JERSEY CENTRAL POWER & LIGHT CO, 10-Q filed on 10/28/2025
Quarterly Report
v3.25.3
Cover Page
 9 Months Ended
Sep. 30, 2025
shares
Document Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2025
Document Transition Report false
Entity File Number 333-21011
Entity Registrant Name FIRSTENERGY CORP.
Entity Incorporation, State or Country Code OH
Entity Tax Identification Number 34-1843785
Entity Address, Address Line One 341 White Pond Drive
Entity Address, City or Town Akron
Entity Address, State or Province OH
Entity Address, Postal Zip Code 44320
City Area Code (800)
Local Phone Number 736-3402
Title of 12(b) Security Common Stock, $0.10 par value
Trading Symbol FE
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock Shares Outstanding 577,665,555
Entity Central Index Key 0001031296
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q3
Amendment Flag false
JERSEY CENTRAL POWER & LIGHT COMPANY  
Document Information [Line Items]  
Entity File Number 1-3141
Entity Registrant Name JERSEY CENTRAL POWER & LIGHT COMPANY
Entity Incorporation, State or Country Code NJ
Entity Tax Identification Number 21-0485010
Entity Address, Address Line One 300 Madison Avenue
Entity Address, City or Town Morristown
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07962
City Area Code (800)
Local Phone Number 736-3402
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Non-accelerated Filer
Entity Shell Company false
Entity Common Stock Shares Outstanding 13,628,447
v3.25.3
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUES:        
Total revenues [1] $ 4,148 $ 3,729 $ 11,293 $ 10,296
OPERATING EXPENSES:        
Fuel 163 139 480 372
Purchased power 1,341 1,086 3,382 2,999
Other operating expenses 976 1,099 3,005 3,275
Provision for depreciation 417 400 1,243 1,178
Amortization (deferral) of regulatory assets, net 89 (33) (20) (205)
General taxes 332 311 973 915
Total operating expenses 3,318 3,002 9,063 8,534
OPERATING INCOME 830 727 2,230 1,762
OTHER INCOME (EXPENSE):        
Debt redemption costs (Note 6) 0 0 (24) (85)
Equity method investment earnings, net (Note 1) 0 21 0 64
Miscellaneous income, net 41 53 118 156
Interest expense (312) (276) (899) (866)
Capitalized financing costs 51 35 131 94
Total other expense (220) (167) (674) (637)
INCOME BEFORE INCOME TAXES 610 560 1,556 1,125
INCOME TAXES 78 94 292 294
NET INCOME 532 466 1,264 831
Income attributable to noncontrolling interest 91 47 195 114
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. $ 441 $ 419 $ 1,069 $ 717
EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3):        
Basic (in dollars per share) $ 0.76 $ 0.73 $ 1.85 $ 1.25
Diluted (in dollars per share) $ 0.76 $ 0.73 $ 1.85 $ 1.24
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
Basic (in shares) 577 576 577 575
Diluted (in shares) 578 577 578 576
Distribution services and retail generation        
REVENUES:        
Total revenues $ 3,373 $ 3,069 $ 9,152 $ 8,381
Transmission        
REVENUES:        
Total revenues 592 556 1,740 1,650
Other        
REVENUES:        
Total revenues $ 183 $ 104 $ 401 $ 265
[1] Includes excise and gross receipts tax collections of $126 million and $116 million during the three months ended September 30, 2025 and 2024, respectively, and $349 million and $329 million during the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Excise taxes collected $ 126 $ 116 $ 349 $ 329
v3.25.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
NET INCOME $ 532 $ 466 $ 1,264 $ 831
OTHER COMPREHENSIVE INCOME:        
Amortized losses on derivative hedges 0 0 0 4
Other comprehensive income 0 0 0 4
Income taxes on other comprehensive income 0 0 0 1
Other comprehensive income, net of tax 0 0 0 3
COMPREHENSIVE INCOME 532 466 1,264 834
Income attributable to noncontrolling interest 91 47 195 114
COMPREHENSIVE INCOME ATTRIBUTABLE TO FIRSTENERGY CORP. $ 441 $ 419 $ 1,069 $ 720
v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 1,404 $ 111
Restricted cash 27 43
Receivables-    
Customers 1,574 1,585
Less — Allowance for uncollectible customer receivables 55 55
Receivables 1,519 1,530
Other, net of allowance for uncollectible accounts of $10 in 2025 and $6 in 2024 346 303
Materials and supplies, at average cost 578 549
Prepaid taxes and other 337 240
Total current assets 4,211 2,776
PROPERTY, PLANT AND EQUIPMENT:    
In service 54,973 52,896
Less — Accumulated provision for depreciation 15,011 14,548
Property, plant and equipment in service net of accumulated provision for depreciation 39,962 38,348
Construction work in progress 3,742 2,754
Total property, plant and equipment 43,704 41,102
INVESTMENTS AND OTHER NONCURRENT ASSETS:    
Goodwill 5,618 5,618
Investments (Note 6) 634 652
Regulatory assets 793 617
Other 924 1,279
Total investments and other noncurrent assets 7,969 8,166
TOTAL ASSETS 55,884 52,044
CURRENT LIABILITIES:    
Currently payable long-term debt 1,669 977
Short-term borrowings 291 550
Accounts payable 1,640 1,575
Accrued interest 298 269
Accrued taxes 731 727
Accrued compensation and benefits 249 205
Customer deposits 246 233
Dividends payable 257 245
Other 253 216
Total current liabilities 5,634 4,997
NONCURRENT LIABILITIES:    
Long-term debt and other long-term obligations 25,510 22,496
Accumulated deferred income taxes 6,019 5,613
Retirement benefits 1,701 1,698
Regulatory liabilities 971 995
Other 1,865 2,525
Total noncurrent liabilities 36,066 33,327
TOTAL LIABILITIES 41,700 38,324
Common stockholders’ equity-    
Common stock, $0.10 par value, authorized 700,000,000 shares - 577,665,555 and 576,612,245 shares outstanding as of September 30, 2025, and December 31, 2024, respectively. 58 58
Other paid-in capital 12,414 12,368
Accumulated other comprehensive loss (14) (14)
Retained earnings 340 43
Total common stockholders’ equity 12,798 12,455
Noncontrolling interest 1,386 1,265
TOTAL EQUITY 14,184 13,720
COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 10)
TOTAL LIABILITIES AND EQUITY 55,884 52,044
Customer    
Receivables-    
Customers 1,574 1,585
Less — Allowance for uncollectible customer receivables 55 55
Receivables $ 1,519 $ 1,530
v3.25.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Receivables-    
Allowance for uncollectible accounts $ 55 $ 55
Common stockholders’ equity-    
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, authorized (in shares) 700,000,000 700,000,000
Common stock, outstanding (in shares) 577,665,555 576,612,245
Other    
Receivables-    
Allowance for uncollectible accounts $ 10 $ 6
v3.25.3
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Total Common Stockholders’ Equity
Common stock
OPIC
AOCI
Retained Earnings (Accumulated deficit)
NCI
Beginning balance (in shares) at Dec. 31, 2023     574,000,000        
Beginning balance at Dec. 31, 2023 $ 10,916 $ 10,437 $ 57 $ 10,494 $ (17) $ (97) $ 479
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 267 253       253 14
Stock Investment Plan and share-based benefit plans (in shares)     2,000,000        
Stock Investment Plan and share-based benefit plans 9 9   9      
Cash dividends declared on common stock (244) (244)   (88)   (156)  
FET Equity Interest Sale 2,673 1,942   1,942     731
Noncontrolling interest cash distributions declared (8)           (8)
Ending balance (in shares) at Mar. 31, 2024     576,000,000        
Ending balance at Mar. 31, 2024 13,613 12,397 $ 57 12,357 (17) 0 1,216
Beginning balance (in shares) at Dec. 31, 2023     574,000,000        
Beginning balance at Dec. 31, 2023 10,916 10,437 $ 57 10,494 (17) (97) 479
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 831            
Other comprehensive income, net of tax 3            
Ending balance (in shares) at Sep. 30, 2024     576,000,000        
Ending balance at Sep. 30, 2024 13,692 12,427 $ 58 12,356 (14) 27 1,265
Beginning balance (in shares) at Mar. 31, 2024     576,000,000        
Beginning balance at Mar. 31, 2024 13,613 12,397 $ 57 12,357 (17) 0 1,216
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 98 45       45 53
Other comprehensive income, net of tax 3 3     3    
Stock Investment Plan and share-based benefit plans 21 21 $ 1 20      
Noncontrolling interest cash distributions declared (7)           (7)
Other 0 8   8     (8)
Ending balance (in shares) at Jun. 30, 2024     576,000,000        
Ending balance at Jun. 30, 2024 13,728 12,474 $ 58 12,385 (14) 45 1,254
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 466 419       419 47
Other comprehensive income, net of tax 0            
Stock Investment Plan and share-based benefit plans 24 24   24      
Cash dividends declared on common stock (490) (490)   (53)   (437)  
Noncontrolling interest cash distributions declared (36)           (36)
Ending balance (in shares) at Sep. 30, 2024     576,000,000        
Ending balance at Sep. 30, 2024 $ 13,692 12,427 $ 58 12,356 (14) 27 1,265
Beginning balance (in shares) at Dec. 31, 2024 576,612,245   577,000,000        
Beginning balance at Dec. 31, 2024 $ 13,720 12,455 $ 58 12,368 (14) 43 1,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 414 360       360 54
Stock Investment Plan and share-based benefit plans 9 9   9      
Cash dividends declared on common stock (257) (257)       (257)  
Noncontrolling interest cash distributions declared (24)           (24)
Ending balance (in shares) at Mar. 31, 2025     577,000,000        
Ending balance at Mar. 31, 2025 $ 13,862 12,567 $ 58 12,377 (14) 146 1,295
Beginning balance (in shares) at Dec. 31, 2024 576,612,245   577,000,000        
Beginning balance at Dec. 31, 2024 $ 13,720 12,455 $ 58 12,368 (14) 43 1,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 1,264            
Other comprehensive income, net of tax $ 0            
Ending balance (in shares) at Sep. 30, 2025 577,665,555   578,000,000        
