FirstEnergy Corp. (Fe): modelo de negócios [janeiro-2025 Atualizado]

A FirstEnergy Corp. (FE) está na vanguarda das soluções de energia transformadora, tecendo uma tapeçaria complexa de geração de energia, distribuição e atendimento inovador ao cliente em vários estados. Ao equilibrar estrategicamente a infraestrutura tradicional de eletricidade com tecnologias renováveis ​​de ponta, essa potência de utilidade oferece energia confiável e eficiente enquanto navega no intrincado cenário da conformidade regulatória e da evolução tecnológica. Seu modelo de negócios Canvas revela uma abordagem sofisticada que transcende as estruturas de utilidade convencionais, posicionando o FirstEnergy como um participante dinâmico no ecossistema de energia em rápida mudança.

FirstEnergy Corp. (Fe) - Modelo de Negócios: Principais Parcerias

Reguladores de utilidades elétricas e comissões estaduais de utilidade pública

A FirstEnergy colabora com várias comissões de utilitário estadual em seus territórios de serviço:

Estado	Comissão Regulatória	Interação chave
Ohio	Comissão de Serviços Públicos de Ohio	Aprovações de casos de taxa
Pensilvânia	Comissão de Utilidade Pública da Pensilvânia	Aprovações de investimento em infraestrutura
Virgínia Ocidental	Comissão de Serviço Público da Virgínia Ocidental	Regulamentos da linha de transmissão

Fornecedores de equipamentos e contratados de infraestrutura de energia

A FirstEnergy mantém parcerias estratégicas com os principais fornecedores de equipamentos:

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

Organizações de transmissão regionais

Parceria da Organização Primária de Transmissão da FirstEnergy:

Organização	Área de cobertura	Volume anual de transmissão
Interconexão PJM	13 estados no leste dos Estados Unidos	842.686 GWh (2022)

Provedores de tecnologia de energia renovável

As parcerias de tecnologia de energia renovável da FirstEnergy incluem:

• Vestas Wind Systems
• Primeiro solar
• Recursos Energéticos da Nextera

Instituições financeiras e parceiros de investimento

Principais parcerias financeiras a partir de 2023:

Instituição	Tipo de parceria	Valor do investimento
JPMorgan Chase	Linha de crédito corporativo	US $ 2,5 bilhões
Bank of America	Refinanciamento da dívida	US $ 1,8 bilhão
Citigroup	Financiamento de infraestrutura	US $ 1,2 bilhão

FirstEnergy Corp. (Fe) - Modelo de Negócios: Atividades -chave

Geração de energia elétrica e transmissão

A FirstEnergy opera 10 utilitários de transmissão e distribuição regulamentados que atendem a 6 milhões de clientes em Ohio, Pensilvânia, Virgínia Ocidental, Virgínia, Maryland, Nova Jersey e Nova York.

Capacidade de geração	Fontes de energia	Total de megawatts
Potência nuclear	Planta nuclear de Perry	1.268 MW
Poder de carvão	Várias plantas	2.100 MW
Gás natural	Plantas de ciclo combinadas	1.500 MW

Manutenção e modernização da infraestrutura da grade

FirstEnergy investiu US $ 3,2 bilhões em atualizações de infraestrutura durante 2022-2023.

• Melhorias na linha de transmissão
• Modernização da subestação
• Implementação de tecnologia de grade inteligente
• Projetos de aprimoramento de confiabilidade

Distribuição de eletricidade em vários estados

Território de serviço	Contagem de clientes	Área de serviço
Ohio	2,2 milhões	Distribuição regulamentada
Pensilvânia	1,6 milhão	Distribuição regulamentada
Nova Jersey	1,1 milhão	Distribuição regulamentada

Desenvolvimento e integração de energia renovável

FirstEnergy comprometido com 50% de redução de carbono até 2030.

