FirstEnergy Corp. (FE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

FirstEnergy Corp. (FE) está a la vanguardia de las soluciones de energía transformadora, tejiendo un complejo tapiz de generación de energía, distribución y servicio al cliente innovador en múltiples estados. Al equilibrar estratégicamente la infraestructura de electricidad tradicional con tecnologías renovables de vanguardia, esta potencia de servicios públicos ofrece energía confiable y eficiente al tiempo que navega por el intrincado panorama del cumplimiento regulatorio y la evolución tecnológica. Su lienzo de modelo de negocio revela un enfoque sofisticado que trasciende los marcos de servicios públicos convencionales, posicionando FirstEnergy como un jugador dinámico en el ecosistema de energía que cambia rápidamente.

FirstEnergy Corp. (FE) - Modelo de negocio: asociaciones clave

Reguladores de servicios eléctricos y comisiones estatales de servicios públicos

FirstEnergy colabora con múltiples comisiones estatales de servicios públicos en sus territorios de servicio:

Estado	Comisión reguladora	Interacción clave
Ohio	Comisión de servicios públicos de Ohio	Aprobaciones de casos de tarifas
Pensilvania	Comisión de servicios públicos de Pensilvania	Aprobaciones de inversión de infraestructura
Virginia Occidental	Comisión de Servicio Público de Virginia Occidental	Regulaciones de la línea de transmisión

Proveedores de equipos y contratistas de infraestructura energética

FirstEnergy mantiene asociaciones estratégicas con los principales proveedores de equipos:

• General Electric (soluciones de cuadrícula)
• Energía de Siemens
• Grupo ABB
• Schneider Electric

Organizaciones de transmisión regionales

Asociación de la organización de transmisión principal de FirstEnergy:

Organización	Área de cobertura	Volumen de transmisión anual
Interconexión de PJM	13 estados en el este de los Estados Unidos	842,686 GWH (2022)

Proveedores de tecnología de energía renovable

Las asociaciones de tecnología de energía renovable de FirstEnergy incluyen:

• Sistemas de viento de Vestas
• Primero solar
• Recursos energéticos nextera

Instituciones financieras y socios de inversión

Asociaciones financieras clave a partir de 2023:

Institución	Tipo de asociación	Monto de la inversión
JPMorgan Chase	Línea de crédito corporativo	$ 2.5 mil millones
Banco de América	Refinanciación de la deuda	$ 1.8 mil millones
Citigroup	Financiamiento de infraestructura	$ 1.2 mil millones

FirstEnergy Corp. (FE) - Modelo de negocio: actividades clave

Generación de energía eléctrica y transmisión

FirstEnergy opera 10 servicios de transmisión y distribución regulados que atienden a 6 millones de clientes en Ohio, Pensilvania, Virginia Occidental, Virginia, Maryland, Nueva Jersey y Nueva York.

Capacidad de generación	Fuentes de energía	Megawatts totales
Energía nuclear	Planta de energía nuclear de Perry	1.268 MW
Poder de carbón	Varias plantas	2.100 MW
Gas natural	Plantas de ciclo combinados	1.500 MW

Mantenimiento y modernización de la infraestructura de la cuadrícula

FirstEnergy invertido $ 3.2 mil millones en actualizaciones de infraestructura durante 2022-2023.

• Mejoras de la línea de transmisión
• Modernización de la subestación
• Implementación de tecnología de cuadrícula inteligente
• Proyectos de mejora de la fiabilidad

Distribución de electricidad en múltiples estados

Territorio de servicio	Conteo de clientes	Vía de Servício
Ohio	2.2 millones	Distribución regulada
Pensilvania	1.6 millones	Distribución regulada
Nueva Jersey	1.1 millones	Distribución regulada

Desarrollo e integración de energía renovable

FirstEnergy comprometida con 50% de reducción de carbono para 2030.