Ending balance at Sep. 30, 2025 $ 14,184 12,798 $ 58 12,414 (14) 340 1,386
Beginning balance (in shares) at Mar. 31, 2025     577,000,000        
Beginning balance at Mar. 31, 2025 13,862 12,567 $ 58 12,377 (14) 146 1,295
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 318 268       268 50
Stock Investment Plan and share-based benefit plans 16 16   16      
Noncontrolling interest cash distributions declared (25)           (25)
Ending balance (in shares) at Jun. 30, 2025     577,000,000        
Ending balance at Jun. 30, 2025 14,171 12,851 $ 58 12,393 (14) 414 1,320
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 532 441       441 91
Other comprehensive income, net of tax 0            
Stock Investment Plan and share-based benefit plans (in shares)     1,000,000        
Stock Investment Plan and share-based benefit plans 19 19   19      
Cash dividends declared on common stock (515) (515)       (515)  
Noncontrolling interest cash distributions declared (25)           (25)
Other $ 2 2   2      
Ending balance (in shares) at Sep. 30, 2025 577,665,555   578,000,000        
Ending balance at Sep. 30, 2025 $ 14,184 $ 12,798 $ 58 $ 12,414 $ (14) $ 340 $ 1,386
v3.25.3
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Dividends declared (in dollars per share)   $ 0.445   $ 0.425
O 2025 M7 Dividends        
Dividends declared (in dollars per share) $ 0.445      
O 2025 M9 Dividends        
Dividends declared (in dollars per share) $ 0.445      
O 2024 M7 Dividends        
Dividends declared (in dollars per share)     $ 0.425  
O 2024 M9 Dividends        
Dividends declared (in dollars per share)     $ 0.425  
v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,264 $ 831
Adjustments to reconcile net income to net cash from operating activities-    
Depreciation, amortization and impairments 1,270 1,197
Charges associated with changes in ARO (3) 207
Deferred income taxes and investment tax credits, net 222 224
Employee benefit costs, net 12 (7)
Transmission revenue collections, net 141 40
Changes in current assets and liabilities-    
Receivables (32) (197)
Materials and supplies (29) (24)
Prepaid taxes and other current assets (92) (77)
Accounts payable 79 87
Accrued taxes (135) (250)
Accrued interest 29 (21)
Accrued compensation and benefits 0 (174)
Other current liabilities (36) (68)
Collateral, net 3 97
Employee benefit plan funding and related payments (38) (44)
Other (91) 26
Net cash provided from operating activities 2,564 1,847
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital investments (3,539) (2,736)
Sales of investment securities held in trusts 89 104
Purchases of investment securities held in trusts (99) (114)
Asset removal costs (290) (212)
Other 34 (3)
Net cash used for investing activities (3,805) (2,961)
New financing-    
Long-term debt 5,925 1,200
Short-term borrowings, net 0 0
Redemptions and repayments-    
Long-term debt (2,179) (1,710)
Short-term borrowings, net (259) (700)
Proceeds from FET Equity Interest Sale 0 3,500
Noncontrolling interest cash distributions (74) (51)
Common stock dividend payments (759) (725)
Debt issuance and redemption costs, and other (136) (114)
Net cash provided from financing activities 2,518 1,400
Net change in cash, cash equivalents, and restricted cash 1,277 286
Cash, cash equivalents, and restricted cash at beginning of period 154 179
Cash, cash equivalents, and restricted cash at end of period 1,431 465
Significant non-cash transactions:    
Accrued capital investments 316 296
McElroy Run Transfer $ 99 $ 0
v3.25.3
JCP&L STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUES [1] $ 4,148 $ 3,729 $ 11,293 $ 10,296
OPERATING EXPENSES:        
Purchased power 1,341 1,086 3,382 2,999
Other operating expenses 976 1,099 3,005 3,275
Provision for depreciation 417 400 1,243 1,178
Amortization (deferral) of regulatory assets, net 89 (33) (20) (205)
General taxes 332 311 973 915
Total operating expenses 3,318 3,002 9,063 8,534
OPERATING INCOME 830 727 2,230 1,762
OTHER INCOME (EXPENSE):        
Miscellaneous income, net 41 53 118 156
Interest expense (312) (276) (899) (866)
Capitalized financing costs 51 35 131 94
Total other expense (220) (167) (674) (637)
INCOME BEFORE INCOME TAXES 610 560 1,556 1,125
INCOME TAXES 78 94 292 294
NET INCOME 532 466 1,264 831
COMPREHENSIVE INCOME 441 419 1,069 720
JERSEY CENTRAL POWER & LIGHT COMPANY        
REVENUES 864 765 2,022 1,788
OPERATING EXPENSES:        
Purchased power 451 384 1,052 898
Other operating expenses [2] 158 179 436 524
Provision for depreciation 66 62 196 185
Amortization (deferral) of regulatory assets, net 11 (25) (25) (98)
General taxes 6 5 18 16
Total operating expenses 692 605 1,677 1,525
OPERATING INCOME 172 160 345 263
OTHER INCOME (EXPENSE):        
Miscellaneous income, net 13 11 36 23
Capitalized financing costs 12 6 31 19
Total other expense (12) (10) (32) (47)
INCOME BEFORE INCOME TAXES 160 150 313 216
INCOME TAXES 41 41 79 58
NET INCOME 119 109 234 158
COMPREHENSIVE INCOME 119 109 234 158
JERSEY CENTRAL POWER & LIGHT COMPANY | Nonrelated Party        
OTHER INCOME (EXPENSE):        
Interest expense (34) (22) (93) (74)
JERSEY CENTRAL POWER & LIGHT COMPANY | Related Party        
REVENUES 0 0 1 1
OPERATING EXPENSES:        
Other operating expenses 27 39 86 96
OTHER INCOME (EXPENSE):        
Interest expense $ (3) $ (5) $ (6) $ (15)
[1] Includes excise and gross receipts tax collections of $126 million and $116 million during the three months ended September 30, 2025 and 2024, respectively, and $349 million and $329 million during the nine months ended September 30, 2025 and 2024, respectively.
[2] Includes affiliated operating expenses of $27 million and $39 million for the three months ended September 30, 2025 and 2024, respectively, and $86 million and $96 million for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
JCP&L STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Other operating expenses $ 976 $ 1,099 $ 3,005 $ 3,275
JERSEY CENTRAL POWER & LIGHT COMPANY        
Other operating expenses [1] 158 179 436 524
Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY        
Other operating expenses $ 27 $ 39 $ 86 $ 96
[1] Includes affiliated operating expenses of $27 million and $39 million for the three months ended September 30, 2025 and 2024, respectively, and $86 million and $96 million for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
JCP&L BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 1,404 $ 111
Receivables -    
Customers 1,574 1,585
Less — Allowance for uncollectible customer receivables 55 55
Receivables 1,519 1,530
Prepaid taxes and other 337 240
Total current assets 4,211 2,776
PROPERTY, PLANT AND EQUIPMENT:    
In service 54,973 52,896
Less — Accumulated provision for depreciation 15,011 14,548
Property, plant and equipment in service net of accumulated provision for depreciation 39,962 38,348
Construction work in progress 3,742 2,754
Total property, plant and equipment 43,704 41,102
INVESTMENTS AND OTHER NONCURRENT ASSETS:    
Goodwill 5,618 5,618
Investments 634 652
Regulatory assets 793 617
Other 924 1,279
Total investments and other noncurrent assets 7,969 8,166
TOTAL ASSETS 55,884 52,044
CURRENT LIABILITIES:    
Currently payable long-term debt 1,669 977
Short-term borrowings 291 550
Accounts payable 1,640 1,575
Accrued compensation and benefits 249 205
Customer deposits 246 233
Accrued taxes 731 727
Accrued interest 298 269
Other 253 216
Total current liabilities 5,634 4,997
NONCURRENT LIABILITIES:    
Long-term debt and other long-term obligations 25,510 22,496
Accumulated deferred income taxes, net 6,019 5,613
Retirement benefits 1,701 1,698
Other 1,865 2,525
Total noncurrent liabilities 36,066 33,327
Total noncurrent liabilities 36,066 33,327
TOTAL LIABILITIES 41,700 38,324
COMMON STOCKHOLDER'S EQUITY:    
Common stock, $10 par value, authorized 16,000,000 shares - 13,628,447 shares outstanding as of September 30, 2025 and December 31, 2024, respectively. 58 58
Other paid-in capital 12,414 12,368
Accumulated other comprehensive loss (14) (14)
Retained earnings 340 43
Total common stockholders’ equity 12,798 12,455
COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 10)
TOTAL LIABILITIES AND EQUITY 55,884 52,044
Customer    
Receivables -    
Customers 1,574 1,585
Less — Allowance for uncollectible customer receivables 55 55
Receivables 1,519 1,530
JERSEY CENTRAL POWER & LIGHT COMPANY    
CURRENT ASSETS:    
Cash and cash equivalents 708 0
Receivables -    
Customers 323 284
Less — Allowance for uncollectible customer receivables 6 6
Receivables 317 278
Notes receivable from associated companies 26 0
Prepaid taxes and other 60 29
Total current assets 1,187 379
PROPERTY, PLANT AND EQUIPMENT:    
In service 9,002 8,697
Less — Accumulated provision for depreciation 2,380 2,409
Property, plant and equipment in service net of accumulated provision for depreciation 6,622 6,288
Construction work in progress 838 620
Total property, plant and equipment 7,460 6,908
INVESTMENTS AND OTHER NONCURRENT ASSETS:    
Goodwill 1,811 1,811
Investments 292 282
Regulatory assets 410 265
Prepaid OPEB costs 227 215
Other 103 67
Total investments and other noncurrent assets 2,843 2,640
TOTAL ASSETS 11,490 9,927
CURRENT LIABILITIES:    
Currently payable long-term debt 652 1
Short-term borrowings 0 22
Accrued compensation and benefits 33 33
Customer deposits 34 34
Accrued taxes 23 21
Accrued interest 30 23
Other 32 34
Total current liabilities 1,014 345
NONCURRENT LIABILITIES:    
Long-term debt and other long-term obligations 3,025 2,339
Accumulated deferred income taxes, net 1,292 1,196
Nuclear fuel disposal costs 243 235
Retirement benefits 66 71
Other 754 764
Total noncurrent liabilities 5,380 4,605
