74a52728cca0239d570f60cbc81f803a84b7370c4ad889baa56e778bd9f8fcfb

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

81ea7255c5946bcd439dbd8b86c8ee493a05a7714c80a3f659582254ccbe9aa7

Electric Distribution MWh Deliveries for Residential Customers (Nine Months) (thousands of MWh)

Electric Distribution MWh Deliveries for Commercial Customers (Nine Months) (thousands of MWh)

Electric Distribution MWh Deliveries for Industrial Customers (Nine Months) (thousands of MWh)

Total Electric Distribution MWh Deliveries (Nine Months) (thousands of MWh)

Electric Distribution MWh Deliveries for Residential Customers (Quarterly) (thousands of MWh)

Electric Distribution MWh Deliveries for Commercial Customers (Quarterly) (thousands of MWh)

Electric Distribution MWh Deliveries for Industrial Customers (Quarterly) (thousands of MWh)

Total Electric Distribution MWh Deliveries (Quarterly) (thousands of MWh)

Net Maximum Generation Capacity of Integrated Segment (MWs)

Net Maximum Generation Capacity of First Two Solar Sites (MWs)

OVEC Capacity Entitlement at Corporate/Other (MWs)

15228d667d324ac3cd1a35fbd276b802cfd724aaafe7a25f38c503c930d60524

Distribution

- Electric Revenue

- Other Revenue

Integrated

Stand-Alone Transmission

Corporate/Other

Competitive Energy Services

- Contract Sales

- Wholesale

- Transmission

- Other

Total Revenue

f64a2e1f338817efa799e14527c2345c3ea6dcec7d58e8a4410ac568e3a9b1bf

e42c60539e85654d067f7c96cf8f38fca36d18bab673130486533a006d01e26d

a8794f87fcebbb0aff6da00398ac92c81673cf1d856a23e7aab7ae33577ddc10

The significant jump in **Cash and cash equivalents** in Q1 2024 was primarily driven by a monumental inflow from **financing activities**. In Q1 2024, FirstEnergy generated **$1,646 million** from financing activities, including a major **$3.5 billion FET LLC transaction** (with **$2.3 billion** deployed immediately), which far outweighed the cash used for operating and investing activities. Additionally, the company experienced a reduction in cash used for operating activities—from **$112 million** down to **$40 million**—which further contributed to the overall increase.  **[0001031296-24-000026_fe-20240331.htm:85]** **[20240425CL97922:0]** **[0001031296-24-000024_ex991-q12024pressrelease.htm:0]** 

What drove the significant jump in Cash and cash equivalents in Q1 2024?

The sharp decline in **short-term borrowings** in Q3 2024 is primarily attributed to FirstEnergy's strategic actions. **Borrowings dropped from $775 million to $75 million** as the company reduced its reliance on short-term funding. This reduction was largely supported by the receipt of **$3.5 billion from the FET Equity Interest Sale**, which provided the necessary liquidity. Furthermore, the company issued **$1.4 billion in long-term debt** and redeemed several long-term debt instruments, further facilitating the repayment of short-term liabilities and optimizing its overall capital structure.  **[0001031296-24-000055_fe-20240930.htm:104]** **[0001031296-24-000055_fe-20240930.htm:108]** **[0001031296-24-000055_fe-20240930.htm:31]** 

Why did Short-term borrowings drop sharply in Q3 2024?

The nearly double level of **currently payable long-term debt** in Q1 2024 was primarily driven by the inclusion of **$463 million** from FE's 7.375% Notes, which were redeemed on April 15, 2024, and reclassified as currently payable debt. Additionally, the redemptions of **JCP&L's $500 million** 4.70% unsecured notes and **MP's $400 million** 4.10% FMBs in early April 2024 further contributed to the increase.  **[0001031296-24-000026_fe-20240331.htm:10]** **[0001031296-24-000026_fe-20240331.htm:86]** **[0001031296-24-000026_fe-20240331.htm:26]** 

What caused the nearly double level of currently payable long-term debt in Q1 2024?