• Investimentos de projeto solar: 150 MW
• Parcerias de energia eólica: 200 MW
• Iniciativas de armazenamento de energia: 100 MW

Atendimento ao cliente e gerenciamento de energia

Orçamento anual de atendimento ao cliente: US $ 275 milhões

Canal de serviço	Interações anuais	Engajamento digital
Call center	3,2 milhões	Taxa de resolução digital de 65%
Portal online	2,8 milhões	85% de satisfação do cliente
Aplicativo móvel	1,5 milhão	72% de usuários ativos

FirstEnergy Corp. (Fe) - Modelo de Negócios: Recursos -Principais

Instalações de geração de energia

A FirstEnergy opera um portfólio diversificado de geração de energia com a seguinte composição:

Tipo de geração	Capacidade (MW)	Percentagem
Nuclear	1,390	34.2%
Carvão	2,160	53.1%
Gás natural	510	12.5%
Renovável	20	0.2%

Infraestrutura de transmissão e distribuição

A rede de transmissão e distribuição da FirstEnergy inclui:

• Total de linhas de transmissão: 24.500 milhas de circuito
• Linhas de distribuição: 62.000 milhas de circuito
• Subestações: 516
• Área de serviço que cobre 6 estados

Composição da força de trabalho

Categoria de funcionários	Número de funcionários
Força de trabalho total	13,170
Técnico/Engenharia	4,251
Operações	6,035
Gerenciamento	1,884

Recursos financeiros

Métricas financeiras a partir de 2023:

• Total de ativos: US $ 37,2 bilhões
• Dívida total: US $ 15,6 bilhões
• Linhas de crédito disponíveis: US $ 3,5 bilhões
• Receita anual: US $ 11,8 bilhões

Tecnologia e inovação

Investimentos e recursos de tecnologia:

• Tecnologias de grade inteligente implantadas em 6 estados
• Infraestrutura avançada de medição, cobrindo 2,2 milhões de clientes
• Investimento de segurança cibernética: US $ 124 milhões anualmente
• Gastos anuais de P&D: US $ 47 milhões

FirstEnergy Corp. (Fe) - Modelo de Negócios: Proposições de Valor

Fornecimento confiável de eletricidade em vários estados

A FirstEnergy atende 6 milhões de clientes em Ohio, Pensilvânia, Nova Jersey, Virgínia Ocidental, Maryland e Nova York. A empresa opera 24.512 milhas de linhas de transmissão e 266.000 milhas de linhas de distribuição a partir de 2023.

Território de serviço	Número de clientes	Linhas de transmissão (milhas)	Linhas de distribuição (milhas)
Ohio	2,2 milhões	8,745	93,000
Pensilvânia	1,6 milhão	6,212	67,500
Outros estados	2,2 milhões	9,555	105,500

Compromisso com a transição de energia limpa

FirstEnergy metas 100% de geração de eletricidade sem carbono até 2050. O portfólio atual de energia renovável inclui:

• Capacidade de geração solar: 250 MW
• Investimentos de energia eólica: 175 MW
• Objetivo de redução de carbono: 80% até 2030

Soluções de energia abrangente

A FirstEnergy oferece diversos serviços de energia com a divisão anual da receita:

Segmento de clientes	Receita anual	Quota de mercado
Clientes residenciais	US $ 4,2 bilhões	62%
Clientes comerciais	US $ 2,1 bilhões	28%
Clientes industriais	US $ 1,1 bilhão	10%

Confiabilidade e resiliência avançadas da grade

Investimento na modernização da grade:

• Investimento anual de infraestrutura de grade: US $ 1,3 bilhão
• Implantação de tecnologia de grade inteligente: 85% de cobertura
• Taxa de redução de interrupção: melhoria de 22% desde 2018

Programas competitivos de preços e eficiência energética

Programa de eficiência energética Impacto:

• Economia anual de energia: 450 GWh
• Economia de custos do cliente: US $ 72 milhões
• Programa de resposta à demanda participantes: 125.000 clientes

FirstEnergy Corp. (Fe) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de atendimento ao cliente digital

A FirstEnergy opera uma plataforma abrangente de atendimento ao cliente digital com as seguintes métricas principais:

Recurso da plataforma	Estatísticas de uso
Usuários de portal de clientes on -line	1,6 milhão de usuários registrados
Downloads de aplicativos móveis	487.000 usuários ativos de aplicativos móveis
Tempo médio de resolução do serviço digital	24 minutos

Ferramentas de gerenciamento de energia personalizadas

A FirstEnergy fornece soluções avançadas de gerenciamento de energia com recursos específicos:

• Instalações de medidores inteligentes: 2,2 milhões implantados
• Plataforma de rastreamento de uso de energia: monitoramento de consumo em tempo real
• Recomendações personalizadas de eficiência energética para 98% dos clientes residenciais

Cobrança on -line e gerenciamento de contas

Métricas de desempenho da plataforma de cobrança digital:

Canal de cobrança	Taxa de adoção
Pagamento on -line	76% dos clientes
Cobrança sem papel	62% de inscrição
Inscrição do Autopay	54% da base de clientes

Programas de envolvimento da comunidade

As iniciativas de engajamento comunitário da FirstEnergy incluem:

• Investimento comunitário anual: US $ 12,3 milhões
• Participantes do Programa de Eficiência Energética: 340.000 clientes
• Parcerias de desenvolvimento da força de trabalho local: 15 colaborações ativas

Comunicação proativa durante interrupções de serviço

Desempenho de comunicação de interrupção de serviço:

Canal de comunicação	Taxa de utilização
Alertas de texto automatizados	89% de alcance do cliente
Notificações por e -mail	82% de alcance do cliente
Atualizações de mídia social	65% de disseminação de informações em tempo real

FirstEnergy Corp. (Fe) - Modelo de Negócios: Canais

Portal da Web online

A FirstEnergy opera um portal da Web on -line abrangente, com 2,6 milhões de contas de usuário registradas a partir de 2023. O Portal processa aproximadamente 1,2 milhão de pagamentos mensais de contas e lida com 85% das consultas de atendimento ao cliente digitalmente.

Web Portal Métrica	2023 dados
Usuários registrados	2,6 milhões
Pagamentos mensais de fatura	1,2 milhão
Consultas de serviço digital	85%

Aplicativos para smartphones móveis

O aplicativo móvel da FirstEnergy foi baixado 742.000 vezes nas plataformas iOS e Android. O aplicativo suporta Rastreamento de consumo de energia em tempo real e permite 450.000 pagamentos mensais de contas móveis.

• Downloads de aplicativos totais: 742.000
• Pagamentos móveis mensais: 450.000
• Recursos: rastreamento de consumo, pagamento da conta, relatório de interrupção

Centros de atendimento ao cliente

A FirstEnergy opera 3 centros de atendimento ao cliente principal com 672 representantes de suporte dedicado. Esses centros lidam com 1,1 milhão de interações com os clientes anualmente, com um tempo médio de resolução de chamadas de 7,3 minutos.

Métrica de call center	2023 dados
Número de call centers	3
Representantes de apoio	672
Interações anuais do cliente	1,1 milhão

Centros de serviço físico local

A FirstEnergy mantém 42 centros de serviços físicos em Ohio, Pensilvânia, Virgínia Ocidental e Maryland. Esses centros processam aproximadamente 215.000 transações pessoais anualmente.

Os profissionais de marketing de energia de terceiros

A FirstEnergy colabora com 86 profissionais de marketing de energia de terceiros certificados, facilitando opções alternativas de compras de energia para os clientes. Essas parcerias cobrem 17% do território total de serviço da empresa.

Métrica de marketing de terceiros	2023 dados
Profissionais de marketing certificado	86
Cobertura do território de serviço	17%

FirstEnergy Corp. (Fe) - Modelo de Negócios: Segmentos de Clientes

Consumidores de eletricidade residencial

A FirstEnergy atende aproximadamente 6 milhões de clientes em seis empresas operacionais de serviços públicos em Ohio, Pensilvânia, Virgínia Ocidental, Maryland, Nova Jersey e Nova York.

Empresa operacional de serviços públicos	Território de serviço	Clientes residenciais
Ohio Edison	Ohio	1,100,000
FirstEnergy Pennsylvania Electric	Pensilvânia	580,000
Jersey Power Central & Luz	Nova Jersey	1,100,000

Empresas comerciais e industriais

A FirstEnergy suporta diversos setores comerciais e industriais com distribuição de eletricidade.

• Consumo de eletricidade do setor manufatureiro: 42% da carga comercial total
• Indústrias de varejo e serviço: 28% da demanda comercial de eletricidade
• Tecnologia e data centers: segmento crescente com o aumento dos requisitos de eletricidade

Entidades municipais e governamentais

A FirstEnergy fornece serviços de eletricidade a inúmeras organizações do setor público.

