FirstEnergy Corp. (FE): Business Model Canvas [Jan-2025 Mise à jour]

FirstEnergy Corp. (FE) est à l'avant-garde des solutions d'énergie transformatrices, tissant une tapisserie complexe de production d'électricité, de distribution et de service client innovant dans plusieurs états. En équilibrant stratégiquement les infrastructures d'électricité traditionnelles avec des technologies renouvelables de pointe, cette centrale électrique offre une énergie fiable et efficace tout en naviguant dans le paysage complexe de la conformité régulatrice et de l'évolution technologique. Leur canevas sur le modèle commercial révèle une approche sophistiquée qui transcende les cadres d'utilité conventionnels, positionnant FirstEnergy en tant que joueur dynamique dans l'écosystème énergétique en évolution rapide.

FirstEnergy Corp. (FE) - Modèle commercial: partenariats clés

Régulateurs des services publics d'électricité et commissions d'État aux services publics

FirstEnergy collabore avec plusieurs commissions de services publics d'État sur ses territoires de service:

État	Commission de réglementation	Interaction clé
Ohio	Commission des services publics de l'Ohio	Tariser les approbations du cas
Pennsylvanie	Commission des services publics de Pennsylvanie	Approbations d'investissement en infrastructure
Virginie-Occidentale	Commission de la fonction publique de Virginie-Occidentale	Règlements sur les lignes de transmission

Fournisseurs d'équipement et entrepreneurs d'infrastructures énergétiques

FirstEnergy maintient des partenariats stratégiques avec les principaux fournisseurs d'équipements:

• General Electric (Grid Solutions)
• Siemens Energy
• Groupe ABB
• Schneider Electric

Organisations de transmission régionale

Le principal partenariat de l'organisation de transmission de FirstEnergy:

Organisation	Zone de couverture	Volume de transmission annuel
Interconnexion PJM	13 États dans l'est des États-Unis	842 686 GWh (2022)

Fournisseurs de technologies d'énergie renouvelable

Les partenariats de technologie des énergies renouvelables de FirstEnergy comprennent:

• Vestas Wind Systems
• Premier solaire
• Nextera Energy Resources

Institutions financières et partenaires d'investissement

Partenariats financiers clés à partir de 2023:

Institution	Type de partenariat	Montant d'investissement
JPMorgan Chase	Facilité de crédit d'entreprise	2,5 milliards de dollars
Banque d'Amérique	Refinancement de la dette	1,8 milliard de dollars
Citigroup	Financement des infrastructures	1,2 milliard de dollars

FirstEnergy Corp. (FE) - Modèle d'entreprise: activités clés

Génération d'électricité et transmission électrique

FirstEnergy exploite 10 services publics de transmission et de distribution réglementés desservant 6 millions de clients dans l'Ohio, la Pennsylvanie, la Virginie-Occidentale, la Virginie, le Maryland, le New Jersey et New York.

Capacité de production	Sources d'électricité	Mégawatts totaux
Puissance nucléaire	Centrale nucléaire de Perry	1 268 MW
Puissance de charbon	Diverses plantes	2 100 MW
Gaz naturel	Plantes à cycle combinées	1 500 MW

Maintenance et modernisation des infrastructures de grille

FirstEnergy a investi 3,2 milliards de dollars de mises à niveau des infrastructures en 2022-2023.

• Améliorations de la ligne de transmission
• Modernisation de la sous-station
• Implémentation de la technologie de la grille intelligente
• Projets d'amélioration de la fiabilité

Distribution de l'électricité sur plusieurs états

Territoire de service	Nombre de clients	Aire de service
Ohio	2,2 millions	Distribution réglementée
Pennsylvanie	1,6 million	Distribution réglementée
New Jersey	1,1 million	Distribution réglementée

Développement et intégration des énergies renouvelables

FirstEnergy s'est engagé à 50% de réduction du carbone d'ici 2030.

