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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 ___________________
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Commission | | Registrant; State of Incorporation; | | I.R.S. Employer |
File Number | | Address; and Telephone Number | | Identification No. |
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333-21011 | | FIRSTENERGY CORP. | | 34-1843785 |
| | (An | Ohio | Corporation) | | |
| | 76 South Main Street | | |
| | Akron | OH | 44308 | | |
| | Telephone | (800) | 736-3402 | | |
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SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
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Title of Each Class | | Trading Symbol | | Name of Each Exchange on Which Registered |
Common Stock, $0.10 par value | | FE | | New 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.
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).
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.
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Large Accelerated Filer | ☑ |
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Accelerated Filer | ☐ |
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Non-accelerated Filer | ☐ |
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Smaller Reporting Company | ☐ |
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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).
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
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| | OUTSTANDING |
CLASS | | As of September 30, 2024 |
Common Stock, $0.10 par value | | 576,317,004 |
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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
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Part I. Financial Information | |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
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GLOSSARY OF TERMS
The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries:
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AE Supply | Allegheny Energy Supply Company, LLC, an unregulated generation subsidiary of FE |
AGC | Allegheny Generating Company, a generation subsidiary of MP |
ATSI | American Transmission Systems, Incorporated, a transmission subsidiary of FET |
CEI | The Cleveland Electric Illuminating Company, an Ohio electric power company subsidiary of FE |
Electric Companies | OE, CEI, TE, FE PA, JCP&L, MP and PE |
FE | FirstEnergy Corp., a public electric power holding company |
FE PA | FirstEnergy Pennsylvania Electric Company, a Pennsylvania electric power company subsidiary of FirstEnergy Pennsylvania Holding Company LLC, a wholly owned subsidiary of FE |
FESC | FirstEnergy Service Company, which provides legal, financial and other corporate support services |
FES Debtors | Energy 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. |
FET | FirstEnergy Transmission, LLC a consolidated VIE of FE, and the parent company of ATSI, MAIT and TrAIL, and having a joint venture in PATH |
FEV | FirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures |
FirstEnergy | FirstEnergy Corp., together with its consolidated subsidiaries |
Global Holding | Global Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC |
JCP&L | Jersey Central Power & Light Company, a New Jersey electric power company subsidiary of FE |
KATCo | Keystone Appalachian Transmission Company, a transmission subsidiary of FE |
MAIT | Mid-Atlantic Interstate Transmission, LLC, a transmission subsidiary of FET |
ME | Metropolitan Edison Company, a former Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024 |
MP | Monongahela Power Company, a West Virginia electric power company subsidiary of FE |
OE | Ohio Edison Company, an Ohio electric power company subsidiary of FE |
Ohio Companies | CEI, OE and TE |
PATH | Potomac-Appalachian Transmission Highline, LLC, a joint venture between FE and a subsidiary of AEP |
PATH-Allegheny | PATH Allegheny Transmission Company, LLC |
PATH-WV | PATH West Virginia Transmission Company, LLC |
PE | The Potomac Edison Company, a Maryland and West Virginia electric power company subsidiary of FE |
Penn | Pennsylvania Power Company, a former Pennsylvania electric power company subsidiary of OE, which merged with and into FE PA on January 1, 2024 |
Pennsylvania Companies | ME, PN, Penn and WP, each of which merged with and into FE PA on January 1, 2024 |