Total noncurrent liabilities 5,380 4,605
TOTAL LIABILITIES 6,394 4,950
COMMON STOCKHOLDER'S EQUITY:    
Common stock, $10 par value, authorized 16,000,000 shares - 13,628,447 shares outstanding as of September 30, 2025 and December 31, 2024, respectively. 136 136
Other paid-in capital 3,528 3,523
Accumulated other comprehensive loss (4) (4)
Retained earnings 1,436 1,322
Total common stockholders’ equity 5,096 4,977
COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 10)
TOTAL LIABILITIES AND EQUITY 11,490 9,927
JERSEY CENTRAL POWER & LIGHT COMPANY | Related Party    
Receivables -    
Receivables 1 44
CURRENT LIABILITIES:    
Accounts payable 40 1
JERSEY CENTRAL POWER & LIGHT COMPANY | Nonrelated Party    
Receivables -    
Receivables 75 28
CURRENT LIABILITIES:    
Short-term borrowings 11 0
Accounts payable 159 176
JERSEY CENTRAL POWER & LIGHT COMPANY | Customer    
Receivables -    
Customers 323 284
Less — Allowance for uncollectible customer receivables 6 6
Receivables $ 317 $ 278
v3.25.3
JCP&L BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Common stockholders’ equity-    
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, authorized (in shares) 700,000,000 700,000,000
Common stock, outstanding (in shares) 577,665,555 576,612,245
JERSEY CENTRAL POWER & LIGHT COMPANY    
Common stockholders’ equity-    
Common stock, par value (in dollars per share) $ 10 $ 10
Common stock, authorized (in shares) 16,000,000 16,000,000
Common stock, outstanding (in shares) 13,628,447 13,628,447
v3.25.3
JCP&L STATEMENTS OF COMMON STOCKHOLDER’S EQUITY - USD ($)
$ in Millions
Total
Common Stock
Other Paid-In Capital
Retained Earnings
JERSEY CENTRAL POWER & LIGHT COMPANY
JERSEY CENTRAL POWER & LIGHT COMPANY
Common Stock
JERSEY CENTRAL POWER & LIGHT COMPANY
Other Paid-In Capital
JERSEY CENTRAL POWER & LIGHT COMPANY
AOCI
JERSEY CENTRAL POWER & LIGHT COMPANY
Retained Earnings
Beginning balance (in shares) at Dec. 31, 2023   574,000,000       13,628,447      
Beginning balance at Dec. 31, 2023         $ 4,132 $ 136 $ 2,777 $ (5) $ 1,224
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss)         (8)       (8)
Stock-based compensation [1]         2   2    
Equity contribution from parent         140   140    
Common stock dividends declared $ (244)   $ (88) $ (156)          
Ending balance (in shares) at Mar. 31, 2024   576,000,000       13,628,447      
Ending balance at Mar. 31, 2024         4,266 $ 136 2,919 (5) 1,216
Beginning balance (in shares) at Dec. 31, 2023   574,000,000       13,628,447      
Beginning balance at Dec. 31, 2023         4,132 $ 136 2,777 (5) 1,224
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 717       158        
Ending balance (in shares) at Sep. 30, 2024   576,000,000       13,628,447      
Ending balance at Sep. 30, 2024         5,035 $ 136 3,522 (5) 1,382
Beginning balance (in shares) at Mar. 31, 2024   576,000,000       13,628,447      
Beginning balance at Mar. 31, 2024         4,266 $ 136 2,919 (5) 1,216
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss)         57       57
Stock-based compensation [1]         1   1    
Equity contribution from parent         600   600    
Ending balance (in shares) at Jun. 30, 2024   576,000,000       13,628,447      
Ending balance at Jun. 30, 2024         4,924 $ 136 3,520 (5) 1,273
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 419       109       109
Stock-based compensation [1]         2   2    
Common stock dividends declared $ (490)   $ (53) (437)          
Ending balance (in shares) at Sep. 30, 2024   576,000,000       13,628,447      
Ending balance at Sep. 30, 2024         $ 5,035 $ 136 3,522 (5) 1,382
Beginning balance (in shares) at Dec. 31, 2024 576,612,245 577,000,000     13,628,447 13,628,447      
Beginning balance at Dec. 31, 2024 $ 12,455       $ 4,977 $ 136 3,523 (4) 1,322
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss)         49       49
Stock-based compensation [1]         2   2    
Common stock dividends declared $ (257)     (257) (30)       (30)
Ending balance (in shares) at Mar. 31, 2025   577,000,000       13,628,447      
Ending balance at Mar. 31, 2025         $ 4,998 $ 136 3,525 (4) 1,341
Beginning balance (in shares) at Dec. 31, 2024 576,612,245 577,000,000     13,628,447 13,628,447      
Beginning balance at Dec. 31, 2024 $ 12,455       $ 4,977 $ 136 3,523 (4) 1,322
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) $ 1,069       $ 234        
Ending balance (in shares) at Sep. 30, 2025 577,665,555 578,000,000     13,628,447 13,628,447      
Ending balance at Sep. 30, 2025 $ 12,798       $ 5,096 $ 136 3,528 (4) 1,436
Beginning balance (in shares) at Mar. 31, 2025   577,000,000       13,628,447      
Beginning balance at Mar. 31, 2025         4,998 $ 136 3,525 (4) 1,341
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss)         66       66
Stock-based compensation [1]         1   1    
Ending balance (in shares) at Jun. 30, 2025   577,000,000       13,628,447      
Ending balance at Jun. 30, 2025         5,065 $ 136 3,526 (4) 1,407
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 441       119       119
Stock-based compensation [1]         2   2    
Common stock dividends declared $ (515)     $ (515) $ (90)       (90)
Ending balance (in shares) at Sep. 30, 2025 577,665,555 578,000,000     13,628,447 13,628,447      
Ending balance at Sep. 30, 2025 $ 12,798       $ 5,096 $ 136 $ 3,528 $ (4) $ 1,436
[1] In the form of FE common equity granted to certain JCP&L employees.
v3.25.3
JCP&L STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 1,264 $ 831
Adjustments to reconcile net income to net cash from operating activities-    
Depreciation, amortization and impairments 1,270 1,197
Transmission revenue collections, net 141 40
Deferred income taxes and investment tax credits, net 222 224
Employee benefit costs, net 12 (7)
Changes in current assets and liabilities-    
Receivables (32) (197)
Prepaid taxes and other current assets (92) (77)
Accounts payable 79 87
Accrued taxes (135) (250)
Accrued interest 29 (21)
Accrued compensation and benefits 0 (174)
Other current liabilities (36) (68)
Collateral, net 3 97
Employee benefit plan funding and related payments (38) (44)
Other (91) 26
Net cash provided from operating activities 2,564 1,847
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital investments (3,539) (2,736)
Sales of investment securities held in trusts 89 104
Purchases of investment securities held in trusts (99) (114)
Asset removal costs (290) (212)
Other 34 (3)
Net cash used for investing activities (3,805) (2,961)
New financing-    
Long-term debt 5,925 1,200
Short-term borrowings, net 0 0
Redemptions and repayments-    
Long-term debt (2,179) (1,710)
Short-term borrowings, net (259) (700)
Common stock dividend payments (759) (725)
Debt issuance costs and other (136) (114)
Net cash provided from financing activities 2,518 1,400
Net change in cash, cash equivalents, and restricted cash 1,277 286
Cash, cash equivalents, and restricted cash at beginning of period 154 179
Cash, cash equivalents, and restricted cash at end of period 1,431 465
Significant non-cash transactions    
Accrued capital investments 316 296
JERSEY CENTRAL POWER & LIGHT COMPANY    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income 234 158
Adjustments to reconcile net income to net cash from operating activities-    
Depreciation, amortization and impairments 171 144
Transmission revenue collections, net 19 12
Deferred income taxes and investment tax credits, net 85 148
Spent nuclear fuel disposal trust income 10 9
New Jersey temporary rate credits, net (50) 0
Employee benefit costs, net (17) (19)
Changes in current assets and liabilities-    
Receivables (43) (22)
Prepaid taxes and other current assets (28) (14)
Accounts payable 17 28
Accrued taxes 2 1
Accrued interest 7 (9)
Accrued compensation and benefits (3) (11)
Other current liabilities (8) (12)
Collateral, net 5 28
Employee benefit plan funding and related payments 0 (7)
Other (20) (7)
Net cash provided from operating activities 381 427
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital investments (782) (599)
Loans with affiliated companies, net (26) 0
Sales of investment securities held in trusts 89 104
Purchases of investment securities held in trusts (99) (114)
Asset removal costs (58) (39)
Other (1) 0
Net cash used for investing activities (877) (648)
New financing-    
Long-term debt 1,350 0
Redemptions and repayments-    
Long-term debt 0 (500)
Equity contribution from parent 0 740
Common stock dividend payments (120) 0
Debt issuance costs and other (15) (2)
Net cash provided from financing activities 1,204 221
Net change in cash, cash equivalents, and restricted cash 708 0
Cash, cash equivalents, and restricted cash at beginning of period 0 0
Cash, cash equivalents, and restricted cash at end of period 708 0
Significant non-cash transactions    
Accrued capital investments 87 66
JERSEY CENTRAL POWER & LIGHT COMPANY | Related Party    
New financing-    
Short-term borrowings, net 0 108
Redemptions and repayments-    
Short-term borrowings, net (22) 0
JERSEY CENTRAL POWER & LIGHT COMPANY | Nonrelated Party    
New financing-    
Short-term borrowings, net 11 0
Redemptions and repayments-    
Short-term borrowings, net $ 0 $ (125)
v3.25.3
ORGANIZATION AND BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION
Defined terms and abbreviations used herein have the meanings set forth in the accompanying Glossary of Terms. Unless otherwise indicated, the disclosures in these notes apply to each of the Registrants. For clarification purposes, disclosures made herein on behalf of FirstEnergy should be read to be made on behalf of JCP&L unless expressly stated otherwise.