• Investissements du projet solaire: 150 MW
• Partenariats d'énergie éolienne: 200 MW
• Initiatives de stockage d'énergie: 100 MW

Service client et gestion de l'énergie

Budget annuel du service à la clientèle: 275 millions de dollars

Canal de service	Interactions annuelles	Engagement numérique
Centre d'appel	3,2 millions	Taux de résolution numérique de 65%
Portail en ligne	2,8 millions	85% de satisfaction client
Application mobile	1,5 million	72% utilisateurs actifs

FirstEnergy Corp. (FE) - Modèle d'entreprise: Ressources clés

Installations de production d'électricité

FirstEnergy exploite un portefeuille de production d'électricité diversifié avec la composition suivante:

Type de génération	Capacité (MW)	Pourcentage
Nucléaire	1,390	34.2%
Charbon	2,160	53.1%
Gaz naturel	510	12.5%
Renouvelable	20	0.2%

Infrastructure de transmission et de distribution

Le réseau de transmission et de distribution de FirstEnergy comprend:

• Lignes de transmission totales: 24 500 miles de circuit
• Lignes de distribution: 62 000 miles de circuit
• Soules: 516
• Zone de service couvrant 6 États

Composition de la main-d'œuvre

Catégorie des employés	Nombre d'employés
Total de main-d'œuvre	13,170
Technique / ingénierie	4,251
Opérations	6,035
Gestion	1,884

Ressources financières

Mesures financières à partir de 2023:

• Actif total: 37,2 milliards de dollars
• Dette totale: 15,6 milliards de dollars
• Lignes de crédit disponibles: 3,5 milliards de dollars
• Revenu annuel: 11,8 milliards de dollars

Technologie et innovation

Investissements et capacités technologiques:

• Smart Grid Technologies déployées dans 6 États
• Infrastructure de mesure avancée couvrant 2,2 millions de clients
• Investissement en cybersécurité: 124 millions de dollars par an
• Dépenses annuelles de R&D: 47 millions de dollars

FirstEnergy Corp. (FE) - Modèle d'entreprise: propositions de valeur

Alimentation électrique fiable sur plusieurs états

FirstEnergy dessert 6 millions de clients dans l'Ohio, la Pennsylvanie, le New Jersey, la Virginie-Occidentale, le Maryland et New York. La société exploite 24 512 miles de lignes de transmission et 266 000 miles de lignes de distribution à partir de 2023.

Territoire de service	Nombre de clients	Lignes de transmission (miles)	Lignes de distribution (miles)
Ohio	2,2 millions	8,745	93,000
Pennsylvanie	1,6 million	6,212	67,500
Autres États	2,2 millions	9,555	105,500

Engagement à propre transition énergétique

Cibles de FirstEnergy 100% de production d'électricité sans carbone d'ici 2050. Le portefeuille actuel des énergies renouvelables comprend:

• Capacité de génération solaire: 250 MW
• Investissements en énergie éolienne: 175 MW
• Objectif de réduction du carbone: 80% d'ici 2030

Solutions d'énergie complètes

FirstEnergy offre divers services énergétiques avec une rupture annuelle des revenus:

Segment de clientèle	Revenus annuels	Part de marché
Clients résidentiels	4,2 milliards de dollars	62%
Clients commerciaux	2,1 milliards de dollars	28%
Clients industriels	1,1 milliard de dollars	10%

Fiabilité et résilience avancées

Investissement dans la modernisation du réseau:

• Investissement annuel sur les infrastructures du réseau: 1,3 milliard de dollars
• Déploiement de la technologie de la grille intelligente: couverture de 85%
• Taux de réduction de la panne: amélioration de 22% depuis 2018

Programmes de tarification et d'efficacité énergétique compétitifs

Impact du programme d'efficacité énergétique:

• Économies d'énergie annuelles: 450 GWh
• Économies de coûts du client: 72 millions de dollars
• Programme de réponse à la demande Participants: 125 000 clients

FirstEnergy Corp. (FE) - Modèle d'entreprise: relations clients

Plateformes de service client numérique

FirstEnergy exploite une plate-forme de service client numérique complète avec les mesures clés suivantes:

Fonctionnalité de plate-forme	Statistiques d'utilisation
Utilisateurs de portail client en ligne	1,6 million d'utilisateurs enregistrés
Téléchargements d'applications mobiles	487 000 utilisateurs d'applications mobiles actifs
Temps de résolution du service numérique moyen	24 minutes

Outils de gestion de l'énergie personnalisés

FirstEnergy fournit des solutions avancées de gestion de l'énergie avec des capacités spécifiques:

• Installations de compteur intelligent: 2,2 millions de
• Plateforme de suivi de la consommation d'énergie: surveillance de la consommation en temps réel
• Recommandations personnalisées de l'efficacité énergétique pour 98% des clients résidentiels

Facturation en ligne et gestion des comptes

Métriques de performance de la plate-forme de facturation numérique:

Canal de facturation	Taux d'adoption
Payage des factures en ligne	76% des clients
Facturation sans papier	62% d'inscription
Inscription automatique	54% de la clientèle

Programmes d'engagement communautaire

Les initiatives d'engagement communautaire de FirstEnergy comprennent:

• Investissement communautaire annuel: 12,3 millions de dollars
• Programme d'efficacité énergétique Participants: 340 000 clients
• Partenariats locaux de développement de la main-d'œuvre: 15 collaborations actives

Communication proactive lors des interruptions de service

Performance de communication d'interruption de service:

Canal de communication	Taux d'utilisation
Alertes de texte automatisées	89% Client Reach
Notifications par e-mail	82% Client Reach
Mises à jour des médias sociaux	65% de diffusion d'informations en temps réel

FirstEnergy Corp. (FE) - Modèle commercial: canaux

Portail Web en ligne

FirstEnergy exploite un portail Web en ligne complet avec 2,6 millions de comptes d'utilisateurs enregistrés en 2023. Le portail traite environ 1,2 million de paiements mensuels de factures et gère 85% des demandes de service client numériquement.

Métrique du portail Web	2023 données
Utilisateurs enregistrés	2,6 millions
Paiements de factures mensuelles	1,2 million
Demandes de demandes de service numérique	85%

Applications de smartphone mobile

L'application mobile de FirstEnergy a été téléchargée 742 000 fois sur les plates-formes iOS et Android. L'application prend en charge Suivi de consommation d'énergie en temps réel et permet 450 000 paiements mensuels de factures mobiles.

• Total des téléchargements d'applications: 742 000
• Paiements mobiles mensuels: 450 000
• Caractéristiques: suivi de la consommation, paiement des factures, reportage des panneaux

Centres d'appels de service client

FirstEnergy exploite 3 centres d'appels de service à la clientèle principaux avec 672 représentants de soutien dédié. Ces centres gèrent chaque année 1,1 million d'interactions client, avec un temps de résolution d'appel moyen de 7,3 minutes.

Métrique du centre d'appel	2023 données
Nombre de centres d'appels	3
Soutenir les représentants	672
Interactions annuelles du client	1,1 million

Centres de services physiques locaux

FirstEnergy maintient 42 centres de services physiques dans l'Ohio, la Pennsylvanie, la Virginie-Occidentale et le Maryland. Ces centres traitent environ 215 000 transactions en personne par an.

Spécialistes du marketing d'énergie tiers

FirstEnergy collabore avec 86 spécialistes du marketing d'énergie certifié, facilitant les options d'approvisionnement en énergie alternative pour les clients. Ces partenariats couvrent 17% du territoire de service total de l'entreprise.

Métrique de commercialisation tiers	2023 données
Spécialistes du marketing certifié	86
Couverture du territoire de service	17%

FirstEnergy Corp. (FE) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

FirstEnergy dessert environ 6 millions de clients dans six sociétés d'exploitation de services publics en Ohio, en Pennsylvanie, en Virginie-Occidentale, au Maryland, au New Jersey et à New York.

Société d'exploitation des services publics	Territoire de service	Clients résidentiels
Ohio Edison	Ohio	1,100,000
FirstEnergy Pennsylvania Electric	Pennsylvanie	580,000
Jersey Power Central & Lumière	New Jersey	1,100,000

Entreprises commerciales et industrielles

FirstEnergy soutient divers secteurs commerciaux et industriels avec une distribution d'électricité.

• Consommation d'électricité du secteur manufacturier: 42% de la charge commerciale totale
• Industries de la vente au détail et des services: 28% de la demande d'électricité commerciale
• Technologie et centres de données: segment croissant avec des exigences en matière d'électricité

Entités municipales et gouvernementales

FirstEnergy fournit des services d'électricité à de nombreuses organisations du secteur public.

