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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________
FE Logo.jpg
CommissionRegistrant; State of Incorporation;I.R.S. Employer
File NumberAddress; and Telephone NumberIdentification No.
 
333-21011FIRSTENERGY CORP.34-1843785
 (AnOhioCorporation) 
   76 South Main Street 
 AkronOH44308 
 Telephone(800)736-3402 
   
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, $0.10 par valueFENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
 
 No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
 
 No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
 No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
 OUTSTANDING
CLASSAs of September 30, 2024
Common Stock, $0.10 par value576,317,004
FirstEnergy Website and Other Social Media Sites and Applications

FirstEnergy’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, and all other documents filed with or furnished to the SEC pursuant to Section 13(a) of the Exchange Act are made available free of charge on or through the “Investors” page of FirstEnergy’s website at www.firstenergycorp.com. These documents are also available to the public from commercial document retrieval services and the website maintained by the SEC at www.sec.gov.

These SEC filings are posted on FirstEnergy’s website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Additionally, FirstEnergy routinely posts additional important information, including press releases, investor presentations, investor factbooks, regulatory activity updates, and notices of upcoming events under the “Investors” section of FirstEnergy’s website and recognizes FirstEnergy’s website as a channel of distribution to reach public investors and as a means of disclosing (including initially or exclusively) material non-public information for complying with disclosure obligations under Regulation FD. Investors may be notified of postings to the website by signing up for email alerts and Rich Site Summary feeds on the “Investors” page of FirstEnergy’s website. FirstEnergy also uses X (the social networking site formerly known as Twitter®), LinkedIn®, YouTube® and Facebook® as additional channels of distribution to reach public investors and as a supplemental means of disclosing material non-public information for complying with its disclosure obligations under Regulation FD. Information contained on FirstEnergy’s website, X (the social networking site formerly known as Twitter®) handle, LinkedIn® profile, YouTube® channel or Facebook® page, and any corresponding applications of those sites, shall not be deemed incorporated into, or to be part of, this report.



Forward-Looking Statements: This Form 10-Q includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following (see Glossary of Terms for definitions of capitalized terms):

The potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the DPA.
The risks and uncertainties associated with government investigations and audits regarding HB 6 and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates.
The risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters.
Changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business.
Variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions.
Legislative and regulatory developments, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security and climate change.
The risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information.
The ability to meet our goals relating to EESG opportunities, improvements, and efficiencies, including our GHG reduction goals.
The ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings and growing earnings.
Changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated.
Mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy CCR rules that were finalized during 2024.
Changes to environmental laws and regulations, including, but not limited to, rules finalized by the EPA and the SEC related to climate change.
Changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification, energy storage and distributed sources of generation.
The ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions.
Future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity.
Changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities.
The potential of non-compliance with debt covenants in our credit facilities.
The ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates.
Human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce.
Changes to significant accounting policies.
Any changes in tax laws or regulations, including, but not limited to, the IRA of 2022, or adverse tax audit results or rulings.
The risks and other factors discussed from time to time in our SEC filings.

Dividends declared from time to time on our common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FE Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.




Forward-looking and other statements in this Quarterly Report on Form 10-Q regarding our Climate Strategy, including our GHG emission reduction goals, are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current and forward-looking statements regarding climate matters, including GHG emissions, may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future.




TABLE OF CONTENTS
 Page
Part I. Financial Information 
 
 
Consolidated Statements of Equity
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
i