• Inversiones de proyectos solares: 150 MW
• Asociaciones de energía eólica: 200 MW
• Iniciativas de almacenamiento de energía: 100 MW

Servicio al cliente y gestión de energía

Presupuesto anual de servicio al cliente: $ 275 millones

Canal de servicio	Interacciones anuales	Compromiso digital
Centro de llamadas	3.2 millones	Tasa de resolución digital del 65%
Portal en línea	2.8 millones	85% de satisfacción del cliente
Aplicación móvil	1.5 millones	72% usuarios activos

FirstEnergy Corp. (FE) - Modelo de negocio: recursos clave

Instalaciones de generación de energía

FirstEnergy opera una cartera diversa de generación de energía con la siguiente composición:

Tipo de generación	Capacidad (MW)	Porcentaje
Nuclear	1,390	34.2%
Carbón	2,160	53.1%
Gas natural	510	12.5%
Renovable	20	0.2%

Infraestructura de transmisión y distribución

La red de transmisión y distribución de FirstEnergy incluye:

• Total de transmisión: 24,500 millas de circuito
• Líneas de distribución: 62,000 millas de circuito
• Substiciones: 516
• Área de servicio que cubre 6 estados

Composición de la fuerza laboral

Categoría de empleado	Número de empleados
Fuerza de trabajo total	13,170
Técnico/ingeniería	4,251
Operaciones	6,035
Gestión	1,884

Recursos financieros

Métricas financieras a partir de 2023:

• Activos totales: $ 37.2 mil millones
• Deuda total: $ 15.6 mil millones
• Líneas de crédito disponibles: $ 3.5 mil millones
• Ingresos anuales: $ 11.8 mil millones

Tecnología e innovación

Inversiones y capacidades tecnológicas:

• Tecnologías de cuadrícula inteligente desplegadas en 6 estados
• Infraestructura de medición avanzada que cubre 2.2 millones de clientes
• Inversión de ciberseguridad: $ 124 millones anualmente
• Gasto anual de I + D: $ 47 millones

FirstEnergy Corp. (FE) - Modelo de negocio: propuestas de valor

Suministro de electricidad confiable en múltiples estados

FirstEnergy atiende a 6 millones de clientes en Ohio, Pensilvania, Nueva Jersey, West Virginia, Maryland y Nueva York. La compañía opera 24,512 millas de líneas de transmisión y 266,000 millas de líneas de distribución a partir de 2023.

Territorio de servicio	Número de clientes	Líneas de transmisión (millas)	Líneas de distribución (millas)
Ohio	2.2 millones	8,745	93,000
Pensilvania	1.6 millones	6,212	67,500
Otros estados	2.2 millones	9,555	105,500

Compromiso con la transición de energía limpia

Objetivos de FirstEnergy Generación de electricidad 100% libre de carbono para 2050. La cartera actual de energía renovable incluye:

• Capacidad de generación solar: 250 MW
• Inversiones de energía eólica: 175 MW
• Objetivo de reducción de carbono: 80% para 2030

Soluciones de energía integrales

FirstEnergy ofrece diversos servicios de energía con desglose de ingresos anuales:

Segmento de clientes	Ingresos anuales	Cuota de mercado
Clientes residenciales	$ 4.2 mil millones	62%
Clientes comerciales	$ 2.1 mil millones	28%
Clientes industriales	$ 1.1 mil millones	10%

Confiabilidad y resiliencia de la red avanzada

Inversión en modernización de la red:

• Inversión anual de infraestructura de cuadrícula: $ 1.3 mil millones
• Implementación de tecnología de cuadrícula inteligente: 85% de cobertura
• Tasa de reducción de la interrupción: 22% de mejora desde 2018

Programas de precios competitivos y eficiencia energética

Impacto del programa de eficiencia energética:

• Ahorro anual de energía: 450 gwh
• Ahorro de costos del cliente: $ 72 millones
• Participantes del programa de respuesta a la demanda: 125,000 clientes

FirstEnergy Corp. (FE) - Modelo de negocio: relaciones con los clientes

Plataformas de servicio al cliente digital

FirstEnergy opera una plataforma integral de servicio al cliente digital con las siguientes métricas clave:

Característica de la plataforma	Estadísticas de uso
Usuarios de portales de clientes en línea	1.6 millones de usuarios registrados
Descargas de aplicaciones móviles	487,000 usuarios de aplicaciones móviles activas
Tiempo de resolución de servicio digital promedio	24 minutos

Herramientas de gestión de energía personalizadas

FirstEnergy proporciona soluciones avanzadas de gestión de energía con capacidades específicas:

• Instalaciones de medidores inteligentes: 2.2 millones implementados
• Plataforma de seguimiento de uso de energía: monitoreo de consumo en tiempo real
• Recomendaciones personalizadas de eficiencia energética para el 98% de los clientes residenciales

Facturación en línea y gestión de cuentas

Métricas de rendimiento de la plataforma de facturación digital:

Canal de facturación	Tasa de adopción
Pago de factura en línea	76% de los clientes
Facturación sin papel	62% de inscripción
Inscripción automática	54% de la base de clientes

Programas de participación comunitaria

Las iniciativas de participación comunitaria de FirstEnergy incluyen:

• Annual community investment: $12.3 million
• Energy efficiency program participants: 340,000 customers
• Asociaciones locales de desarrollo de la fuerza laboral: 15 colaboraciones activas

Comunicación proactiva durante las interrupciones del servicio

Rendimiento de comunicación de interrupción del servicio:

Canal de comunicación	Tasa de utilización
Alertas de texto automatizadas	89% de alcance del cliente
Notificaciones por correo electrónico	82% de alcance del cliente
Actualizaciones de redes sociales	65% de difusión de información en tiempo real

FirstEnergy Corp. (FE) - Modelo de negocio: canales

Portal web en línea

FirstEnergy opera un portal web en línea integral con 2.6 millones de cuentas de usuario registradas a partir de 2023. El portal procesa aproximadamente 1.2 millones de pagos mensuales de facturas y maneja el 85% de las consultas de servicio al cliente digitalmente.

Métrico de portal web	2023 datos
Usuarios registrados	2.6 millones
Pagos de facturas mensuales	1.2 millones
Consultas de servicios digitales	85%

Aplicaciones de teléfonos inteligentes móviles

La aplicación móvil de FirstEnergy se ha descargado 742,000 veces en las plataformas iOS y Android. La aplicación es compatible Seguimiento de consumo de energía en tiempo real y habilita 450,000 pagos mensuales de facturas móviles.

• Descargas totales de aplicaciones: 742,000
• Pagos móviles mensuales: 450,000
• Características: Seguimiento de consumo, pago de facturas, informes de interrupción

Centros de llamadas de servicio al cliente

FirstEnergy opera 3 centros de llamadas de servicio al cliente primario con 672 representantes de soporte dedicados. Estos centros manejan 1,1 millones de interacciones de los clientes anualmente, con un tiempo de resolución de llamadas promedio de 7.3 minutos.

Métrico del centro de llamadas	2023 datos
Número de centros de llamadas	3
Representantes de apoyo	672
Interacciones anuales del cliente	1.1 millones

Centros de servicio físico local

FirstEnergy mantiene 42 centros de servicios físicos en Ohio, Pensilvania, Virginia Occidental y Maryland. Estos centros procesan aproximadamente 215,000 transacciones en persona anualmente.

Vendedores de energía de terceros

FirstEnergy colabora con 86 vendedores de energía de terceros certificados, lo que facilita las opciones alternativas de adquisición de energía para los clientes. Estas asociaciones cubren el 17% del territorio de servicio total de la compañía.

Métrica de vendedor de terceros	2023 datos
Vendedores certificados	86
Cobertura de territorio de servicio	17%

FirstEnergy Corp. (FE) - Modelo de negocio: segmentos de clientes

Consumidores de electricidad residencial

FirstEnergy atiende a aproximadamente 6 millones de clientes en seis compañías operativas de servicios públicos en Ohio, Pensilvania, West Virginia, Maryland, Nueva Jersey y Nueva York.

Empresa operativa de servicios públicos	Territorio de servicio	Clientes residenciales
Ohio Edison	Ohio	1,100,000
FirstEnergy Pennsylvania Electric	Pensilvania	580,000
Jersey Central Power & Luz	Nueva Jersey	1,100,000

Negocios comerciales e industriales

FirstEnergy apoya diversos sectores comerciales e industriales con distribución de electricidad.

• Consumo de electricidad del sector de fabricación: 42% de la carga comercial total
• Industrias minoristas y de servicios: 28% de la demanda de electricidad comercial
• Tecnología y centros de datos: segmento de crecimiento con aumento de los requisitos de electricidad

Entidades municipales y gubernamentales

FirstEnergy ofrece servicios de electricidad a numerosas organizaciones del sector público.

