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FirstEnergy Corp. (FE) and its subsidiaries are primarily involved in the transmission, distribution, and generation of electricity, operating one of the largest investor-owned electric systems in the United States. The company serves over six million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York . FirstEnergy's business is organized into several segments, including Regulated Distribution, Regulated Transmission, and Integrated and Stand-Alone Transmission . The company sells electricity and related services through these segments.
- Regulated Distribution - Distributes electricity through utility operating companies, serving approximately six million customers and managing regulated electric generation capacity, primarily in West Virginia and Virginia .
- Regulated Transmission - Provides transmission infrastructure to transmit electricity from generation sources to distribution facilities, with revenues derived from forward-looking formula rates .
- Integrated and Stand-Alone Transmission - Operates more than 24,000 miles of transmission lines and two regional transmission operation centers .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian X. Tierney ExecutiveBoard | President and CEO, Chair of the Board | None | Brian X. Tierney is the President and CEO of FE since June 1, 2023, and Chair of the Board since January 1, 2025. He has led significant financial and operational transformations at FE. | View Report → |
A. Wade Smith Executive | President of FirstEnergy Utilities | Texas Tech University Whitacre College of Engineering Dean’s Council | A. Wade Smith oversees operations of FE's utilities, focusing on operational excellence and regulatory strategy. | |
Hyun Park Executive | Senior Vice President and Chief Legal Officer | None | Hyun Park joined FE in 2021, overseeing legal matters, regulatory compliance, and corporate governance. | |
Jason J. Lisowski Executive | Vice President, Controller, and Chief Accounting Officer | None | Jason J. Lisowski is the Vice President, Controller, and Chief Accounting Officer at FE, with a focus on financial reporting and compliance. | |
K. Jon Taylor Executive | Senior Vice President, CFO, and Strategy | None | K. Jon Taylor has been with FE since 2019, focusing on financial strategy and operational improvements. | |
Toby L. Thomas Executive | Chief Operating Officer | None | Toby L. Thomas became COO on November 30, 2023, overseeing transmission and distribution operations. | |
Heidi L. Boyd Board | Director | Senior Managing Director at Blackstone Inc., Board Member at Carrix Inc. | Heidi Boyd joined FE's Board in 2024, bringing expertise in infrastructure investments and corporate governance. | |
James F. O’Neil III Board | Director | CEO and Vice Chairman of Orbital Infrastructure Group, Inc. | James F. O’Neil III has been a director since 2017, with extensive experience in energy infrastructure. | |
Jana T. Croom Board | Director | CFO of Kimball Electronics, Inc. | Jana T. Croom has been a director since 2022, with extensive experience in finance and regulatory affairs. | |
John W. Somerhalder II Board | Director | Director at KKR Infrastructure Conglomerate LLC | Former Interim President and CEO, and Chair of the Board at FE. He transitioned to a non-executive director role on January 1, 2025. | |
Leslie M. Turner Board | Director | None | Leslie M. Turner has been a director since 2018, with a background in legal and regulatory affairs. | |
Lisa Winston Hicks Board | Lead Independent Director | None | Lisa Winston Hicks has been a director since 2021, focusing on corporate governance and compliance. | |
Melvin D. Williams Board | Director | None | Melvin D. Williams has been a director since 2021, with over 32 years of utility experience. | |
Paul Kaleta Board | Director | Managing Director of SERC Consulting LLC | Paul Kaleta has been a director since 2021, with over 30 years of experience in the energy industry. | |
Steven J. Demetriou Board | Director | Executive Chair of Jacobs Solutions Inc., Director of Arcosa, Inc. | Steven J. Demetriou has been a director since 2017, with leadership experience in engineering and construction industries. |
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Given your strategy to file rate cases every 2-3 years to support your increased capital expenditures under Energize365, how do you anticipate customer and regulatory reactions to more frequent rate increases, and what steps are you taking to mitigate potential pushback?
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With the significant increase in CapEx and your focus on growth, can you discuss your plans to finance these investments without issuing new equity or debt, especially considering the rising interest rate environment and your commitment to maintain a strong balance sheet?
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Regarding the concerns about generation resource adequacy in PJM and potential implications for economic development and load growth, how do you plan to address long-term risks associated with capacity constraints to ensure continued growth, particularly in attracting large load customers like data centers?
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You mentioned targeting $70 million of cost savings this year through productivity improvements and reducing contractor use; can you elaborate on the specific initiatives in place to achieve these savings, and how sustainable are these cost reductions in the long term?
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With your significant investments in grid modernization and infrastructure improvements across multiple states, and recognizing delays in regulatory approvals such as in New Jersey where the BPU suspended the procedural schedule, how confident are you in receiving timely approvals to execute your capital plan, and what impact could further delays have on your financial projections?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
FE PA | 2024 | FE PA was created through the consolidation of FirstEnergy’s Pennsylvania Companies, absorbing all their assets and liabilities into one entity and streamlining operations. The deal did not specify a monetary value but involved strategic asset transfers—including transmission assets and Class B equity interests—to facilitate centralized operations and secure full distributions from MAIT, fitting into FirstEnergy’s broader strategy to optimize its service structure in Pennsylvania. |
Recent press releases and 8-K filings for FE.
- Q1 2025 Earnings: GAAP EPS increased to $0.62 and Core EPS reached $0.67 per share, marking strong quarterly performance. , ,
- Guidance Reaffirmation: 2025 Core EPS guidance remains $2.40-$2.60 per share with a targeted 6-8% CAGR for 2025-2029. , ,
- Capital Investments: Over $1 billion was invested in the Energize365 program—a 15% increase YoY—supporting a $5 billion 2025 Investment Plan and a $28 billion capital plan through 2029. ,
- Dividend Increase: A 4.7% dividend raise was approved, resulting in a quarterly payment of $0.445 per share. , ,
- Operational Update: Executed investment plans included Baseline O&M of $340M in line with the outlined strategy.
- Q1 2025 Financial Performance: GAAP EPS reached $0.62 (or $360 million on $3.8 billion in revenue) and Core EPS improved to $0.67, compared to Q1 2024’s $0.44 and $0.49 per share .
- Full-year Outlook: Reaffirmed Core EPS guidance of $2.40 to $2.60 per share and targeted a 6-8% compound growth rate through 2029 .
- Capital Investments: Executed over $1 billion in investments as part of a $5 billion plan, aligned with its five-year Energize365 strategy .
- Operational Drivers: Performance gains were driven by favorable impacts from new base rates, lower financing costs, and robust growth in regulated segments, with increased distribution deliveries and higher residential and commercial sales .
- FirstEnergy Corp. declared a quarterly dividend of $0.445 per share, payable on June 1, 2025, with a record date of May 7, 2025.
- The announcement marks the third dividend increase since September 2023, with an expected annual total of $1.78 per share in 2025, up from $1.70 per share in 2024.
- This dividend strategy aligns with the company’s target payout ratio of 60-70% of Core earnings to boost shareholder rewards.