Type d'entité	Nombre de clients	Consommation d'électricité annuelle (MWH)
Gouvernements municipaux	350	1,200,000
Installations du gouvernement de l'État	250	850,000

Secteur agricole

FirstEnergy soutient les besoins en électricité agricole dans ses territoires de service.

• Clients d'électricité agricole et agricole: 15 000
• Consommation annuelle moyenne d'électricité par ferme: 250 000 kWh
• Variation saisonnière de la demande d'électricité

Consommateurs d'énergie à l'échelle des services publics

FirstEnergy dessert les consommateurs d'énergie à grande échelle avec une infrastructure de transmission spécialisée.

Catégorie de consommation	Nombre de clients	Demande de pointe (MW)
Grands complexes industriels	120	3,500
Organisations de transmission régionale	8	5,200

FirstEnergy Corp. (FE) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure de production d'électricité

Les coûts annuels de maintenance des infrastructures de FirstEnergy en 2023 étaient de 672 millions de dollars, avec une ventilation comme suit:

Type d'infrastructure	Coût de maintenance
Centrales nucléaires	287 millions de dollars
Centrales électriques au charbon	214 millions de dollars
Infrastructure de transmission	171 millions de dollars

Coûts d'approvisionnement en carburant et en énergie

Les dépenses totales de carburant de FirstEnergy pour 2023 ont totalisé 1,23 milliard de dollars:

• Aachat de gaz naturel: 456 millions de dollars
• Procurement de charbon: 534 millions de dollars
• Aachat de combustible nucléaire: 240 millions de dollars

Rémunération et formation de la main-d'œuvre

Total des dépenses liées à la main-d'œuvre pour 2023:

Catégorie de dépenses	Montant
Salaires totaux	1,1 milliard de dollars
Avantages sociaux	312 millions de dollars
Formation et développement	24 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 étaient de 189 millions de dollars, notamment:

• Conformité environnementale: 87 millions de dollars
• Adhésion au règlement sur la sécurité: 62 millions de dollars
• Coûts juridiques et de déclaration: 40 millions de dollars

Investissements technologiques et infrastructures

L'investissement technologique et d'infrastructure de FirstEnergy pour 2023:

Zone d'investissement	Montant d'investissement
Modernisation de la grille	425 millions de dollars
Mises à niveau de la cybersécurité	76 millions de dollars
Infrastructure d'énergie renouvelable	210 millions de dollars

FirstEnergy Corp. (FE) - Modèle d'entreprise: Strots de revenus

Ventes d'électricité aux clients résidentiels

Pour l'exercice 2023, FirstEnergy a déclaré un chiffre d'affaires en matière d'électricité résidentiel de 4,63 milliards de dollars. La société dessert environ 6 millions de clients dans six sociétés d'exploitation des services publics en Ohio, en Pennsylvanie, en Virginie-Occidentale, au Maryland, au New Jersey et à New York.

Région	Nombre de clients résidentiels	Revenus résidentiels ($ m)
Ohio	2,200,000	1,650
Pennsylvanie	1,500,000	1,125
Autres États	1,300,000	1,855

Contrats d'électricité commerciaux et industriels

Les ventes d'électricité commerciale et industrielle ont généré 3,87 milliards de dollars de revenus pour FirstEnergy en 2023.

• Grands clients industriels: 2,1 milliards de dollars
• Clients commerciaux petits et moyens: 1,77 milliard de dollars

Frais de service de transmission et de distribution

Les services de transmission et de distribution de FirstEnergy ont généré 2,45 milliards de dollars de revenus pour 2023.

Type de service	Revenus ($ m)
Services de transmission	1,550
Services de distribution	900

Ventes de crédit d'énergie renouvelable

Les ventes de crédits en énergies renouvelables ont contribué 215 millions de dollars aux revenus de FirstEnergy en 2023.

Revenus des services de gestion de l'énergie

La gestion de l'énergie et les services auxiliaires ont généré 180 millions de dollars de revenus pour la société en 2023.

Catégorie de service	Revenus ($ m)
Programmes d'efficacité énergétique	95
Services de modernisation de la grille	85

Total des sources de revenus pour FirstEnergy en 2023: 11,35 milliards de dollars

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.