-Vertreter	672
Jährliche Kundeninteraktionen	1,1 Millionen

Lokale physische Servicezentren

FirstEnergy unterhält 42 physische Servicezentren in Ohio, Pennsylvania, West Virginia und Maryland. Diese Zentren verarbeiten jährlich etwa 215.000 persönliche Transaktionen.

Energievermarkter von Drittanbietern

FirstEnergy arbeitet mit 86 zertifizierten externen Energievermarktern zusammen und erleichtert Kunden alternative Energiebeschaffungsoptionen. Diese Partnerschaften decken 17 % des gesamten Servicegebiets des Unternehmens ab.

Metrik für Drittanbieter-Vermarkter	Daten für 2023
Zertifizierte Vermarkter	86
Abdeckung des Servicegebiets	17%

FirstEnergy Corp. (FE) – Geschäftsmodell: Kundensegmente

Stromverbraucher für Privathaushalte

FirstEnergy bedient etwa 6 Millionen Kunden in sechs Versorgungsunternehmen in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey und New York.

Versorgungsunternehmen	Servicegebiet	Privatkunden
Ohio Edison	Ohio	1,100,000
FirstEnergy Pennsylvania Electric	Pennsylvania	580,000
Jersey Central Power & Licht	New Jersey	1,100,000

Handels- und Industrieunternehmen

FirstEnergy unterstützt diverse Gewerbe- und Industriebereiche bei der Stromverteilung.

• Stromverbrauch im verarbeitenden Gewerbe: 42 % der gesamten gewerblichen Belastung
• Einzelhandel und Dienstleistungsgewerbe: 28 % des kommerziellen Strombedarfs
• Technologie- und Rechenzentren: Wachstumssegment mit steigendem Strombedarf

Kommunale und staatliche Stellen

FirstEnergy bietet Stromdienstleistungen für zahlreiche Organisationen des öffentlichen Sektors an.

Entitätstyp	Anzahl der Kunden	Jährlicher Stromverbrauch (MWh)
Kommunalverwaltungen	350	1,200,000
Einrichtungen der Landesregierung	250	850,000

Agrarsektor

FirstEnergy unterstützt den landwirtschaftlichen Strombedarf in seinen Versorgungsgebieten.

• Kunden von landwirtschaftlichem und landwirtschaftlichem Strom: 15.000
• Durchschnittlicher jährlicher Stromverbrauch pro Betrieb: 250.000 kWh
• Saisonale Schwankung des Strombedarfs

Energieverbraucher im Versorgungsmaßstab

FirstEnergy bedient große Energieverbraucher mit spezialisierter Übertragungsinfrastruktur.

Verbraucherkategorie	Anzahl der Kunden	Spitzenbedarf (MW)
Große Industriekomplexe	120	3,500
Regionale Übertragungsorganisationen	8	5,200

FirstEnergy Corp. (FE) – Geschäftsmodell: Kostenstruktur

Wartung der Stromerzeugungsinfrastruktur

Die jährlichen Wartungskosten für die Infrastruktur von FirstEnergy beliefen sich im Jahr 2023 auf 672 Millionen US-Dollar und setzten sich wie folgt zusammen:

Infrastrukturtyp	Wartungskosten
Kernkraftwerke	287 Millionen Dollar
Kohlekraftwerke	214 Millionen Dollar
Übertragungsinfrastruktur	171 Millionen Dollar

Kosten für die Beschaffung von Kraftstoff und Energie

Die Gesamtkosten für die Kraftstoffbeschaffung von FirstEnergy beliefen sich im Jahr 2023 auf insgesamt 1,23 Milliarden US-Dollar:

• Erdgasbeschaffung: 456 Millionen US-Dollar
• Kohlebeschaffung: 534 Millionen US-Dollar
• Beschaffung von Kernbrennstoffen: 240 Millionen US-Dollar

Vergütung und Schulung der Belegschaft

Gesamte personalbezogene Ausgaben für 2023:

Ausgabenkategorie	Betrag
Gesamtgehälter	1,1 Milliarden US-Dollar
Leistungen an Arbeitnehmer	312 Millionen Dollar
Schulung und Entwicklung	24 Millionen Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 189 Millionen US-Dollar, darunter:

• Umweltkonformität: 87 Millionen US-Dollar
• Einhaltung der Sicherheitsvorschriften: 62 Millionen US-Dollar
• Rechts- und Berichterstattungskosten: 40 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Technologie- und Infrastrukturinvestitionen von FirstEnergy für 2023:

Investitionsbereich	Investitionsbetrag
Netzmodernisierung	425 Millionen Dollar
Cybersicherheits-Upgrades	76 Millionen Dollar
Infrastruktur für erneuerbare Energien	210 Millionen Dollar

FirstEnergy Corp. (FE) – Geschäftsmodell: Einnahmequellen

Stromverkauf an Privatkunden

Für das Geschäftsjahr 2023 meldete FirstEnergy einen Stromumsatz für Privathaushalte in Höhe von 4,63 Milliarden US-Dollar. Das Unternehmen betreut rund 6 Millionen Kunden in sechs Versorgungsunternehmen in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey und New York.

Region	Anzahl der Privatkunden	Einnahmen aus Wohnimmobilien (Mio. USD)
Ohio	2,200,000	1,650
Pennsylvania	1,500,000	1,125
Andere Staaten	1,300,000	1,855

Kommerzielle und industrielle Energieverträge

Der kommerzielle und industrielle Stromverkauf generierte für FirstEnergy im Jahr 2023 einen Umsatz von 3,87 Milliarden US-Dollar.

• Große Industriekunden: 2,1 Milliarden US-Dollar
• Kleine bis mittlere Gewerbekunden: 1,77 Milliarden US-Dollar

Gebühren für Übertragungs- und Verteilungsdienste

Die Übertragungs- und Verteilungsdienste von FirstEnergy erwirtschafteten im Jahr 2023 einen Umsatz von 2,45 Milliarden US-Dollar.

Servicetyp	Umsatz (Mio. USD)
Übertragungsdienste	1,550
Vertriebsdienste	900

Verkauf von Gutschriften für erneuerbare Energien

Der Verkauf von Krediten für erneuerbare Energien trug im Jahr 2023 215 Millionen US-Dollar zum Umsatz von FirstEnergy bei.

Einnahmen aus Energiemanagementdienstleistungen

Energiemanagement und Nebendienstleistungen erwirtschafteten dem Unternehmen im Jahr 2023 einen Umsatz von 180 Millionen US-Dollar.

Servicekategorie	Umsatz (Mio. USD)
Energieeffizienzprogramme	95
Netzmodernisierungsdienste	85

Gesamteinnahmequellen für FirstEnergy im Jahr 2023: 11,35 Milliarden US-Dollar

FirstEnergy Corp. (FE) - Canvas Business Model: Value Propositions

You're looking at the core promises FirstEnergy Corp. is making to its stakeholders right now, late in 2025. It's all about delivering power reliably while setting up the grid for massive future demand, all while keeping investors happy.

Safe and reliable electricity delivery to homes and businesses remains the foundation. This is supported by ongoing infrastructure upgrades across the service territories in Ohio, Pennsylvania, and New Jersey. The company is focused on enhancing the local distribution system with automation and emerging technologies to minimize the impact of outages when they do occur.

For grid resiliency and security, FirstEnergy Corp. is putting serious capital to work. The company increased its planned investment for the year to $5.5 billion in 2025, which is a 10% increase from its previous estimate. This spending is part of the larger Energize365 capital investment strategy, which totals approximately $28 billion through 2029. Through the first nine months of 2025, FirstEnergy had already deployed over $4 billion in capital investments supporting this goal.

For investors, the value proposition centers on stable, predictable returns. FirstEnergy Corp. affirmed its long-term target of 6-8% compounded annual Core Earnings growth rate from 2025 through 2029. For the full year 2025, the company narrowed its Core Earnings guidance range to $2.50 to $2.56 per share. The trailing twelve-month consolidated return on equity was 9.7%, which is right in line with the targeted range of 9.5-10%. Plus, the declared dividend of $0.445 per share (payable September 1, 2025) represents about a 5% increase over 2024, keeping the payout ratio consistent at 60-70% of Core EPS.

Enabling economic growth, particularly for high-load data centers, is a major near-term driver. The pipeline of potential data centers in FirstEnergy Corp.'s service area has nearly doubled, reaching almost 3 GW by 2029. Contracted data center load has grown 25% to 2.7 gigawatts (GW), with the total long-term pipeline now at 11.1 GW. The company expects its system peak load to jump 45%, or 15 GW, from 33.5 GW in 2025 to 48.5 GW in 2035, largely due to this digital infrastructure demand. To support this, FirstEnergy expects transmission spending to increase by 30% in its next four-year plan.