FirstEnergy

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: OE, CEI, TE, FE PA, JCP&L, FESC, MP, AGC, PE and KATCo. Additionally, FET is a VIE of FE, and is the parent company of ATSI, MAIT, PATH and TrAIL. FirstEnergy continues to evaluate the legal, financial, operational and branding benefits of consolidating the Ohio Companies into a single Ohio power company.

FE and its subsidiaries are principally involved in the transmission, distribution and generation of electricity. FirstEnergy’s electric operating companies comprise one of the nation’s largest investor-owned electric systems, serving over 6 million customers in the Midwest and Mid-Atlantic regions. FirstEnergy’s transmission operations include more than 24,000 miles of lines and two regional transmission operation centers. As of September 30, 2025, AGC and MP control 3,610 MWs of net maximum generation capacity.
In addition, FE holds all of the outstanding equity of other direct subsidiaries including FEV, which previously held 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 July 16, 2025, FEV sold its entire 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations, at book value to WMB Marketing Ventures, LLC and Pinesdale LLC for $47.5 million.
FESC provides legal, financial and other corporate support services at cost, in accordance with its cost allocation manual, to affiliated FirstEnergy companies. FE does not bill directly or allocate any of its costs to any subsidiary company. Costs are charged to FE's subsidiaries for services received from FESC either through direct billing or through an allocation process. Allocated costs are for services that are provided on behalf of more than one company and are allocated using formulas developed by FESC and are generally settled under commercial terms within thirty days.
On July 26, 2024, FE, VEPCO and Transource Energy, LLC, a subsidiary of AEP, entered into a joint proposal agreement in connection with PJM’s 2024 Regional Transmission Expansion Plan Open Window 1 process. Pursuant to such joint proposal agreement, FET, VEPCO and Transource Energy, LLC jointly proposed certain regional electric transmission projects for PJM's consideration during the Open Window process. On November 25, 2024, FET, Dominion High Voltage MidAtlantic, Inc., an affiliate of VEPCO, and Transource Energy, LLC, formed Valley Link, which is the holding company responsible for managing and executing any projects awarded by PJM, and entered into a limited liability agreement. On February 26, 2025, PJM selected certain of the joint proposed projects, which included approximately $3 billion in investments for Valley Link to both build new and upgrade existing transmission infrastructure. On May 13, 2025, FERC issued an initial order that, among other things, accepted the requested abandonment rate incentive, CWIP rate incentive, RTO participation adder incentive, and precommercial regulatory asset rate incentive, and allowed the formula rate to go into effect on May 14, 2025, as requested, subject to refund, pending further settlement and hearing proceedings. An initial settlement conference was held on June 26, 2025, and a procedural schedule for the initial phase of the settlement process was agreed upon. The capital structure incentive and the other open rate design matters are being addressed in confidential settlement negotiations.
JCP&L

JCP&L owns property and does business as an electric public utility in New Jersey, providing distribution services to approximately 1.2 million customers, as well as transmission services in northern, western, and east central New Jersey. JCP&L serves an area that has a population of approximately 2.8 million. JCP&L plans, operates, and maintains its transmission system in accordance with NERC reliability standards, and other applicable regulatory requirements. In addition, JCP&L complies with the regulations, orders, policies and practices prescribed by FERC and the NJBPU.

Basis of Presentation

The Registrants follow GAAP and comply with the related regulations, orders, policies and practices prescribed by the SEC, FERC, and, as applicable, the PUCO, the PPUC, the MDPSC, the NYPSC, the WVPSC, the VSCC and the NJBPU. The accompanying interim financial statements as of September 30, 2025, and the three and nine months ended September 30, 2025 and 2024, respectively, are unaudited, but reflect all adjustments, consisting of normal recurring adjustments, that, in the opinion of management, are necessary for a fair statement of the financial statements. The balance sheets, as of December 31, 2024, were derived from audited financial statements. The preparation of financial statements in conformity with GAAP requires management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The reported results of operations are not necessarily indicative of results of operations for any future period.
These interim financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with FirstEnergy’s audited financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025, and JCP&L’s Form S-4 filed with the SEC on April 1, 2025.

The Registrants consolidate all majority-owned subsidiaries over which they exercise control and, when applicable, entities for which they have a controlling financial interest. Intercompany transactions and balances are eliminated in consolidation as appropriate and permitted pursuant to GAAP. The Registrants consolidate a variable interest entity when it is determined that it is the primary beneficiary. Investments in affiliates over which the Registrants have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an investment on the Balance Sheets and the percentage of ownership share of the entity’s earnings is reported in the Statements of Income.

During the second quarter of 2025, the Registrants identified certain corporate support operating expenses recognized in 2024 that should have been capitalized as CWIP or property, plant and equipment. As a result, in the second quarter of 2025, FirstEnergy recognized a $21 million ($4 million at JCP&L) net increase to income before income taxes. This adjustment was immaterial to the Registrants’ 2025 and prior period financial statements.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Economic Conditions

While supply lead times have not fully returned to pre-pandemic levels, FirstEnergy continues to monitor the situation in light of demand increases across the industry, including due to data center usage, and the imposition of tariffs by the U.S. government and retaliatory tariffs that have been, and may be, imposed in response. FirstEnergy continues to implement mitigation strategies to address supply constraints and does not expect any corresponding service disruptions or any material impact on its capital investment plan. However, the situation remains fluid and a prolonged continuation or further increase in demand, or the continuation of uncertain or adverse macroeconomic conditions, including inflationary pressures and new or increased existing tariffs, could lead to an increase in supply chain disruptions that could, in turn, have an adverse effect on the Registrants’ results of operations, cash flow and financial condition.

The U.S. presidential administration has imposed widespread and substantial tariffs on imports, with additional tariffs to potentially be adopted in the future. The imposition of these or any other new or increased tariffs or resultant trade wars, and uncertainties associated with the same, could have an adverse effect on the Registrants’ results of operations, cash flow and financial condition.
Capitalized Financing Costs
FirstEnergy - For the three months ended September 30, 2025 and 2024, capitalized financing costs on FirstEnergy’s Consolidated Statements of Income include $30 million and $16 million, respectively, of allowance for equity funds used during construction and $21 million and $19 million, respectively, of capitalized interest.
For the nine months ended September 30, 2025 and 2024, capitalized financing costs on FirstEnergy’s Consolidated Statements of Income include $76 million and $42 million, respectively, of allowance for equity funds used during construction and $55 million and $52 million, respectively, of capitalized interest.
JCP&L - For the three months ended September 30, 2025 and 2024, capitalized financing costs on JCP&L’s Statements of Income and Comprehensive Income include $8 million and $1 million, respectively, of allowance for equity funds used during construction and $4 million and $5 million, respectively, of capitalized interest.
For the nine months ended September 30, 2025 and 2024, capitalized financing costs on JCP&L’s Statements of Income and Comprehensive Income include $21 million and $3 million, respectively, of allowance for equity funds used during construction and $10 million and $16 million, respectively, of capitalized interest.

Reorganization

On March 24, 2025, FirstEnergy internally announced organizational changes to FirstEnergy employees. These organizational changes are intended to align FirstEnergy’s organization with its new business model, which is designed to make FE more efficient and sustainable while placing responsibility and accountability closer to customers, employees and regulators. The changes are also consistent with FirstEnergy’s focus on operations and maintenance expense discipline. These organizational changes resulted in approximately two hundred employees being reassigned and FirstEnergy reducing its workforce by less than three percent. As a result, FirstEnergy recognized a pre-tax charge of approximately $26 million ($5 million at JCP&L) during the first quarter of 2025, which is included within “Other operating expenses” on each of the Registrant’s Statements of Income and Comprehensive Income.
FET Noncontrolling Interest

FirstEnergy presents Brookfield’s 49.9% total ownership portion of FET’s net income and net assets as NCI. NCI is included as a component of equity on FirstEnergy’s Consolidated Balance Sheets.
Equity Method Investments

Investments over which the Registrants have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported in “Investments” on the Balance Sheets. The percentage of ownership share of the entity’s earnings is reported in the FirstEnergy Statement of Income and reflected in “Other income (expense)”.
Equity method investments, which are included within "Investments" on the FirstEnergy Consolidated Balance Sheets, were approximately $38 million and $84 million as of September 30, 2025, and December 31, 2024, respectively. JCP&L did not have any equity method investments as of September 30, 2025, or December 31, 2024.