PN | Pennsylvania Electric Company, a former Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024 |
Signal Peak | Signal Peak Energy, LLC, an indirect subsidiary of Global Holding that owns mining operations near Roundup, Montana |
TE | The Toledo Edison Company, an Ohio electric power company subsidiary of FE |
TrAIL | Trans-Allegheny Interstate Line Company, a transmission subsidiary of FET |
Transmission Companies | ATSI, KATCo, MAIT and TrAIL |
WP | West Penn Power Company, a former Pennsylvania electric power company subsidiary of FE, which merged with and into FE PA on January 1, 2024 |
| |
| |
| | | | | |
The following abbreviations and acronyms may be used to identify frequently used terms in this report: |
| |
2021 Credit Facilities | Collectively, 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 Facilities | Collectively, the FET Revolving Facility and KATCo Revolving Facility |
2026 Convertible Notes | FE’s 4.00% convertible senior notes, due 2026 |
A&R FET LLC Agreement | Fourth Amended and Restated Limited Liability Company Agreement of FET |
ACE | Affordable Clean Energy |
AEP | American Electric Power Company, Inc. |
AFS | Available-for-sale |
AFSI | Adjusted Financial Statement Income |
AFUDC | Allowance for Funds Used During Construction |
AMI | Advanced Metering Infrastructure |
AMT | Alternative Minimum Tax |
AOCI | Accumulated Other Comprehensive Income (Loss) |
ARO | Asset Retirement Obligation |
| |
ASU | Accounting Standards Update |
| |
BGS | Basic Generation Service |
Brookfield | North American Transmission Company II L.P., a controlled investment vehicle entity of Brookfield Infrastructure Partners |
Brookfield Guarantors | Brookfield Super-Core Infrastructure Partners L.P., Brookfield Super-Core Infrastructure Partners (NUS) L.P., and Brookfield Super-Core Infrastructure Partners (ER) SCSp |
CAA | Clean Air Act |
CCR | Coal Combustion Residual |
CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act of 1980 |
CFIUS | Committee on Foreign Investments in the United States |
CFR | Code of Federal Regulations |
CO2 | Carbon Dioxide |
CODM | Chief Operating Decision Maker |
COVID-19 | Coronavirus disease |
CPP | EPA's Clean Power Plan |
CSAPR | Cross-State Air Pollution Rule |
| |
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit |
DCR | Delivery Capital Recovery |
DMR | Distribution Modernization Rider |
DOE | United States Department of Energy |
DPA | Deferred Prosecution Agreement entered into on July 21, 2021 between FE and the U.S. Attorney’s Office for the S.D. Ohio |
DSIC | Distribution System Improvement Charge |
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EDC | Electric Distribution Company |
| |
EE&C | Energy Efficiency and Conservation |
EESG | Employee, Environmental, Social and Corporate Governance |
EGS | Electric Generation Supplier |
EGU | Electric Generation Unit |
EH | Energy Harbor Corp. |
ELG | Effluent Limitation Guideline |
EmPOWER Maryland | EmPOWER Maryland Energy Efficiency Act |
ENEC | Expanded Net Energy Cost |
Energize365 | FirstEnergy's Transmission and Distribution Infrastructure Investment Program |
| | | | | |
EnergizeNJ | JCP&L's second Infrastructure Investment Program |
EPA | United States Environmental Protection Agency |
EPS | Earnings Per Share |
ESP | Electric Security Plan |
Exchange Act | Securities and Exchange Act of 1934, as amended |
FASB | Financial Accounting Standards Board |
FE Board | FE Board of Directors |
FE Revolving Facility | FE and the Electric Companies’ former five-year syndicated revolving credit facility, as amended, and replaced by the 2021 Credit Facilities on October 18, 2021 |
FERC | Federal Energy Regulatory Commission |
FET Board | FET Board of Directors |
FET Equity Interest Sale | Sale 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 Facility | FET’s five-year syndicated revolving credit facility, dated as of October 20, 2023 |
FIP | Federal Implementation Plan(s) under the CAA |
Fitch | Fitch Ratings Service |
FMB | First Mortgage Bond |
FTR | Financial Transmission Right |
GAAP | Generally Accepted Accounting Principles in the United States of America |
GHG | Greenhouse Gas |
HB 6 | House Bill 6, as passed by Ohio's 133rd General Assembly |
IRA of 2022 | Inflation Reduction Act of 2022 |
IRS | Internal Revenue Service |
KATCo Revolving Facility | KATCo’s four-year syndicated revolving credit facility, dated as of October 20, 2023 |