GLOSSARY OF TERMS
The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries:
AE SupplyAllegheny Energy Supply Company, LLC, an unregulated generation subsidiary of FE
AGCAllegheny Generating Company, a generation subsidiary of MP
ATSIAmerican Transmission Systems, Incorporated, a transmission subsidiary of FET
CEIThe Cleveland Electric Illuminating Company, an Ohio electric power company subsidiary of FE
Electric CompaniesOE, CEI, TE, FE PA, JCP&L, MP and PE
FEFirstEnergy Corp., a public electric power holding company
FE PAFirstEnergy Pennsylvania Electric Company, a Pennsylvania electric power company subsidiary of FirstEnergy Pennsylvania Holding Company LLC, a wholly owned subsidiary of FE
FESCFirstEnergy Service Company, which provides legal, financial and other corporate support services
FES DebtorsEnergy Harbor LLC (formerly known as FirstEnergy Solutions Corp.), a subsidiary of EH, and its subsidiaries as of March 31, 2018, and Energy Harbor Nuclear Corp. (formerly known as FirstEnergy Nuclear Operating Company), a subsidiary of EH, which operates EH’s nuclear generating facilities.
FETFirstEnergy Transmission, LLC a consolidated VIE of FE, and the parent company of ATSI, MAIT and TrAIL, and having a joint venture in PATH
FEVFirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures
FirstEnergyFirstEnergy Corp., together with its consolidated subsidiaries
Global HoldingGlobal Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC
JCP&LJersey Central Power & Light Company, a New Jersey electric power company subsidiary of FE
KATCoKeystone Appalachian Transmission Company, a transmission subsidiary of FE
MAITMid-Atlantic Interstate Transmission, LLC, a transmission subsidiary of FET
MEMetropolitan Edison Company, a former Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024
MPMonongahela Power Company, a West Virginia electric power company subsidiary of FE
OEOhio Edison Company, an Ohio electric power company subsidiary of FE
Ohio CompaniesCEI, OE and TE
PATHPotomac-Appalachian Transmission Highline, LLC, a joint venture between FE and a subsidiary of AEP
PATH-AlleghenyPATH Allegheny Transmission Company, LLC
PATH-WVPATH West Virginia Transmission Company, LLC
PEThe Potomac Edison Company, a Maryland and West Virginia electric power company subsidiary of FE
PennPennsylvania Power Company, a former Pennsylvania electric power company subsidiary of OE, which merged with and into FE PA on January 1, 2024
Pennsylvania CompaniesME, PN, Penn and WP, each of which merged with and into FE PA on January 1, 2024
PNPennsylvania Electric Company, a former Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024
Signal PeakSignal Peak Energy, LLC, an indirect subsidiary of Global Holding that owns mining operations near Roundup, Montana
TEThe Toledo Edison Company, an Ohio electric power company subsidiary of FE
TrAILTrans-Allegheny Interstate Line Company, a transmission subsidiary of FET
Transmission CompaniesATSI, KATCo, MAIT and TrAIL
WPWest Penn Power Company, a former Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024









ii




The following abbreviations and acronyms may be used to identify frequently used terms in this report:
2021 Credit FacilitiesCollectively, the six separate senior unsecured five-year syndicated revolving credit facilities entered into by FE, the Electric Companies and the Transmission Companies, on October 18, 2021, as amended through October 20, 2023
2023 Credit FacilitiesCollectively, the FET Revolving Facility and KATCo Revolving Facility
2026 Convertible NotesFE’s 4.00% convertible senior notes, due 2026
A&R FET LLC AgreementFourth Amended and Restated Limited Liability Company Agreement of FET
ACEAffordable Clean Energy
AEPAmerican Electric Power Company, Inc.
AFSAvailable-for-sale
AFSIAdjusted Financial Statement Income
AFUDCAllowance for Funds Used During Construction
AMIAdvanced Metering Infrastructure
AMTAlternative Minimum Tax
AOCIAccumulated Other Comprehensive Income (Loss)
AROAsset Retirement Obligation
ASUAccounting Standards Update
BGSBasic Generation Service
BrookfieldNorth American Transmission Company II L.P., a controlled investment vehicle entity of Brookfield Infrastructure Partners
Brookfield GuarantorsBrookfield Super-Core Infrastructure Partners L.P., Brookfield Super-Core Infrastructure Partners (NUS) L.P., and Brookfield Super-Core Infrastructure Partners (ER) SCSp
CAAClean Air Act
CCRCoal Combustion Residual
CERCLAComprehensive Environmental Response, Compensation, and Liability Act of 1980
CFIUSCommittee on Foreign Investments in the United States
CFRCode of Federal Regulations
CO2
Carbon Dioxide
CODMChief Operating Decision Maker
COVID-19Coronavirus disease
CPPEPA's Clean Power Plan
CSAPRCross-State Air Pollution Rule
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
DCRDelivery Capital Recovery
DMRDistribution Modernization Rider
DOEUnited States Department of Energy
DPADeferred Prosecution Agreement entered into on July 21, 2021 between FE and the U.S. Attorney’s Office for the S.D. Ohio
DSICDistribution System Improvement Charge
EDCElectric Distribution Company
EE&CEnergy Efficiency and Conservation
EESGEmployee, Environmental, Social and Corporate Governance
EGSElectric Generation Supplier
EGUElectric Generation Unit
EHEnergy Harbor Corp.
ELGEffluent Limitation Guideline
EmPOWER MarylandEmPOWER Maryland Energy Efficiency Act
ENECExpanded Net Energy Cost
Energize365FirstEnergy's Transmission and Distribution Infrastructure Investment Program
iii