Global Holding - On July 16, 2025, FEV sold its entire 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations, at book value to WMB Marketing Ventures, LLC and Pinesdale LLC for $47.5 million, which is classified within cash flows from investing activities - other of FirstEnergy’s Consolidated Statements of Cash Flows.
In previous periods, FEV was not the primary beneficiary of the joint venture, as it did not have control over the significant activities affecting the joint venture’s economic performance. FEV's ownership interest was subject to the equity method of accounting. For the three and nine months ended September 30, 2024, pre-tax income related to FEV’s ownership in Global Holding was $21 million and $63 million, respectively. FEV’s pre-tax equity earnings and investment in Global Holding are included in Corporate/Other for segment reporting. As of December 31, 2024, the carrying value of the equity method investment was $45 million. During the nine months ended September 30, 2024, FEV received cash dividends from Global Holding of $60 million which were classified within “Cash from Operating Activities” on FirstEnergy’s Consolidated Statements of Cash Flows. FEV did not receive any cash dividends from Global Holding in 2025.
Valley Link - On November 25, 2024, FET, Dominion High Voltage MidAtlantic, Inc., an affiliate of VEPCO, and Transource Energy, LLC, formed Valley Link, which is the holding company responsible for managing and executing any projects awarded by PJM, and entered into a limited liability agreement. On February 21, 2025, FET, Dominion HV and Transource entered into the Valley Link LLCA, which amended and restated a provisional operating agreement among the members entered into in November 2024. The Valley Link LLCA establishes the general framework for managing Valley Link, which was formed by FET, Dominion HV, and Transource to accept, design, develop, construct, own, operate and finance the transmission projects awarded by PJM to Valley Link on February 26, 2025, in response to the PJM 2024 Regional Transmission Expansion Plan Long-Term Proposal Window #1. This general framework includes the relationship among the members, confers governance rights to its members so long as certain ownership percentages are maintained, as described below, and defines the list of projects that Valley Link will have the right to develop. Valley Link is the owner of the Valley Link Subsidiaries, which are organized in various states. The Valley Link Subsidiaries comprise the entities that are expected to develop, construct, own, operate and maintain the transmission projects awarded by PJM. As of February 21, 2025, the relative ownership interests of the members are FET (34%), Dominion HV (30%), and Transource (36%), and Valley Link will not be consolidated with FET for financial or tax reporting purposes and expects to be accounted for under equity method accounting. As of September 30, 2025, and December 31, 2024, there were no investment balances recorded on FirstEnergy’s Consolidated Balance Sheets.

On February 26, 2025, PJM awarded two electric transmission projects to Valley Link, including the construction of: (i) approximately 260 miles of 765-kV transmission line and two substations between Putnam County, West Virginia and Frederick County, Maryland; (ii) approximately 155 miles of 765-kV transmission line and a substation between Campbell County, Virginia and Fauquier County, Virginia; and (iii) a new substation in Caroline County, Virginia. The total cost of these projects is estimated to be approximately $3 billion with FET’s estimated share will be approximately $1 billion.
PATH-WV - PATH, a proposed transmission line from West Virginia through Virginia into Maryland, which PJM cancelled in 2012, is a series limited liability company that is comprised of multiple series, each of which has separate rights, powers and duties regarding specified property and the series profits and losses associated with such property. A subsidiary of FE owns 100% of the Allegheny Series (PATH-Allegheny) and 50% of the West Virginia Series (PATH-WV), which is a joint venture with a subsidiary of AEP. FirstEnergy is not the primary beneficiary of PATH-WV, as it does not have control over the significant activities affecting the economics of PATH-WV. FirstEnergy's ownership interest in PATH-WV is subject to the equity method of accounting. As of September 30, 2025, and December 31, 2024, the carrying value of the equity method investment was $17 million, which is expected to be recovered through a distribution.
In March 2024, PATH completed the process of terminating all of its FERC-jurisdictional rates and facilities, with the result that PATH no longer is a “public utility” and no longer is subject to FERC jurisdiction. FirstEnergy and its non-affiliated joint venture partner are completing the process of terminating the PATH corporate entities.
Goodwill

The Registrants evaluate goodwill for impairment annually on July 31 and more frequently if indicators of impairment arise. For 2025, the Registrants performed a qualitative assessment of their reporting units' goodwill, assessing economic, industry and market considerations in addition to the reporting units' overall financial performance. Key factors used in the assessment included: growth rates, interest rates, expected capital investments, utility sector market performance, regulatory and legal developments, and other market considerations. It was determined that the fair values of these reporting units were, more likely than not, greater than their carrying values and a quantitative analysis was not necessary.

FirstEnergy's reporting units are consistent with its reportable segments and consist of Distribution, Integrated and Stand-Alone Transmission. The following table presents goodwill by reporting unit as of September 30, 2025:
(In millions)Distribution SegmentIntegrated SegmentStand-Alone Transmission SegmentFirstEnergy Consolidated
Goodwill$3,222 $1,953 $443 $5,618 

JCP&L’s reporting units are consistent with its reportable segments and consist of Distribution and Transmission. The following table presents goodwill by reporting unit as of September 30, 2025:
(In millions)Distribution SegmentTransmission SegmentJCP&L Consolidated
Goodwill$1,213 $598 $1,811 
New Accounting Pronouncements

Recently Issued Pronouncements - The following new authoritative accounting guidance issued by the FASB has not yet been adopted. Unless otherwise indicated, the Registrants’ management is currently assessing the impact such guidance may have on their financial statements and disclosures, as well as the potential to early adopt where applicable. Management has assessed other FASB issuances of new standards not described below based upon the current expectation that such new standards will not significantly impact the Registrants’ financial statements.

ASU 2023-09, "Income taxes (Topic 280): Improvements to Income Tax Disclosures" (Issued in December 2023): ASU 2023-09 enhances disclosures primarily related to existing rate reconciliation and income taxes paid information to help investors better assess how a company’s operations and related tax risks and tax planning and operational opportunities affect the tax rate and prospects for future cash flows. Disclosure requirements include a tabular reconciliation using both percentages and amounts, separated out into specific categories with certain reconciling items at or above 5% of the statutory tax as well as by nature and/or jurisdiction. In addition, entities will be required to disclose income taxes paid (net of refunds received), broken out between federal, state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes are paid to such jurisdiction. For the Registrants’, the guidance will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments within ASU 2023-09 are to be applied on a prospective basis, with retrospective application permitted.

ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)" (Issued in November 2024 and subsequently updated within ASU 2025-01): ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for the Registrants for the first annual reporting period beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance is permitted to be applied prospectively, and comparative disclosures are not required for reporting periods beginning before the effective date. Entities can elect to apply the new standard retrospectively to any or all prior periods presented in the financial statements.

ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (Issued in September 2025): ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed; an entity is required to consider whether there is significant uncertainty associated with the development activities of the software. ASU 2025-06 is effective for the Registrants beginning with the annual reporting period after December 15, 2027, and interim reporting periods
within those annual reporting periods. The guidance is permitted to be applied using a prospective, retrospective or modified transition approach. Early adoption is permitted.
v3.25.3
REVENUE
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The disclosures in this note apply to both Registrants, unless indicated otherwise.

The following represents a disaggregation of FirstEnergy’s revenue from contracts with customers for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, Nine Months Ended September 30,
2025202420252024
(In millions)
 Distribution
Retail generation and distribution services:
Residential $1,333 $1,222 $3,685 $3,460 
Commercial 450 395 1,274 1,153 
Industrial 170 138 484 437 
Other 18 18 55 56 
Wholesale 6 2 10 4 
Other revenue from contracts with customers23 2360 63
Total revenues from contracts with customers2,000 1,798 5,568 5,173 
Other revenue unrelated to contracts with customers20 1963 59
Total Distribution$2,020 $1,817 $5,631 $5,232 
Integrated
Retail generation and distribution services:
Residential$880 $802 $2,186 $1,954 
Commercial356 335 981 863 
Industrial158 151 461 436 
Other8 8 26 22 
Wholesale129 50 254 118 
Transmission 109 86320 283
Other revenue from contracts with customers2 5 7 18 
Total revenues from contracts with customers1,642 1,437 4,235 3,694 
Other revenue unrelated to contracts with customers11 1528 31
Total Integrated $1,653 $1,452 $4,263 $3,725 
Stand-Alone Transmission
ATSI $273 $262 $791 $766 
TrAIL 66 68 197 206 
MAIT 121 116 365 330 
KATCo23 24 67 67 
Other — — — (2)
Total revenues from contracts with customers483 470 1,420 1,367 
Other revenue unrelated to contracts with customers5 5 15 14 
Total Stand-Alone Transmission $488 $475 $1,435 $1,381 
Corporate/Other, Eliminations and Reconciling Adjustments (1)
Wholesale$4 $2 $12 $6 
Eliminations and reconciling adjustments (17)(17)(48)(48)
Total Corporate/Other, Eliminations and Reconciling Adjustments$(13)$(15)$(36)$(42)
FirstEnergy Total Revenues $4,148 $3,729 $11,293 $10,296 
(1) Includes eliminations and reconciling adjustments of inter-segment revenues.
The following table represents a disaggregation of JCP&L’s revenue from contracts with customers for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, Nine Months Ended September 30,
2025202420252024
(In millions)
 Distribution
Retail generation and distribution services:
Residential $606 $533 $1,318 $1,168 
Commercial 204 183 554 473 
Industrial 19 18 57 52 
Other
6 6 17 15 
Wholesale 2 2 3 4 
Other revenue from contracts with customers3 4 10 14 
Total revenues from contracts with customers840 746 1,959 1,726 
Other revenue unrelated to contracts with customers1 1 3 2 
Total Distribution Segment Revenue $841 $747 $1,962 $1,728 
Transmission
Total Transmission Segment Revenue $67 $57 $191 $175 
 Reconciling Adjustments(1)
Retail generation and distribution services$(44)$(39)$(131)$(115)
JCP&L Total Revenues $864 $765 $2,022 $1,788 
(1) Includes eliminations and reconciling adjustments of inter-segment revenues.
Customer Receivables