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LOC | Letter of Credit |
LTIIP | Long-Term Infrastructure Improvement Plan |
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MDPSC | Maryland Public Service Commission |
MGP | Manufactured Gas Plants |
Moody’s | Moody’s Investors Service, Inc. |
MW | Megawatt |
MWh | Megawatt-hour |
NCI | Noncontrolling Interest |
N.D. Ohio | Federal District Court, Northern District of Ohio |
NERC | North American Electric Reliability Corporation |
NJBPU | New Jersey Board of Public Utilities |
NOL | Net Operating Loss |
NOx | Nitrogen Oxide |
NYPSC | New York State Public Service Commission |
OAG | Ohio Attorney General |
OCC | Ohio Consumers' Counsel |
ODSA | Ohio Development Service Agency |
Ohio Stipulation | Stipulation 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 |
OPEB | Other Post-Employment Benefits |
OPIC | Other Paid-In Capital |
OVEC | Ohio Valley Electric Corporation |
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PA Consolidation | Consolidation of the Pennsylvania Companies, effective January 1, 2024 |
PEER | FirstEnergy’s Program for Enhanced Employee Retirement |
PJM | PJM Interconnection, LLC, an RTO |
PJM Tariff | PJM Open Access Transmission Tariff |
PPA | Purchase Power Agreement |
PPUC | Pennsylvania Public Utility Commission |
PUCO | Public Utilities Commission of Ohio |
Regulation FD | Regulation Fair Disclosure promulgated by the SEC |
RFC | ReliabilityFirst Corporation |
| |
ROE | Return on Equity |
RTO | Regional Transmission Organization |
S.D. Ohio | Federal District Court, Southern District of Ohio |
SEC | United States Securities and Exchange Commission |
SEET | Significantly Excessive Earnings Test |
SIP | State Implementation Plan(s) under the CAA |
SLC | Special Litigation Committee of the FE Board |
SO2 | Sulfur Dioxide |
SOFR | Secured Overnight Financing Rate |
SOS | Standard Offer Service |
SPE | Special Purpose Entity |
S&P | Standard & Poor’s Ratings Service |
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Tax Act | Tax Cuts and Jobs Act adopted December 22, 2017 |
U.S. | United States |
U.S.C. | United States Code |
VIE | Variable Interest Entity |
VSCC | Virginia State Corporation Commission |
WVPSC | Public Service Commission of West Virginia |
| |
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) | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
REVENUES: | | | | | | | | |
Distribution services and retail generation | | $ | 3,069 | | | $ | 2,869 | | | $ | 8,381 | | | $ | 7,924 | |
Transmission | | 556 | | | 508 | | | 1,650 | | | 1,486 | |
Other | | 104 | | | 110 | | | 265 | | | 314 | |
Total revenues(1) | | 3,729 | | | 3,487 | | | 10,296 | | | 9,724 | |
| | | | | | | | |
OPERATING EXPENSES: | | | | | | | | |
Fuel | | 139 | | | 166 | | | 372 | | | 439 | |
Purchased power | | 1,086 | | | 1,155 | | | 2,999 | | | 3,173 | |
Other operating expenses | | 1,099 | | | 967 | | | 3,275 | | | 2,698 | |
| | | | | | | | |
Provision for depreciation | | 400 | | | 366 | | | 1,178 | | | 1,088 | |
| | | | | | | | |
Deferral of regulatory assets, net | | (33) | | | (140) | | | (205) | | | (253) | |
General taxes | | 311 | | | 307 | | | 915 | | | 881 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Total operating expenses | | 3,002 | | | 2,821 | | | 8,534 | | | 8,026 | |
| | | | | | | | |
OPERATING INCOME | | 727 | | | 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, net | | 53 | | | 24 | | | 156 | | | 102 | |
| | | | | | | | |
Pension and OPEB mark-to-market adjustment (Note 4) | | — | | | — | | | — | | | 59 | |
Interest expense | | (276) | | | (289) | | | (866) | | | (828) | |
Capitalized financing costs | | 35 | | | 26 | | | 94 | | | 69 | |
Total other expense | | (167) | | | (196) | | | (637) | | | (500) | |
| | | | | | | | |
INCOME BEFORE INCOME TAXES | | 560 | | | 470 | | | 1,125 | | | 1,198 | |
| | | | | | | | |
INCOME TAXES | | 94 | | | 29 | | | 294 | | | 193 | |
| | | | | | | | |
INCOME FROM CONTINUING OPERATIONS | | 466 | | | 441 | | | 831 | | | 1,005 | |
| | | | | | | | |
Discontinued operations (Note 1)(2) | | — | | | (21) | | | — | | | (21) | |
| | | | | | | | |
NET INCOME | | $ | 466 | | | $ | 420 | | | $ | 831 | | | $ | 984 | |
| | | | | | | | |
Income attributable to noncontrolling interest | | 47 | | | 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: | | | | | | | | |
Basic | | 576 | | | 573 | | | 575 | | | 573 | |
Diluted | | 577 | | | 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.