EnergizeNJJCP&L's second Infrastructure Investment Program
EPAUnited States Environmental Protection Agency
EPSEarnings Per Share
ESPElectric Security Plan
Exchange Act
Securities and Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FE BoardFE Board of Directors
FE Revolving FacilityFE and the Electric Companies’ former five-year syndicated revolving credit facility, as amended, and replaced by the 2021 Credit Facilities on October 18, 2021
FERCFederal Energy Regulatory Commission
FET BoardFET Board of Directors
FET Equity Interest SaleSale of an additional 30% equity interest in FET that closed on March 25, 2024, such that Brookfield’s interest in FET increased from 19.9% to 49.9%
FET P&SA I
Purchase and Sale Agreement entered into on November 6, 2021, by and between FE, FET, Brookfield and the Brookfield Guarantors
FET P&SA II
Purchase and Sale Agreement entered into on February 2, 2023, by and between FE, FET, Brookfield and the Brookfield Guarantors
FET Revolving FacilityFET’s five-year syndicated revolving credit facility, dated as of October 20, 2023
FIPFederal Implementation Plan(s) under the CAA
FitchFitch Ratings Service
FMBFirst Mortgage Bond
FTRFinancial Transmission Right
GAAPGenerally Accepted Accounting Principles in the United States of America
GHGGreenhouse Gas
HB 6House Bill 6, as passed by Ohio's 133rd General Assembly
IRA of 2022Inflation Reduction Act of 2022
IRSInternal Revenue Service
KATCo Revolving FacilityKATCo’s four-year syndicated revolving credit facility, dated as of October 20, 2023
LOCLetter of Credit
LTIIPLong-Term Infrastructure Improvement Plan
MDPSCMaryland Public Service Commission
MGPManufactured Gas Plants
Moody’sMoody’s Investors Service, Inc.
MWMegawatt
MWhMegawatt-hour
NCINoncontrolling Interest
N.D. OhioFederal District Court, Northern District of Ohio
NERCNorth American Electric Reliability Corporation
NJBPUNew Jersey Board of Public Utilities
NOLNet Operating Loss
NOxNitrogen Oxide
NYPSCNew York State Public Service Commission
OAGOhio Attorney General
OCCOhio Consumers' Counsel
ODSAOhio Development Service Agency
Ohio StipulationStipulation and Recommendation, dated November 1, 2021, entered into by and among the Ohio Companies, the OCC, PUCO Staff and several other signatories
OOCIC Ohio Organized Crime Investigations Commission, which is composed of members of the Ohio law enforcement community and is chaired by the OAG
OPEBOther Post-Employment Benefits
OPICOther Paid-In Capital
OVECOhio Valley Electric Corporation
iv


PA ConsolidationConsolidation of the Pennsylvania Companies, effective January 1, 2024
PEERFirstEnergy’s Program for Enhanced Employee Retirement
PJMPJM Interconnection, LLC, an RTO
PJM TariffPJM Open Access Transmission Tariff
PPAPurchase Power Agreement
PPUCPennsylvania Public Utility Commission
PUCOPublic Utilities Commission of Ohio
Regulation FDRegulation Fair Disclosure promulgated by the SEC
RFC
ReliabilityFirst Corporation
ROEReturn on Equity
RTORegional Transmission Organization
S.D. OhioFederal District Court, Southern District of Ohio
SECUnited States Securities and Exchange Commission
SEETSignificantly Excessive Earnings Test
SIPState Implementation Plan(s) under the CAA
SLCSpecial Litigation Committee of the FE Board
SO2
Sulfur Dioxide
SOFRSecured Overnight Financing Rate
SOSStandard Offer Service
SPESpecial Purpose Entity
S&PStandard & Poor’s Ratings Service
Tax ActTax Cuts and Jobs Act adopted December 22, 2017
U.S.United States
U.S.C.United States Code
VIEVariable Interest Entity
VSCCVirginia State Corporation Commission
WVPSCPublic Service Commission of West Virginia
v