Receivables from contracts with customers include distribution services and retail generation sales to residential, commercial and industrial customers. Billed and unbilled customer receivables as of September 30, 2025, and December 31, 2024, are included below:


Customer Receivables - FirstEnergy September 30, 2025December 31, 2024
 (In millions)
Billed$950 $867 
Unbilled624 718 
1,574 1,585 
Less: Uncollectible Reserve 55 55 
Total FirstEnergy Customer Receivables $1,519 $1,530 

Customer Receivables - JCP&L September 30, 2025December 31, 2024
 (In millions)
Billed$197 $166 
Unbilled126 118 
323 284 
Less: Uncollectible Reserve 6 6 
Total JCP&L Customer Receivables $317 $278 
The allowance for uncollectible customer receivables is based on historical loss information comprised of a rolling 36-month average net write-off percentage of revenues, in conjunction with a qualitative assessment of elements that impact the
collectability of receivables to determine if allowances for uncollectible customer receivables should be further adjusted in accordance with the accounting guidance for credit losses.

The Registrants review allowance for uncollectible customer receivables utilizing a quantitative and qualitative assessment. Management contemplates available current information such as changes in economic factors, regulatory matters, industry trends, customer credit factors, amount of receivable balances that are past-due, payment options and programs available to customers, and the methods that the Electric Companies are able to utilize to ensure payment. The Registrants’ uncollectible risk on PJM receivables, resulting from transmission and wholesale sales, is minimal due to the nature of PJM’s settlement process and as a result there is no current allowance for doubtful accounts.

Activity in the allowance for uncollectible accounts on customer receivables for the nine months ended September 30, 2025, and for the year ended December 31, 2024 are as follows:
FirstEnergy JCP&L
(In millions)
Balance, January 1, 2024
$64 $9 
Provision for expected credit losses(1)(2)
73 5 
Charged to other accounts(3)
39 4 
Write-offs(121)(12)
Balance, December 31, 2024
$55 $6 
Provision for expected credit losses(1)(2)
64 6 
Charged to other accounts(3)
28 2 
Write-offs(92)(8)
Balance, September 30, 2025
$55 $6 
(1) Approximately $25 million and $17 million of which was deferred for future recovery for FirstEnergy in the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively.
(2) Approximately $6 million and $5 million of which was deferred for future recovery for JCP&L in the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively.
(3) Represents recoveries and reinstatements of accounts written off for uncollectible accounts.
v3.25.3
EARNINGS PER SHARE OF COMMON STOCK
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE OF COMMON STOCK EARNINGS PER SHARE OF COMMON STOCK
The disclosures in this note apply to FirstEnergy only.

EPS is calculated by dividing earnings attributable to FE by the weighted average number of common shares outstanding.

Basic EPS is computed using the weighted average number of common shares outstanding during the relevant period as the denominator. The denominator for diluted EPS of common stock reflects the weighted average of common shares outstanding plus the potential additional common shares that could result if dilutive securities and other agreements to issue common stock were exercised.

Diluted EPS reflects the dilutive effect of potential common shares from share-based awards and convertible securities. The dilutive effect of outstanding share-based awards was computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of the award would be used to purchase common stock at the average market price for the period. The dilutive effect of the 2026 Convertible Notes, 2029 Convertible Notes and the 2031 Convertible Notes are computed using the if-converted method.
The following table reconciles basic and diluted EPS attributable to FE:

For the Three Months Ended September 30,For the Nine Months Ended September 30,
Reconciliation of Basic and Diluted EPS2025202420252024
(In millions, except per share amounts)
Earnings Attributable to FE$441 $419 $1,069 $717 
Share count information:
Weighted average number of basic shares outstanding577 576 577 575 
Assumed exercise of dilutive share-based awards1 1 1 1 
Weighted average number of diluted shares outstanding578 577 578 576 
EPS Attributable to FE:
Basic EPS $0.76 $0.73 $1.85 $1.25 
Diluted EPS $0.76 $0.73 $1.85 $1.24 

For the three and nine months ended September 30, 2025 and 2024, no shares from awards were excluded from the calculation of diluted shares outstanding, as their inclusion would have been antidilutive.

The dilutive effect of the convertible notes is limited to the conversion obligation in excess of the aggregate principal amount of the convertible notes being converted. For the three and nine months ended September 30, 2025 and 2024, there was no dilutive effect resulting from the outstanding convertible notes as the average market price of FE shares of common stock was below the respective conversion prices, which as of September 30, 2025, were $46.48 per share for the 2026 Convertible Notes and $47.78 per share for the 2029 and 2031 Convertible Notes. See Note 6, "Fair Value Measurements," of the Combined Notes to Financial Statements of the Registrants for additional information on the convertible notes.
v3.25.3
PENSION AND OTHER POST-EMPLOYMENT BENEFITS
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
PENSION AND OTHER POST-EMPLOYMENT BENEFITS PENSION AND OTHER POST-EMPLOYMENT BENEFITS
The disclosures in this note apply to both Registrants, unless indicated otherwise.
FirstEnergy provides qualified benefit plans, through the FirstEnergy Master Pension Plan and the FirstEnergy Welfare Plan that cover substantially all employees and non-qualified defined benefit plans that cover certain employees, including employees of JCP&L. FirstEnergy’s pension and OPEB plans are neither multiemployer nor multiple-employer plans.
The Registrants recognize a pension and OPEB mark-to-market adjustment for the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is determined to qualify for remeasurement.
FirstEnergy does not currently expect to have a required contribution to the pension plan until 2027, which, based on various assumptions, including an expected rate of return on assets of 8.5% for 2025, is expected to be approximately $300 million. However, FirstEnergy may elect to contribute to the pension plan voluntarily. JCP&L is not expected to make a contribution.
In January 2025, FirstEnergy executed a lift-out transaction with MetLife, which transferred approximately $640 million of plan assets and $652 million of plan obligations, associated with approximately 2,000 former competitive generation employees, who will assume future and full responsibility to fund and administer their benefit payments. There was no change to the pension benefits for any participant as a result of the transfer, and the transaction was funded by pension plan assets. FirstEnergy believes that this lift-out transaction, in addition to the lift-out in 2023, further de-risked potential volatility with the pension plan assets and liabilities, and will continue to evaluate other lift-outs in the future based on market and other conditions. Due to the timing of the lift-out transaction and its proximity to the 2024 annual remeasurement, FirstEnergy elected a practical expedient and did not remeasure pension plan assets and obligations when the lift-out occurred in January 2025.
FirstEnergy cash flows from operating activities for the nine months ended September 30, 2025 and 2024, includes approximately $38 million and $44 million, respectively, of employee benefit plan funding and related payments. These payments are primarily related to short-term benefit payment liabilities owed to retirees under plan obligations in the respective periods.
Service costs, net of capitalization, are reported within “Other operating expenses” on the Registrants’ Statements of Income and Comprehensive Income. Non-service costs, other than the pension and OPEB mark-to-market adjustment, which is separately shown, are reported within “Miscellaneous income, net”, within “Other income (expense)” on the Registrants’ Statements of Income and Comprehensive Income.
The components of FirstEnergy’s net periodic benefit costs (credits) for pension and OPEB were as follows:
FirstEnergy Components of Net Periodic Benefit Costs (Credits)PensionOPEB
For the Three Months Ended September 30,2025202420252024
 (In millions)
Service costs $33 $35 $1 $1 
Interest costs 93 99 5 5 
Expected return on plan assets(115)(132)(9)(9)
Amortization of prior service costs (credits)1 — (1)— 
Net periodic benefit costs (credits)$12 $2 $(4)$(3)
Net periodic benefit credits, net of amounts capitalized $(6)$(15)$(4)$(4)
Components of Net Periodic Benefit Costs (Credits)PensionOPEB
For the Nine Months Ended September 30, 2025202420252024
 (In millions)
Service costs$98 $105 $2 $2 
Interest costs280 298 15 15 
Expected return on plan assets(345)(397)(28)(26)
Amortization of prior service costs (credit)1 1 (1)(1)
Net periodic benefit costs (credits)$34 $7 $(12)$(10)
Net periodic benefit credits, net of amounts capitalized$(19)$(45)$(13)$(11)
JCP&L

JCP&L recognizes its allocated portion of the expected cost of providing pension and OPEB to employees and their beneficiaries and covered dependents from the time employees are hired until they become eligible to receive those benefits. JCP&L also recognizes its allocated portion of obligations to former or inactive employees after employment, but before retirement, for disability-related benefits.

JCP&L cash flows from operating activities for the nine months ended September 30, 2024, includes approximately $7 million of employee benefit plan funding and related payments. These payments are primarily related to short-term benefit payment liabilities owed to retirees under plan obligations in the respective periods.