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | |
(In millions) | | 2024 | | 2023 | | 2024 | | 2023 | |
| | | | | | | | | |
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 interest | | 47 | | | 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.
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 cash | | | 26 | | | 42 | |
Receivables- | | | | | |
Customers | | | 1,559 | | | 1,382 | |
Less — Allowance for uncollectible customer receivables | | | 49 | | | 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 cost | | | 536 | | | 512 | |
| | | | | |
| | | | | |
| | | | | |
Prepaid taxes and other | | | 286 | | | 293 | |
| | | | | |
| | | 3,068 | | | 2,568 | |
PROPERTY, PLANT AND EQUIPMENT: | | | | | |
In service | | | 51,747 | | | 50,107 | |
Less — Accumulated provision for depreciation | | | 14,361 | | | 13,811 | |
| | | 37,386 | | | 36,296 | |
Construction work in progress | | | 2,733 | | | 2,116 | |
| | | 40,119 | | | 38,412 | |
| | | | | |
| | | | | |
| | | | | |
INVESTMENTS AND OTHER NONCURRENT ASSETS: | | | | | |
Goodwill | | | 5,618 | | | 5,618 | |
Investments (Note 6) | | | 688 | | | 663 | |
Regulatory assets | | | 485 | | | 369 | |
Other | | | 778 | | | 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 borrowings | | | 75 | | | 775 | |
Accounts payable | | | 1,520 | | | 1,362 | |
| | | | | |
Accrued interest | | | 272 | | | 292 | |
Accrued taxes | | | 729 | | | 700 | |
Accrued compensation and benefits | | | 156 | | | 304 | |
| | | | | |
Customer deposits | | | 228 | | | 227 | |
Dividends payable | | | 245 | | | 235 | |
Other | | | 221 | | | 241 | |
| | | | | |
| | | 5,473 | | | 5,386 | |
NONCURRENT LIABILITIES: | | | | | |
Long-term debt and other long-term obligations | | | 21,603 | | | 22,885 | |
Accumulated deferred income taxes | | | 5,492 | | | 4,530 | |
Retirement benefits | | | 1,651 | | | 1,663 | |
Regulatory liabilities | | | 916 | | | 1,214 | |
| | | | | |
| | | | | |
| | | | | |
Other | | | 1,929 | | | 2,173 | |
| | | | | |
| | | 31,591 | | | 32,465 | |
TOTAL LIABILITIES | | | 37,064 | | | 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 capital | | | 12,356 | | | 10,494 | |
Accumulated other comprehensive loss | | | (14) | | | (17) | |
Retained earnings (Accumulated deficit) | | | 27 | | | (97) | |
Total common stockholders’ equity | | | 12,427 | | | 10,437 | |
Noncontrolling interest | | | 1,265 | | | 479 | |
| | | | | |
TOTAL EQUITY | | | 13,692 | | | 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.