PART I. FINANCIAL INFORMATION

ITEM I.         Financial Statements

FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions, except per share amounts)2024202320242023
REVENUES:
Distribution services and retail generation $3,069 $2,869 $8,381 $7,924 
Transmission556 508 1,650 1,486 
Other104 110 265 314 
Total revenues(1)
3,729 3,487 10,296 9,724 
OPERATING EXPENSES:
Fuel139 166 372 439 
Purchased power1,086 1,155 2,999 3,173 
Other operating expenses1,099 967 3,275 2,698 
Provision for depreciation400 366 1,178 1,088 
Deferral of regulatory assets, net(33)(140)(205)(253)
General taxes311 307 915 881 
Total operating expenses3,002 2,821 8,534 8,026 
OPERATING INCOME727 666 1,762 1,698 
OTHER INCOME (EXPENSE):
Debt redemption costs (Note 6)
  (85)(36)
Equity method investment earnings (Note 1)
21 43 64 134 
Miscellaneous income, net53 24 156 102 
Pension and OPEB mark-to-market adjustment (Note 4)
   59 
Interest expense(276)(289)(866)(828)
Capitalized financing costs35 26 94 69 
Total other expense(167)(196)(637)(500)
INCOME BEFORE INCOME TAXES560 470 1,125 1,198 
INCOME TAXES94 29 294 193 
INCOME FROM CONTINUING OPERATIONS466 441 831 1,005 
Discontinued operations (Note 1)(2)
 (21) (21)
NET INCOME $466 $420 $831 $984 
Income attributable to noncontrolling interest47 20 114 57 
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP.$419 $400 $717 $927 
AMOUNTS ATTRIBUTABLE TO FIRSTENERGY CORP.:
Earnings from continuing operations$419 $421 $717 $948 
Earnings from discontinued operations (21) (21)
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP.$419 $400 $717 $927 
EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3):
Basic - continuing operations$0.73 $0.74 $1.25 $1.66 
Basic - discontinued operations (0.04) (0.04)
Basic$0.73 $0.70 $1.25 $1.62 
Diluted - continuing operations$0.73 $0.73 $1.24 $1.65 
Diluted - discontinued operations (0.04) (0.04)
Diluted$0.73 $0.69 $1.24 $1.61 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic576 573 575 573 
Diluted577 574 576 574 
(1) Includes excise and gross receipts tax collections of $116 million and $114 million during the three months ended September 30, 2024 and 2023, respectively, and $329 million and $315 million during the nine months ended September 30, 2024 and 2023, respectively.
(2) Consists of income taxes of $21 million during the three and nine months ended September 30, 2023.

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

1


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2024202320242023
NET INCOME$466 $420 $831 $984 
OTHER COMPREHENSIVE INCOME (LOSS):  
Pension and OPEB prior service credits (2) (5)
Amortized losses on derivative hedges  4 2 
Other comprehensive income (loss) (2)4 (3)
Income taxes (benefits) on other comprehensive income (loss) (1)1 (1)
Other comprehensive income (loss), net of tax (1)3 (2)
COMPREHENSIVE INCOME$466 $419 $834 $982 
 Income attributable to noncontrolling interest47 20 114 57 
COMPREHENSIVE INCOME ATTRIBUTABLE TO FIRSTENERGY CORP.$419 $399 $720 $925 




