JCP&L’s net periodic benefit costs (credits) for pension and OPEB were as follows:
PensionOPEB
(In millions)2025202420252024
For the Three Months Ended September 30,
JCP&L's share of net periodic benefit credits (1)
$(1)$(1)$(4)$(3)
Allocated net periodic benefit costs from affiliates (1) (2)
$2 $2 $— $— 
For the Nine Months Ended September 30,
JCP&L's share of net periodic benefit credits(1)
$(3)$(4)$(11)$(10)
Allocated net periodic benefit costs from affiliates(1) (2)
$7 $6 $— $— 
(1) Includes amounts capitalized.
(2) In addition to the net periodic benefit costs for its current and former employees and retirees, JCP&L is also allocated pension and OPEB net periodic benefit costs and credits from its affiliates, primarily FESC.
v3.25.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The disclosures in this note apply to both Registrants, unless indicated otherwise.

The Registrants’ interim effective income tax rates reflect the estimated annual effective income tax rates for 2025 and 2024. These tax rates are affected by estimated annual permanent items, such as AFUDC equity and other flow-through items, as well as certain discrete items.
The following table reconciles the FirstEnergy effective income tax rate to the federal income tax statutory rate for the three and nine months ended September 30, 2025 and 2024:
FirstEnergyFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
(In millions)
Income before income taxes$610 $560 $1,556 $1,125 
Federal income tax expense at the 21% statutory rate$128 $118 $327 $236 
Increases (reductions) in tax expense resulting from:
State and municipal income taxes, net of federal tax benefit34 33 90 76 
AFUDC equity and other flow-through(15)(6)(34)(19)
Deductions associated with certain equity method investments— (14)— (14)
Tax related to FE’s equity interest earnings from FET4 4 12 13 
Excess deferred tax amortization(8)(13)(33)(40)
Nondeductible SEC and OAG settlements— — — 27 
Remeasurement of excess deferred income taxes(70)(21)(70)(21)
Valuation allowances — (3)— 33 
Other, net5 (4)— 3 
Total income taxes$78 $94 $292 $294 
Effective income tax rate12.8 %16.8 %18.8 %26.1 %

The following table reconciles the JCP&L effective income tax rate to the federal income tax statutory rate for the three and nine months ended September 30, 2025 and 2024:
JCP&LFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
(In millions)
Income before income taxes$160 $150 $313 $216 
Federal income tax expense at the 21% statutory rate$34 $32 $66 $45 
Increases (reductions) in tax expense resulting from:
State income taxes, net of federal tax benefit11 11 22 15 
AFUDC equity and other flow-through(2)— (5)— 
Excess deferred tax amortization(1)(1)(3)(4)
Other, net(1)(1)(1)2 
Total income taxes$41 $41 $79 $58 
Effective income tax rate25.6 %27.3 %25.2 %26.9 %

As a result of several IRS private letter rulings issued during 2024 to another taxpayer, FERC recently issued orders to a non-affiliate that concluded that certain NOL carryforward deferred tax assets, as computed on a separate return basis, should be included in rate base for ratemaking purposes. FirstEnergy determined in the third quarter of 2025 that these rulings and orders also would apply to certain of its subsidiaries, resulting in a benefit from a reduction in regulatory liabilities, reflected in the table above as the remeasurement of excess deferred income taxes, and an increase in accumulated deferred income tax assets for ratemaking purposes, which will increase overall rate base. FirstEnergy is in the process of making the appropriate updates in its annual formula rates for the impacted subsidiaries.

On July 4, 2025, President Trump signed into law the OBBBA, which, among other things, makes permanent certain corporate tax incentives that were set to expire in the TCJA, and terminates tax credits for most wind and solar projects placed in service after 2027. Because many of the provisions of the TCJA will be continued under the OBBBA, and as FirstEnergy is not materially impacted by tax incentives associated with wind and solar projects, FirstEnergy does not expect to be materially impacted by the OBBBA.

On September 30, 2025, the IRS issued additional guidance on the corporate AMT. FirstEnergy is assessing this additional guidance and while it continues to believe, more likely than not, it will be subject to corporate AMT, the additional guidance provides certain adjustments to regulated utilities in calculating corporate AMT, which may reduce FirstEnergy’s AMT estimates. Additionally, the future issuance of the U.S. Treasury’s revised proposed AMT regulations and, ultimately, the final AMT
regulations, as well as additional future federal tax legislation or presidential executive orders, could significantly change FirstEnergy’s AMT estimates or its conclusions as to whether it is an AMT payer. JCP&L is party to an intercompany income tax allocation agreement with FirstEnergy and, accordingly, may be allocated a share of any corporate AMT paid by the FirstEnergy consolidated tax group. Any adverse developments concerning corporate AMT liability, including guidance from the U.S. Treasury and/or the IRS or unfavorable regulatory treatment by FERC and/or applicable state regulatory authorities, could negatively impact FirstEnergy’s cash flows, results of operations and financial condition.

On March 25, 2024, FirstEnergy closed on the FET Equity Interest Sale realizing an approximate $7 billion tax gain from the combined sale of 49.9% of the equity interests of FET for consideration received and recapture of negative tax basis in FET. As of December 31, 2023, FirstEnergy had approximately $8.1 billion of gross federal NOL carryforwards available to offset a majority of the tax gain and taxable income in 2024. Due to certain limitations on NOL utilization enacted in the TCJA, approximately $1.7 billion NOL is carrying forward into 2025 and possibly beyond. In the first quarter of 2024, FirstEnergy recognized a net tax charge of approximately $46 million, comprised of updates to estimated deferred tax liability for the deferred gain from the 19.9% FET equity interest sale in May 2022, deferred tax liability related to its ongoing investment in FET, and valuation allowance associated with the expected utilization of certain state NOL carryforwards impacted by the sale and the PA Consolidation, and recognized a reduction to OPIC of approximately $803 million for federal and state income tax associated with the tax gain from closing on the FET Equity Interest Sale.
v3.25.3
FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The disclosures in this note apply to both Registrants, unless indicated otherwise.

RECURRING FAIR VALUE MEASUREMENTS

Authoritative accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. The three levels of the fair value hierarchy and a description of the valuation techniques are as follows:
Level 1-Quoted prices for identical instruments in active market.
Level 2-Quoted prices for similar instruments in active market.
-Quoted prices for identical or similar instruments in markets that are not active.
-Model-derived valuations for which all significant inputs are observable market data.
Models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures.
Level 3-Valuation inputs are unobservable and significant to the fair value measurement.
FirstEnergy produces a long-term power and capacity price forecast annually with periodic updates as market conditions change. When underlying prices are not observable, prices from the long-term price forecast are used to measure fair value.

FTRs are financial instruments that entitle the holder to a stream of revenues (or charges) based on the hourly day-ahead congestion price differences across transmission paths. FTRs are acquired by FirstEnergy in the annual, monthly and long-term PJM auctions and are initially recorded using the auction clearing price less cost. After initial recognition, FTRs’ carrying values are periodically adjusted to fair value using a mark-to-model methodology, which approximates market. The primary inputs into the model, which are generally less observable than objective sources, are the most recent PJM auction clearing prices and the FTRs’ remaining hours. The model calculates the fair value by multiplying the most recent auction clearing price by the remaining FTR hours less the prorated FTR cost. Significant increases or decreases in inputs in isolation may have resulted in a higher or lower fair value measurement.

The Registrants primarily apply the market approach for recurring fair value measurements using the best information available. Accordingly, the Registrants maximize the use of observable inputs and minimize the use of unobservable inputs. There were no changes in valuation methodologies used as of September 30, 2025, from those used as of December 31, 2024. The determination of the fair value measures takes into consideration various factors, including but not limited to, nonperformance risk, counterparty credit risk and the impact of credit enhancements (such as cash deposits, LOCs and priority interests). The impact of these forms of risk was not significant to the fair value measurements.
The following table sets forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy as of September 30, 2025, and December 31, 2024:
September 30, 2025December 31, 2024
FirstEnergyLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$— $— $9 $9 $— $— $7 $7 
Equity securities2 — — 2 2 — — 2 
 Debt securities(2)
— 283 — 283 — 276 — 276 
Cash, cash equivalents and restricted cash(3)
1,431 — — 1,431 154 — — 154 
Other(4)
— 48 — 48 — 45 — 45 
Total assets$1,433 $331 $9 $1,773 $156 $321 $7 $484 
Liabilities
Derivative liabilities FTRs(1)
$— $— $(6)$(6)$— $— $— $— 
Total liabilities$— $— $(6)$(6)$— $— $— $— 
Net assets$1,433 $331 $3 $1,767 $156 $321 $7 $484 
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.
(2) Related to JCP&L’s investments held in the spent nuclear fuel disposal trusts, see below.
(2) Restricted cash of $27 million and $43 million as of September 30, 2025, and December 31, 2024, respectively, primarily relates to cash collected from MP, PE and the Ohio Companies’ customers that is specifically used to service debt of their respective securitization or funding companies.
(4) Primarily consists of short-term investments, of which $9 million and $6 million as of September 30, 2025, and December 31, 2024, respectively, are held by JCP&L.

INVESTMENTS

All temporary cash investments purchased with an initial maturity of three months or less are reported as “Cash equivalents” on the Consolidated Balance Sheets at cost, which approximates their fair market value. Investments other than cash and cash equivalents include AFS debt securities and other investments. The Registrants have no debt securities held for trading purposes.

Generally, unrealized gains and losses on equity securities are recognized in income whereas unrealized gains and losses on AFS debt securities are recognized in AOCI. However, JCP&L’s spent nuclear fuel disposal trusts are subject to regulatory accounting with all gains and losses on equity and AFS debt securities offset against regulatory assets.