The commitment to customer savings is demonstrated through various programs. FirstEnergy Corp. offers customer energy efficiency programs saving 760,000+ MWh. For example, the Ohio utilities previously outlined a plan to reduce over 800,000 megawatt hours (MWh) of electric consumption annually through their efficiency portfolio plans. In New Jersey, the EnergizeNJ program includes plans to install smart meters for approximately 86% of customers by 2028.

Here's a quick look at the key financial and investment metrics supporting these value propositions:

Metric	Value / Target	Period / Context
2025 Capital Investment Program	$5.5 billion	2025 Total, increased from $5.0 billion
Energize365 Total Investment	$28 billion	Through 2029
2025 Core EPS Guidance (Narrowed)	$2.50 to $2.56 per share	Full Year 2025
Core EPS Growth Target (CAGR)	6-8%	2025 through 2029
Contracted Data Center Load	2.7 gigawatts (GW)	As of Q2 2025
Projected Peak Load Increase	45% (15 GW)	From 2025 to 2035

You can see the focus on grid hardening and future-proofing through these specific customer support initiatives:

• Pennsylvania's WARM Program offers no-cost energy-saving home upgrades.
• New Jersey's EnergizeNJ includes a $335 million investment plan through 2028.
• JCP&L's local upgrade project is valued at $95 million.
• Transmission rate base growth is targeted up to 18% per year through 2030.

Finance: draft 13-week cash view by Friday.

FirstEnergy Corp. (FE) - Canvas Business Model: Customer Relationships

You're looking at how FirstEnergy Corp. manages its interactions with the millions of people and businesses relying on its wires. For a regulated utility, this is less about sales pitches and more about mandated service quality and digital access.

Regulated, non-negotiable service provision

FirstEnergy Corp. provides electricity as a regulated service across its footprint, meaning the core service provision terms are set by state commissions, not by market negotiation. The scale of this commitment is substantial, serving over 6 million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York.

The customer base is segmented across its operating companies, which are organized into the Distribution and Integrated segments for reporting purposes:

Segment	Operating Companies Included	Approximate Customers Served	Rate Base (as of 2025)
Distribution	Ohio Companies, FE PA	4.3 million	$11 billion
Integrated	JCP&L, MP, PE	2 million	$9.6 billion

Customer demand mix shows shifts, with residential and commercial usage growing while industrial usage saw a slight dip in early 2025:

• Residential sales increased 10% in Q1 2025 versus Q1 2024.
• Commercial sales increased more than 5% in Q1 2025 versus Q1 2024.
• Industrial sales decreased nearly 3% in Q1 2025 versus Q1 2024.

Weather-adjusted sales through the first nine months of 2025 showed a more modest increase, with residential up 1.4%, commercial up 0.7%, and industrial up 0.3%.

Digital self-service via My Account and eBill platforms

FirstEnergy Corp. is heavily investing in grid modernization, which directly supports digital customer interaction. The company expects to have installed smart meters for approximately 86% of its customers by 2028. These meters are foundational for digital self-service tools like My Account and eBill, enabling automated readings and customer energy use analysis.

Customers on the standard service offer in Ohio utilities saw rate increases in June 2025 to help cover past grid modernization investments, including the installation of over 700,000 smart meters.

For commercial customers, pricing transparency is key. Here are some sample commercial electricity rates across key service areas for the 2024-2025 period:

City, State	Approximate Commercial Rate (per kWh)
Pittsburgh, Pennsylvania	$0.10
Cleveland, Ohio	$0.11
Allentown, Pennsylvania	$0.11
Akron, Ohio	$0.12
Toledo, Ohio	$0.13

Proactive outage and service restoration communication

Communication around service interruptions is tied directly to the $28 billion Energize365 capital investment plan running through 2029. This investment includes implementing advanced technologies to automate outage restoration. Reliability performance is tracked using metrics like SAIDI (duration) and SAIFI (frequency), which the company aims to improve through these investments.

The company is focused on system resilience to reduce the frequency and duration of interruptions for its customers.

Dedicated account management for large commercial/industrial clients

FirstEnergy Corp. is actively managing relationships with large energy users, particularly driven by the massive influx of data center development. Contracted data center load stood at 3.8 GW as of October 2025, with potential load reaching 11.7 GW. The company expects system peak load to grow 45% by 2035, largely due to this sector.