Tipo de entidade	Número de clientes	Consumo anual de eletricidade (MWH)
Governos municipais	350	1,200,000
Instalações do governo do estado	250	850,000

Setor agrícola

A FirstEnergy apóia as necessidades de eletricidade agrícola em seus territórios de serviço.

• Customers de eletricidade agrícola e agrícola: 15.000
• Consumo médio anual de eletricidade por fazenda: 250.000 kWh
• Variação sazonal na demanda de eletricidade

Consumidores de energia em escala de utilidade

A FirstEnergy serve consumidores de energia em larga escala com infraestrutura de transmissão especializada.

Categoria de consumidor	Número de clientes	Pico de demanda (MW)
Grandes complexos industriais	120	3,500
Organizações de transmissão regionais	8	5,200

FirstEnergy Corp. (Fe) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de geração de energia

Os custos anuais de manutenção de infraestrutura da FirstEnergy em 2023 foram de US $ 672 milhões, com um colapso da seguinte maneira:

Tipo de infraestrutura	Custo de manutenção
Usinas nucleares	US $ 287 milhões
Usinas a carvão	US $ 214 milhões
Infraestrutura de transmissão	US $ 171 milhões

Custos de aquisição de combustível e energia

As despesas totais de aquisição de combustível da FirstEnergy para 2023 totalizaram US $ 1,23 bilhão:

• Aquisição de gás natural: US $ 456 milhões
• Compras de carvão: US $ 534 milhões
• Aquisição de combustível nuclear: US $ 240 milhões

Compensação e treinamento da força de trabalho

Despesas totais relacionadas à força de trabalho para 2023:

Categoria de despesa	Quantia
Salários totais	US $ 1,1 bilhão
Benefícios dos funcionários	US $ 312 milhões
Treinamento e desenvolvimento	US $ 24 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatórios para 2023 foram de US $ 189 milhões, incluindo:

• Conformidade ambiental: US $ 87 milhões
• Aderência da regulamentação de segurança: US $ 62 milhões
• Custos legais e de relatórios: US $ 40 milhões

Investimentos de tecnologia e infraestrutura

Tecnologia e investimento em infraestrutura da FirstEnergy para 2023:

Área de investimento	Valor do investimento
Modernização da grade	US $ 425 milhões
Atualizações de segurança cibernética	US $ 76 milhões
Infraestrutura de energia renovável	US $ 210 milhões

FirstEnergy Corp. (FE) - Modelo de negócios: fluxos de receita

Vendas de eletricidade para clientes residenciais

Para o ano fiscal de 2023, a FirstEnergy registrou receita de vendas de eletricidade residencial de US $ 4,63 bilhões. A empresa atende aproximadamente 6 milhões de clientes em seis empresas operacionais de serviços públicos em Ohio, Pensilvânia, Virgínia Ocidental, Maryland, Nova Jersey e Nova York.

Região	Número de clientes residenciais	Receita residencial ($ m)
Ohio	2,200,000	1,650
Pensilvânia	1,500,000	1,125
Outros estados	1,300,000	1,855

Contratos de energia comercial e industrial

As vendas comerciais e industriais de eletricidade geraram US $ 3,87 bilhões em receita para a FirstEnergy em 2023.

• Grandes clientes industriais: US $ 2,1 bilhões
• Clientes comerciais pequenos a médios: US $ 1,77 bilhão

Taxas de serviço de transmissão e distribuição

Os serviços de transmissão e distribuição da FirstEnergy geraram US $ 2,45 bilhões em receita para 2023.

Tipo de serviço	Receita ($ m)
Serviços de transmissão	1,550
Serviços de distribuição	900

Vendas de crédito energético renováveis

As vendas de crédito de energia renovável contribuíram com US $ 215 milhões para a receita da FirstEnergy em 2023.

Receitas do Serviço de Gerenciamento de Energia

O gerenciamento de energia e os serviços auxiliares geraram US $ 180 milhões em receita para a empresa em 2023.

Categoria de serviço	Receita ($ m)
Programas de eficiência energética	95
Serviços de modernização da grade	85

Fluxos totais de receita para o FirstEnergy em 2023: US $ 11,35 bilhões

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.