The noticeable **reduction in long-term debt** in Q1 2024 was primarily due to extensive **debt redemptions** and the strategic use of proceeds from the **FET equity interest sale**. Specifically, FE redeemed a significant amount of debt—such as **$463 million** of its 7.375% Notes due 2031 (which also involved a make-whole premium of about **$80 million**)—and similar redemptions were executed by JCP&L and MP for their respective note issuances. Additionally, FE received **$2.3 billion** from the FET equity interest sale, using part of that amount (**$1.4 billion** overall, including **$460 million** at FE Corp) to retire short-term and long-term borrowings. These combined measures led to the reduction in the carrying value of long-term debt in Q1 2024.  **[0001031296-24-000026_fe-20240331.htm:26]** **[0001031296-24-000026_fe-20240331.htm:86]** **[FE_3381213_5]** 

Why was there a noticeable reduction in long-term debt in Q1 2024?

957c4ad25dba33e3ad75fbc234840d594e102a3cf19b2b7142d4d976c0d5fd00

Net Income (USD, millions)

Depreciation, Amortization and Impairments (USD, millions)

Transmission Revenue Collections, Net (USD, millions)

Gain on Sale of Yards Creek (USD, millions)

Gain on Disposal, Net of Tax (USD, millions)

Other, Operating Activities (USD, millions)

Net Cash Provided From Operating Activities (USD, millions)

Long-term Debt, New Financing (USD, millions)

Long-term Debt, Redemptions and Repayments (USD, millions)

Short-term Borrowings, Net, Redemptions and Repayments (USD, millions)

Discounts (Premiums) on Debt Issuances and Redemptions, Net (USD, millions)

Proceeds from FET Minority Interest Sale, Net of Transaction Costs (USD, millions)

Common Stock Dividend Payments (USD, millions)

Other, Financing Activities (USD, millions)

Net Cash Used For Financing Activities (USD, millions)

Property Additions (USD, millions)

Proceeds from Sale of Yards Creek (USD, millions)

Sales of Investment Securities Held in Trusts (USD, millions)

Purchases of Investment Securities Held in Trusts (USD, millions)

Asset Removal Costs (USD, millions)

Other, Investing Activities (USD, millions)

Net Cash Used For Investing Activities (USD, millions)

Net Change in Cash, Cash Equivalents, and Restricted Cash (USD, millions)

Short-term Borrowings, Net, New Financing (USD, millions)

Make-whole Premiums Paid on Debt Redemptions (USD, millions)

Deferred Income Taxes and Investment Tax Credits, Net (USD, millions)

Retirement Benefits, Net of Payments (USD, millions)

Receivables (USD, millions)

Materials and Supplies (USD, millions)

Prepaid Taxes and Other Current Assets (USD, millions)

Accounts Payable (USD, millions)

Accrued Taxes (USD, millions)

Accrued Interest (USD, millions)

Accrued Compensation and Benefits (USD, millions)

Other Current Liabilities (USD, millions)

Collateral, Net (USD, millions)

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period (USD, millions)

Cash, Cash Equivalents, and Restricted Cash at End of Period (USD, millions)

Pension and OPEB Mark-to-Market Adjustment (USD, millions)

Cash Collateral, Net (USD, millions)

9089760e5c404ee6e00e8b88bdd438928d49938f9f8c8be34fd9bb6dbbfe5737

Total Revenues (USD, millions)

Total Operating Expenses (USD, millions)

Operating Income (USD, millions)

Total Other Expense (USD, millions)

Income Before Income Taxes (USD, millions)

Income Taxes (USD, millions)

Income from Continuing Operations (USD, millions)

Discontinued Operations (USD, millions)

Income Attributable to Noncontrolling Interest (USD, millions)

Earnings Attributable to FirstEnergy Corp. (USD, millions)

334b9dbda93cc019d97230bdde54c2e2390114288d998cf4f8dabfa99a70a334

FirstEnergy Corp (FE)

Financials