FirstEnergy Corp. states it will enter into terms and conditions to make data center developers responsible for the incremental investment required to serve them, protecting existing customers from those specific infrastructure costs. This implies highly tailored, dedicated account management for these significant load additions.

Finance: draft 13-week cash view by Friday

FirstEnergy Corp. (FE) - Canvas Business Model: Channels

Physical transmission and distribution lines (the defintely primary channel)

FirstEnergy Corp.'s physical infrastructure represents the core channel for electricity delivery across its service territory, which includes Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York, serving over six million customers.

The company's transmission operations include more than 24,000 miles of transmission lines. The Energize365 capital investment strategy, extended through 2029, includes a planned base investment of approximately $28 billion from 2025 through 2029. For the 2025 fiscal year, FirstEnergy increased its planned capital investments to $5.5 billion. Of the total $28 billion planned investment through 2029, about $14 billion is allocated specifically for transmission improvements.

The scale of the infrastructure investment is tied to expected load growth, with FirstEnergy forecasting system peak load to jump 45% from 33.5 GW in 2025 to 48.5 GW by 2035, largely driven by data centers.

Customer service call centers and local field offices

Customer interaction for non-outage related service is channeled through dedicated representatives and automated systems.

• Customer Service Representatives are available Monday - Friday, 8:00 a.m. - 6:00 p.m..
• The Interactive Voice Response System (IVR) is available 24 hours, seven days a week.
• The toll-free number for outage reporting is 1-888-LIGHTSS (1-888-544-4877).
• Email inquiries submitted via the online form may experience delayed response times due to an unexpected high volume of inquiries.

Corporate website and mobile applications

Digital channels provide self-service options for account management and usage analysis. The corporate website is the repository for official filings, such as the Form 10-K.

The online 'Analyze Usage' tool allows customers to view up to twelve months of usage history. For specific program inquiries, such as the Ohio Smart Meter program, a dedicated contact line is 1-855-344-3400.

The following table summarizes key operational and investment figures relevant to the physical and digital channels as of late 2025:

Channel Component	Metric/Value	Period/Context
Transmission Lines Owned	More than 24,000 miles	Operational Asset Base
Energize365 Total Investment	$28 billion	Planned 2025 through 2029
2025 Capital Investment Plan	$5.5 billion	Planned for Fiscal Year 2025
Transmission Capital Allocation	About $14 billion	From the 2025-2029 plan
Customer Service IVR Availability	24 hours, seven days a week	Automated Support
Customer Service Rep Hours	Monday - Friday, 8:00 a.m. - 6:00 p.m.	Live Agent Support
Online Usage History View	Up to twelve months	Website Self-Service

Direct interconnection process for new, large-scale load

FirstEnergy Corp. manages direct interconnection through formal processes, especially for large loads like data centers, which are a significant driver of current investment.

• Over 100 large load studies have been conducted since January 2024.
• Load represented by these studies was 80+ GW as of March 31, 2025.
• The 2025-2029 capital plan includes about $1 billion for large load interconnection requests and upgrades.
• In Maryland, interconnection applications were required to be submitted ONLY through an online portal as of June 23, 2025.
• The Pennsylvania process includes a specific application for 500kW or Greater Net Meter revised in June 2025.

FirstEnergy Corp. (FE) - Canvas Business Model: Customer Segments

You're looking at the core of FirstEnergy Corp.'s regulated business, which is fundamentally about serving a massive, diverse customer base across multiple state jurisdictions. The segments define where the capital investment under Energize365 is ultimately directed.

The total customer base served by FirstEnergy's electric distribution companies is over 6 million customers across the Midwest and Mid-Atlantic regions.

Residential Customers

Residential customers form the largest volume component of the customer base, representing a significant portion of the overall distribution load.

• Largest volume segment, serving over 6 million total customers across all distribution companies.
• For the first nine months of 2025, weather-adjusted sales showed a 1.4% jump in residential sales year-over-year.
• In the first quarter of 2025, sales increased 10% to residential customers compared to Q1 2024.
• The 2025 Fiscal Year Forecast (2025F) balanced customer mix projected Residential sales to account for 38% of the total.

Commercial and Industrial (C&I) Businesses

This segment includes a broad range of businesses, from small shops to large manufacturing facilities. The performance here can be more volatile based on economic activity, as seen in early 2025 sales figures.