The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

2


FIRSTENERGY CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except share amounts)September 30,
2024
December 31,
2023
ASSETS  
CURRENT ASSETS:  
Cash and cash equivalents$439 $137 
Restricted cash26 42 
Receivables- 
Customers1,559 1,382 
Less — Allowance for uncollectible customer receivables49 64 
1,510 1,318 
Other, net of allowance for uncollectible accounts of $8 in 2024 and $15 in 2023
271 266 
Materials and supplies, at average cost536 512 
Prepaid taxes and other286 293 
 3,068 2,568 
PROPERTY, PLANT AND EQUIPMENT:  
In service51,747 50,107 
Less — Accumulated provision for depreciation14,361 13,811 
 37,386 36,296 
Construction work in progress2,733 2,116 
 40,119 38,412 
INVESTMENTS AND OTHER NONCURRENT ASSETS:  
Goodwill5,618 5,618 
Investments (Note 6)
688 663 
Regulatory assets485 369 
Other778 1,137 
 7,569 7,787 
TOTAL ASSETS $50,756 $48,767 
LIABILITIES AND EQUITY  
CURRENT LIABILITIES:  
Currently payable long-term debt$2,027 $1,250 
Short-term borrowings75 775 
Accounts payable1,520 1,362 
Accrued interest272 292 
Accrued taxes729 700 
Accrued compensation and benefits156 304 
Customer deposits228 227 
Dividends payable245 235 
Other221 241 
 5,473 5,386 
NONCURRENT LIABILITIES:  
Long-term debt and other long-term obligations21,603 22,885 
Accumulated deferred income taxes5,492 4,530 
Retirement benefits1,651 1,663 
Regulatory liabilities916 1,214 
Other1,929 2,173 
 31,591 32,465 
TOTAL LIABILITIES37,064 37,851 
EQUITY:
Common stockholders’ equity-
Common stock, $0.10 par value, authorized 700,000,000 shares - 576,317,004 and 574,335,396 shares outstanding as of September 30, 2024 and December 31, 2023, respectively.
58 57 
Other paid-in capital12,356 10,494 
Accumulated other comprehensive loss(14)(17)
Retained earnings (Accumulated deficit)27 (97)
Total common stockholders’ equity12,427 10,437 
Noncontrolling interest1,265 479 
TOTAL EQUITY13,692 10,916 
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 10)
TOTAL LIABILITIES AND EQUITY$50,756 $48,767 

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

3


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

Nine Months Ended September 30, 2024
Common stock
OPICAOCIRetained earnings (Accumulated deficit)Total Common Stockholders’ EquityNCITotal Equity
(In millions)SharesAmount
Balance, January 1, 2024574 $57 $10,494 $(17)$(97)$10,437 $479 $10,916 
Net income— — — — 253 253 14 267 
Stock Investment Plan and share-based benefit plans2 — 9 — — 9 — 9 
Cash dividends declared on common stock ($0.425 per share in March)
— — (88)— (156)(244)— (244)
FET Equity Interest Sale (Note 1)— — 1,942 — — 1,942 731 2,673 
Noncontrolling interest distributions declared— — — — — — (8)(8)
Balance, March 31, 2024576 $57 $12,357 $(17)$ $12,397 $1,216 $13,613 
Net income— — — — 45 45 53 98 
Other comprehensive income, net of tax— — — 3 — 3 — 3 
Stock Investment Plan and share-based benefit plans— 1 20 — — 21 — 21 
Noncontrolling interest distributions declared— — — — — — (7)(7)
Other— — 8 — — 8 (8) 
Balance, June 30, 2024576 $58 $12,385 $(14)$45 $12,474 $1,254 $13,728 
Net income— — — — 419 419 47 466 
Other comprehensive loss, net of tax— — —  —  —  
Stock Investment Plan and share-based benefit plans — 24 — — 24 — 24 
Cash dividends declared on common stock ($0.425 per share in July and September)
— — (53)— (437)(490)(490)
Noncontrolling interest distributions declared— —  — —  (36)(36)
Balance, September 30, 2024576 $58 $12,356 $(14)$27 $12,427 $1,265 $13,692 
























The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

4





FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
.

Nine Months Ended September 30, 2023
Common stockOPICAOCIAccumulated deficitTotal Common Stockholders’ EquityNCITotal Equity
(In millions)SharesAmount
Balance, January 1, 2023572 $57 $11,322 $(14)$(1,199)$10,166 $477 $10,643 
Net income— — — — 292 292 18 310 
Other comprehensive loss, net of tax— — — (1)— (1)— (1)
Stock Investment Plan and share-based benefit plans1 — 19 — — 19 — 19 
Cash dividends declared on common stock ($0.39 per share in March)
— — (223)— — (223)— (223)
Noncontrolling interest distributions declared— — — — — — (17)(17)
Balance, March 31, 2023573 $57 $11,118 $(15)$(907)$10,253 $478 $10,731 
Net income— — — — 235 235 19 254
Stock Investment Plan and share-based benefit plans— — 22 — — 22 — 22 
Noncontrolling interest distributions declared— — — — — — (36)(36)
Balance, June 30, 2023573 $57 $11,140 $(15)$(672)$10,510 $461 $10,971 
Net income— — — — 400 400 20 420
Other comprehensive loss, net of tax— — — (1)— (1)— (1)
Stock Investment Plan and share-based benefit plans1 — 24 — — 24 — 24 
Cash dividends declared on common stock ($0.39 per share in July and $0.41 per share in September)
— — (459)— — (459)— (459)
Noncontrolling interest distributions declared— — — — — — (10)(10)
Balance, September 30, 2023574 $57 $10,705 $(16)$(272)$10,474 $471 $10,945 



