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2024 |
| | Common stock | | OPIC | | AOCI | | Retained earnings (Accumulated deficit) | | Total Common Stockholders’ Equity | | NCI | | Total Equity |
(In millions) | | Shares | | Amount | | | | | |
Balance, January 1, 2024 | | 574 | | | $ | 57 | | | $ | 10,494 | | | $ | (17) | | | $ | (97) | | | $ | 10,437 | | | $ | 479 | | | $ | 10,916 | |
Net income | | — | | | — | | | — | | | — | | | 253 | | | 253 | | | 14 | | | 267 | |
| | | | | | | | | | | | | | | | |
Stock Investment Plan and share-based benefit plans | | 2 | | | — | | | 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, 2024 | | 576 | | | $ | 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, 2024 | | 576 | | | $ | 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, 2024 | | 576 | | | $ | 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.
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2023 | | |
| | Common stock | | OPIC | | AOCI | | Accumulated deficit | | Total Common Stockholders’ Equity | | NCI | | Total Equity | | |
(In millions) | | Shares | | Amount | | | | | | | |
Balance, January 1, 2023 | | 572 | | | $ | 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 plans | | 1 | | | — | | | 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, 2023 | | 573 | | | $ | 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, 2023 | | 573 | | | $ | 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 plans | | 1 | | | — | | | 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, 2023 | | 574 | | | $ | 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.
FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | | | | |
| | For the Nine Months Ended September 30, |
(In millions) | | 2024 | | 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | |
Net income | | $ | 831 | | | $ | 984 | |
Adjustments to reconcile net income to net cash from operating activities- | | | | |
Depreciation, amortization and impairments | | 1,197 | | | 893 | |
Charges associated with increase in ARO | | 207 | | | — | |
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Deferred income taxes and investment tax credits, net | | 224 | | | 157 | |
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Employee benefit costs, net | | (7) | | | (4) | |
Pension trust contribution | | — | | | (750) | |
Pension and OPEB mark-to-market adjustment | | — | | | (59) | |
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Transmission revenue collections, net | | 40 | | | (93) | |
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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 payable | | 87 | | | (241) | |
Accrued taxes | | (250) | | | (147) | |
Accrued interest | | (21) | | | 49 | |
Accrued compensation and benefits | | (174) | | | (46) | |
Other current liabilities | | (68) | | | 55 | |
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Collateral, net | | 97 | | | (216) | |
Employee benefit plan funding and related payments | | (44) | | | (39) | |
Other | | 26 | | | (7) | |
Net cash provided from operating activities | | 1,847 | | | 429 | |
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CASH FLOWS FROM INVESTING ACTIVITIES: | | | | |
Capital investments | | (2,736) | | | (2,266) | |
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Sales of investment securities held in trusts | | 104 | | | 28 | |
Purchases of investment securities held in trusts | | (114) | | | (37) | |
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Asset removal costs | | (212) | | | (190) | |
Other | | (3) | | | (8) | |
Net cash used for investing activities | | (2,961) | | | (2,473) | |
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CASH FLOWS FROM FINANCING ACTIVITIES: | | | | |
New financing- | | | | |
Long-term debt | | 1,200 | | | 3,150 | |
Short-term borrowings, net | | — | | | 170 | |
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Redemptions and repayments- | | | | |
Long-term debt | | (1,710) | | | (537) | |
Short-term borrowings, net | | (700) | | | — | |
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Proceeds from FET Equity Interest Sale (Note 1) | | 3,500 | | | — | |
Noncontrolling interest cash distributions | | (51) | | | (63) | |
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Common stock dividend payments | | (725) | | | (670) | |
Debt issuance and redemption costs, and other | | (114) | | | (68) | |
Net cash provided from financing activities | | 1,400 | | | 1,982 | |
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Net change in cash, cash equivalents, and restricted cash | | 286 | | | (62) | |
Cash, cash equivalents, and restricted cash at beginning of period | | 179 | | | 206 | |
Cash, cash equivalents, and restricted cash at end of period | | $ | 465 | | | $ | 144 | |
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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.
FIRSTENERGY CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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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