Here's a look at the sales performance in the first quarter of 2025:

Customer Type	Q1 2025 Sales Change vs. Q1 2024
Commercial Sector	Increased more than 5%
Industrial Sector	Decreased nearly 3%

The 2025 Fiscal Year Forecast (2025F) balanced customer mix projected Commercial sales to be 26% and Industrial sales to be 36% of the total.

Large Data Center Operators (High-Growth, High-Demand Segment)

This is a critical, high-growth area driving significant transmission investment under the Energize365 plan. FirstEnergy Corp. is actively positioning its grid to support this demand without directly tariffing the incremental investment costs onto existing customers.

• Contracted data center load was up 25% to 2.7 gigawatts (GW) as of Q2 2025.
• The long-term pipeline of potential data centers reached 11.7 GW as of Q3 2025, up 92% since February 2025.
• The pipeline of potential data centers in the service area reached nearly 3 GW by 2029.
• Total potential data center load, including existing and contracted facilities, could approach 6 GW by the end of the decade.
• FirstEnergy expects system peak load to grow 45%, from 33.5 GW in 2025 to 48.5 GW in 2035, driven by this segment.

Regulated Utility Subsidiaries in Ohio, PA, WV, NJ, MD, and VA

FirstEnergy Corp.'s operations are structured across regulated distribution and transmission entities within specific states. The Distribution segment serves customers in Ohio and Pennsylvania, while the Integrated segment covers New Jersey, West Virginia, and Maryland.

The service territories include operations in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York.

The customer distribution across the main reporting segments is detailed below:

Segment	Key Subsidiaries/States	Rate Base (as of early 2025)	Customers Served (Approximate)
Distribution	Ohio Companies, FE PA (OH, PA)	$11 billion	4.3 million in OH and PA
Integrated	JCP&L, MP, PE (NJ, WV, MD)	$9.6 billion	2 million in NJ, WV, and MD

Further granularity on regulated assets includes:

• Regulated generation assets in West Virginia and Virginia total approximately 3,599 megawatts.
• New base rates became effective in Pennsylvania on January 1, 2025.
• New base rates in New Jersey and West Virginia were effective during the latter part of the first quarter of 2024, benefiting 2025 results.

FirstEnergy Corp. (FE) - Canvas Business Model: Cost Structure

You're looking at the major drains on FirstEnergy Corp.'s cash flow, the big buckets where the money goes to keep the lights on and the grid running. The cost structure for FirstEnergy Corp. (FE) is heavily weighted toward infrastructure investment and managing regulatory fallout, so let's break down the hard numbers we're seeing for $2025$.

High Capital Expenditures

The commitment to infrastructure renewal is a massive cost driver. FirstEnergy Corp. (FE) increased its planned capital investment for $2025$ to $\$5.5$ billion, up from the previously planned $\$5.0$ billion. This spending is part of the broader Energize365 strategy, which targets approximately $\$28$ billion in system-wide capital investments between $2025$ and $2029$. For context, through the first nine months of $2025$, the company had already deployed over $\$4.0$ billion in capital investments. This elevated capital requirement is a primary near-term risk, especially if financing costs continue to climb.

Operations and Maintenance (O&M) Expenses

Day-to-day running costs, which include Operations and Maintenance (O&M), are substantial. For the past fiscal year reported, FirstEnergy Corp. (FE) recorded Operating Expenses of $\$11,097$ million, which was a $5\%$ increase driven by higher storm restoration expenses and increased planned vegetation management costs. Looking specifically at the start of $2025$, the Baseline O\&M (Other Operating Expenses) for the first quarter was reported at $\$340$ million. Management noted that higher planned operating expenses, including accelerated work, partially offset earnings growth in the Distribution segment during the third quarter of $2025$.

• Higher O&M driven by storm restoration.
• Planned vegetation management is a key component.
• Accelerated work pushed costs into $2025$.
• $1\text{Q}25$ Baseline O\&M was $\$340$ million.

Interest Expense on Significant Debt

Servicing the debt load is a non-negotiable cost. A notable recent financial action involved FirstEnergy Transmission, LLC, a subsidiary, launching an exchange offer for up to $\$450$ million aggregate principal amount of its outstanding $4.750\%$ Senior Notes due $2033$. This was done to swap unregistered notes for registered ones, fulfilling an obligation under a registration rights agreement, not to raise new capital. Still, financing costs are a line item you watch; for instance, Corporate/Other results in the second quarter of $2025$ decreased due to higher financing costs associated with the extinguishment of promissory notes from a prior transaction. However, in the first quarter of $2025$, the company did report lower interest expense as an earnings driver.