The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

5


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Nine Months Ended September 30,
(In millions)20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $831 $984 
Adjustments to reconcile net income to net cash from operating activities-
Depreciation, amortization and impairments1,197 893 
Charges associated with increase in ARO207  
Deferred income taxes and investment tax credits, net224 157 
Employee benefit costs, net(7)(4)
Pension trust contribution (750)
Pension and OPEB mark-to-market adjustment (59)
Transmission revenue collections, net40 (93)
Loss on disposal, net of tax (Note 1) 21 
Changes in current assets and liabilities-
Receivables(197)(2)
Materials and supplies(24)(60)
Prepaid taxes and other current assets(77)(66)
Accounts payable87 (241)
Accrued taxes(250)(147)
Accrued interest(21)49 
Accrued compensation and benefits(174)(46)
Other current liabilities(68)55 
Collateral, net97 (216)
Employee benefit plan funding and related payments(44)(39)
Other26 (7)
Net cash provided from operating activities1,847 429 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital investments(2,736)(2,266)
Sales of investment securities held in trusts104 28 
Purchases of investment securities held in trusts(114)(37)
Asset removal costs(212)(190)
Other(3)(8)
Net cash used for investing activities(2,961)(2,473)
CASH FLOWS FROM FINANCING ACTIVITIES:
New financing-
Long-term debt1,200 3,150 
Short-term borrowings, net 170 
Redemptions and repayments-
Long-term debt(1,710)(537)
Short-term borrowings, net(700) 
Proceeds from FET Equity Interest Sale (Note 1)3,500  
Noncontrolling interest cash distributions(51)(63)
Common stock dividend payments(725)(670)
Debt issuance and redemption costs, and other(114)(68)
Net cash provided from financing activities1,400 1,982 
Net change in cash, cash equivalents, and restricted cash286 (62)
Cash, cash equivalents, and restricted cash at beginning of period179 206 
Cash, cash equivalents, and restricted cash at end of period$465 $144 
SUPPLEMENTAL CASH FLOW INFORMATION:
Significant non-cash transactions:
Accrued capital investments$296 $212 

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

6


FIRSTENERGY CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

7


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. ORGANIZATION AND BASIS OF PRESENTATION

Unless otherwise indicated, defined terms and abbreviations used herein have the meanings set forth in the accompanying Glossary of Terms.

FE was incorporated under Ohio law in 1996. FE’s principal business is the holding, directly or indirectly, of all of the outstanding equity of its principal subsidiaries as of September 30, 2024: OE, CEI, TE, FE PA, JCP&L, FESC, MP, AGC (a wholly owned subsidiary of MP), PE and KATCo. Additionally, FET is a consolidated VIE of FE, and is the parent company of ATSI, MAIT, PATH and TrAIL. FE also holds all of the outstanding equity of other direct subsidiaries including FEV, which currently holds a 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations.

On January 1, 2024, FirstEnergy consolidated the Pennsylvania Companies into FE PA, including OE subsidiary Penn, rendering FE PA a new, single operating entity and the successor-in-interest to all assets and liabilities of the Pennsylvania Companies. As of January 1, 2024, FE PA is FE’s only regulated distribution power company in Pennsylvania encompassing the operations previously conducted individually by the Pennsylvania Companies. FE PA serves an area with a population of approximately 4.5 million and operates under the rate districts of the former Pennsylvania Companies. FirstEnergy continues to evaluate the legal, financial, operational and branding benefits of consolidating the Ohio Companies into a single Ohio power company.

Also on January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo, and PN and ME contributed their respective Class B equity interests of MAIT to FE, which were ultimately contributed to FET in exchange for a special purpose membership interest in FET. So long as FE holds the FET special purpose membership interests, it will receive