Tipo de entidad	Número de clientes	Consumo anual de electricidad (MWH)
Gobiernos municipales	350	1,200,000
Instalaciones del gobierno estatal	250	850,000

Sector agrícola

FirstEnergy apoya las necesidades de electricidad agrícola en sus territorios de servicio.

• Clientes de electricidad agrícola y agrícola: 15,000
• Consumo promedio de electricidad anual por granja: 250,000 kWh
• Variación estacional en la demanda de electricidad

Consumidores de energía a escala de servicios públicos

FirstEnergy atiende a consumidores de energía a gran escala con infraestructura de transmisión especializada.

Categoría de consumidor	Número de clientes	Peak Demand (MW)
Grandes complejos industriales	120	3,500
Organizaciones de transmisión regionales	8	5,200

FirstEnergy Corp. (FE) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de generación de energía

Los costos anuales de mantenimiento de la infraestructura de FirstEnergy en 2023 fueron de $ 672 millones, con un desglose de la siguiente manera:

Tipo de infraestructura	Costo de mantenimiento
Centrales nucleares	$ 287 millones
Centrales eléctricas a carbón	$ 214 millones
Infraestructura de transmisión	$ 171 millones

Costos de adquisición de combustible y energía

Los gastos totales de adquisición de combustible de FirstEnergy para 2023 totalizaron $ 1.23 mil millones:

• Adquisición de gas natural: $ 456 millones
• Adquisición de carbón: $ 534 millones
• Adquisición de combustible nuclear: $ 240 millones

Compensación y capacitación de la fuerza laboral

Gastos totales relacionados con la fuerza laboral para 2023:

Categoría de gastos	Cantidad
Salarios totales	$ 1.1 mil millones
Beneficios para empleados	$ 312 millones
Capacitación y desarrollo	$ 24 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 fueron de $ 189 millones, que incluyen:

• Cumplimiento ambiental: $ 87 millones
• Adherencia a la regulación de seguridad: $ 62 millones
• Costos legales y de informes: $ 40 millones

Inversiones de tecnología e infraestructura

Inversión de tecnología e infraestructura de FirstEnergy para 2023:

Área de inversión	Monto de la inversión
Modernización de la cuadrícula	$ 425 millones
Actualizaciones de ciberseguridad	$ 76 millones
Infraestructura de energía renovable	$ 210 millones

FirstEnergy Corp. (FE) - Modelo de negocio: flujos de ingresos

Ventas de electricidad a clientes residenciales

Para el año fiscal 2023, FirstEnergy informó ingresos por ventas de electricidad residencial de $ 4.63 mil millones. La compañía atiende a aproximadamente 6 millones de clientes en seis compañías operativas de servicios públicos en Ohio, Pensilvania, West Virginia, Maryland, Nueva Jersey y Nueva York.

Región	Número de clientes residenciales	Ingresos residenciales ($ M)
Ohio	2,200,000	1,650
Pensilvania	1,500,000	1,125
Otros estados	1,300,000	1,855

Contratos de energía comercial e industrial

Las ventas de electricidad comercial e industrial generaron $ 3.87 mil millones en ingresos para FirstEnergy en 2023.

• Grandes clientes industriales: $ 2.1 mil millones
• Clientes comerciales pequeños a medianos: $ 1.77 mil millones

Tarifas de servicio de transmisión y distribución

Los servicios de transmisión y distribución de FirstEnergy generaron $ 2.45 mil millones en ingresos para 2023.

Tipo de servicio	Ingresos ($ M)
Servicios de transmisión	1,550
Servicios de distribución	900

Ventas de crédito de energía renovable

Las ventas de crédito de energía renovable contribuyeron con $ 215 millones a los ingresos de FirstEnergy en 2023.

Ingresos del servicio de gestión de energía

La gestión de energía y los servicios auxiliares generaron $ 180 millones en ingresos para la compañía en 2023.

Categoría de servicio	Ingresos ($ M)
Programas de eficiencia energética	95
Servicios de modernización de la cuadrícula	85

Flujos de ingresos totales para FirstEnergy en 2023: $ 11.35 mil millones

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.