Regulatory Penalties and Refunds

Regulatory actions can create significant, non-recurring cost hits. In late $2025$, the Public Utilities Commission of Ohio (PUCO) ordered FirstEnergy Corp.'s Ohio utilities to pay a massive sum related to the House Bill 6 bribery scandal investigation. The total ordered payment was $\$250.7$ million in penalties and refunds. Here's the quick math on that specific regulatory charge:

Component of PUCO Order	Amount
Refunds to Customers	Approximately $\$180$ million (plus $\$6.64$ million plus interest later)
Civil Penalties to State Fund	$\$70.71$ million (or $\$64$ million in civil penalties mentioned in one report)
Total Order (Approximate)	Over $\$250$ million

This action closes a chapter, but it certainly impacted the cost base for the period. Defintely a major one-time expense to factor in.

Purchased Power and Fuel Costs for Regulated Generation

While specific $2025$ figures for purchased power and fuel costs aren't explicitly detailed as a single line item in the latest reports, they are an inherent, variable cost in utility operations. The risk section of recent filings highlights higher fuel costs as a factor affecting the company and/or its customers. These costs are generally passed through or factored into rate base applications, but they represent a constant pressure point on operational expenditures, especially given the company's plans for new generation capacity, like the planned $1,200$-megawatt natural gas plant in West Virginia.

Finance: draft $13$-week cash view by Friday.

FirstEnergy Corp. (FE) - Canvas Business Model: Revenue Streams

You're looking at how FirstEnergy Corp. actually brings in the money, focusing on the regulated utility side of things as of late 2025. The core of the revenue streams is built on the regulated nature of its business, meaning revenue is largely determined by approved investments and customer usage within specific service territories.

The most recent top-line number available is the third quarter of 2025 revenue, which hit $4.1 billion. This represented a year-over-year increase of about 10.8% compared to the third quarter of 2024 revenue of $3.7 billion. For the first nine months of 2025, total revenue reached $11.3 billion.

Revenue streams are primarily split between regulated distribution and regulated transmission activities, which are heavily influenced by the rate base (the value of assets on which the company is allowed to earn a return) and formula rates.

Regulated Distribution Revenue from Base Rates and Riders

Distribution revenue is directly tied to the volume of electricity delivered to customers and the base rates approved by regulators. The positive impact of new base rates is a key driver.

• Revenue growth benefited from the impact of new base rates in Pennsylvania, which became effective on January 1, 2025.
• Core Earnings growth for the first nine months of 2025 reflected the impact of new base rates in Pennsylvania, West Virginia and New Jersey.
• The Pennsylvania Public Utility Commission approved a settlement allowing FirstEnergy to increase its base electrical rates to bring in an additional $225.0 million in annual revenue starting in 2025.

Regulated Transmission Revenue from Formula Rates

Transmission revenue is largely governed by formula rate mechanisms, which allow for more regular adjustments based on capital investments that grow the transmission rate base.

Metric	Value	Context
Transmission Rate Base Growth (Stand-Alone Segment, Q3 2025 vs Q3 2024)	9% increase	Resulting from capital investments.
Transmission Rate Base Growth (Integrated Segment, First Nine Months 2025)	16%	Driven by capital investments in formula rate programs.
2025F FE-Owned Rate Base (Year-End Estimate)	~$28 billion	Consolidated across Distribution, Integrated, and Stand-Alone Transmission.

Impact of Customer Demand and Deliveries

Customer usage directly impacts distribution revenue, especially when combined with favorable weather patterns or customer growth.

• FirstEnergy saw increased distribution deliveries in the first quarter of 2025 compared to Q1 2024, with total electricity sales up 4.2%.
• Specifically, residential sales growth in Q1 2025 was 10%, and commercial sales grew by more than 5%.
• Higher weather-related distribution sales contributed to Core Earnings growth in the first nine months of 2025.

The success of the regulated strategy is evident in the year-to-date figures; Core Earnings for the first nine months of 2025 reached $2.02 per share, a 15% increase from the same period in 2024.

Finance: draft 13-week cash view by Friday.