Spent Nuclear Fuel Disposal Trusts

JCP&L holds debt securities within the spent nuclear fuel disposal trust, which are classified as AFS securities and recognized at fair market value. The trust is intended for funding spent nuclear fuel disposal fees to the DOE associated with the previously owned Oyster Creek and Three Mile Island Unit 1 nuclear power plants.

The following table summarizes the amortized cost basis, unrealized gains, unrealized losses and fair values of investments held in spent nuclear fuel disposal trusts as of September 30, 2025, and December 31, 2024:
September 30, 2025(1)
December 31, 2024(2)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$296 $1 $(14)$283 $299 $— $(23)$276 
(1) Excludes short-term cash investments of $9 million as of September 30, 2025.
(2) Excludes short-term cash investments of $6 million as of December 31, 2024.    
Proceeds from the sale of investments in AFS debt securities, realized gains and losses on those sales and interest and dividend income for the three and nine months ended September 30, 2025 and 2024, were as follows for the Registrants:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
(In millions)
Sale proceeds$59 87 $89 $104 
Realized gains— — — — 
Realized losses(6)(11)(9)(13)
Interest and dividend income4 3 10 9 

Other Investments

Other investments include employee benefit trusts, which are primarily invested in corporate-owned life insurance policies, and equity method investments. Earnings and losses associated with corporate-owned life insurance policies and equity method investments are reflected in “Miscellaneous Income, net” line on FirstEnergy’s Consolidated Statements of Income. Other investments were $342 million and $370 million as of September 30, 2025, and December 31, 2024, respectively, and are excluded from the amounts reported above. See Note 1, "Organization and Basis of Presentation," of the Combined Notes to Financial Statements of the Registrants for additional information on FirstEnergy's equity method investments.

For the three months ended September 30, 2025 and 2024, pre-tax income related to corporate-owned life insurance policies was $8 million and $10 million, respectively, and $17 million and $20 million for the nine months ended September 30, 2025 and 2024. Corporate-owned life insurance policies are valued using the cash surrender value and any changes in value during the period are recognized as income or expense.

LONG-TERM DEBT AND OTHER LONG-TERM OBLIGATIONS

All borrowings with initial maturities of less than one year are defined as short-term financial instruments under GAAP and are reported as “Short-term borrowings” on the Consolidated Balance Sheets at cost. Since these borrowings are short-term in nature, the Registrants believe that their costs approximate their fair market value. The following table provides the approximate fair value and related carrying amounts of long-term debt, which excludes finance lease obligations and net unamortized debt issuance costs, unamortized fair value adjustments, premiums and discounts as of September 30, 2025, and December 31, 2024:

FirstEnergy September 30, 2025December 31, 2024
(In millions)
Carrying value$27,340 $23,594 
Fair value$26,727 $22,128 

JCP&LSeptember 30, 2025December 31, 2024
(In millions)
Carrying value$3,700 2,350 
Fair value$3,707 2,284 

The fair values of long-term debt and other long-term obligations reflect the present value of the cash outflows relating to those securities based on the current call price, the yield to maturity or the yield to call, as deemed appropriate at the end of each respective period. The yields assumed were based on securities with similar characteristics offered by corporations with credit ratings similar to those of the Registrants. The Registrants classified short-term borrowings, long-term debt and other long-term obligations as Level 2 in the fair value hierarchy as of September 30, 2025, and December 31, 2024.
FirstEnergy and JCP&L had the following issuances and redemptions during the nine months ended September 30, 2025:

CompanyTypeRedemption / Issuance DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions
FESenior Unsecured NotesMarch, 20252.05%2025$300FE redeemed unsecured notes that became due.
TrAILSenior Unsecured NotesMay, 20253.76%2025$75TrAIL redeemed unsecured notes that became due.
TrAILSenior Unsecured NotesJune, 20253.85%2025$550TrAIL redeemed unsecured notes that became due.
FESenior Unsecured Convertible NotesJune, 20254.00%2026$1,206
FE repurchased approximately $1,206 million of the principal amount of its 2026 Convertible Notes for $1,225 million, including a premium of approximately $19 million.
Issuances
TrAILSenior Unsecured NotesApril, 20255.00%2031$600Proceeds were used to redeem senior notes that came due in 2025, to refinance existing debt, for working capital, and for other general corporate purposes.
ATSISenior Unsecured NotesMay, 20255.00%2030$225Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
OESenior Unsecured NotesMay, 20254.95%2029$300Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
MAITSenior Unsecured NotesJune, 20255.00%2031$200Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
PEFMBsJune, 20255.00%2030$200Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
TESenior Secured NotesJune, 20255.18%2030$100Proceeds were used to refinance existing debt, to finance capital expenditures, and for other general corporate purposes.
FE Senior Unsecured Convertible NotesJune, 20253.63%2029$1,350Proceeds were used to refinance existing debt, to repurchase a portion of its 2026 Convertible Notes, and for other general corporate purposes.
FE Senior Unsecured Convertible NotesJune, 20253.88%2031$1,150Proceeds were used to refinance existing debt, to repurchase a portion of its 2026 Convertible Notes, and for other general corporate purposes.
FETSenior Unsecured NotesAugust, 20254.75%2033$450Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
JCP&LSenior Unsecured NotesSeptember, 2025 4.15%2029$350
Proceeds were used to refinance existing debt, including the repayment of all of the remaining $650 million aggregate principal amount of JCP&L’s 4.30% senior notes due 2026, to finance capital expenditures, and for other general corporate purposes.
JCP&LSenior Unsecured NotesSeptember, 20254.40%2031$500
Proceeds were used to refinance existing debt, including the repayment of all of the remaining $650 million aggregate principal amount of JCP&L’s 4.30% senior notes due 2026, to finance capital expenditures, and for other general corporate purposes.
JCP&LSenior Unsecured NotesSeptember, 20255.15%2036$500
Proceeds were used to refinance existing debt, including the repayment of all of the remaining $650 million aggregate principal amount of JCP&L’s 4.30% senior notes due 2026, to finance capital expenditures, and for other general corporate purposes.

FE Convertible Notes Issuance

As set forth above, on June 12, 2025, FE issued $1.35 billion aggregate principal amount of its 2029 Convertible Notes and $1.15 billion aggregate principal amount of its 2031 Convertible Notes.

The 2029 Convertible Notes and 2031 Convertible Notes bear interest at a rate of 3.625% per year and 3.875% per year, respectively, payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. The 2029
Convertible Notes and 2031 Convertible Notes are unsecured and unsubordinated obligations of FE and will mature on January 15, 2029 and January 15, 2031, respectively, unless earlier converted or repurchased in accordance with their terms.

The notes are included within “Long-term debt and other long-term obligations” on the FirstEnergy Consolidated Balance Sheets. Proceeds from the issuance were approximately $2.47 billion, net of issuance costs.

Holders may convert notes at their option at any time prior to the close of business on the business day immediately preceding: (i) October 15, 2028, with respect to the 2029 Convertible Notes, and (ii) October 15, 2030, with respect to the 2031 Convertible Notes, only under certain conditions:

•During any calendar quarter, if the last reported sale price of FE’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five consecutive business day period immediately after any 10 consecutive trading day period in which the trading price per $1,000 principal amount of the 2029 Convertible Notes and 2031 Convertible Notes for each trading day of such 10 trading-day period was less than 98% of the product of the last reported sale price of FE’s common stock and the conversion rate on each such trading day; or
•Upon the occurrence of certain corporate events specified in the indenture governing the 2029 Convertible Notes and 2031 Convertible Notes.

On or after October 15, 2028, in the case of the 2029 Convertible Notes, and on or after October 15, 2030, in the case of the 2031 Convertible Notes, until the close of business on the second scheduled trading day immediately preceding the maturity date of the relevant series of notes, holders may convert all or any portion of their notes of such series at any time, regardless of the foregoing conditions. FE will settle conversions of such notes by paying cash up to the aggregate principal amount of the notes to be converted and paying or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted, subject to the applicable terms of the indentures.

The conversion rate for each of the series of notes will initially be 20.9275 shares of FE’s common stock per $1,000 principal amount of such notes (equivalent to an initial conversion price of approximately $47.78 per share of FE’s common stock). The initial conversion price of such notes represents a premium of approximately 20% over the last reported sale price of FE’s common stock on the New York Stock Exchange on June 9, 2025. The conversion rate and the corresponding conversion price will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date with respect to a series of notes (and, in the case of the 2031 Convertible Notes, if FE delivers a notice of redemption with respect to the 2031 Convertible Notes), FE will, in certain circumstances, increase the conversion rate for a holder who elects to convert its notes of such series in connection with such corporate event or redemption as applicable.

FE may not redeem the 2029 Convertible Notes prior to the maturity date of the 2029 Convertible Notes. On or after January 15, 2029 and prior to the 40th trading day immediately before the maturity date of the 2031 Convertible Notes, FE may redeem for cash all or any of the portion of the 2031 Convertible Notes, subject to certain partial redemption limitations and only under certain conditions.

If FE undergoes a fundamental change (as defined in the relevant indenture), subject to certain conditions, holders of the 2029 Convertible Notes and/or 2031 Convertible Notes may require FE to repurchase for cash all or any portion of their notes at a repurchase price equal to 100% of the principal amount of the convertible notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date (as defined in the relevant indenture). In addition, following certain corporate events that occur prior to the maturity date with respect to a series of convertible notes (and, in the case of the 2031 Convertible Notes, if FE delivers a notice of redemption with respect to the 2031 Convertible Notes), FE will, in certain circumstances, increase the conversion rate for a holder who elects to convert its notes of such series in connection with such corporate event or redemption, as applicable.

FE Convertible Notes Repurchase

Separate from the issuance of the 2029 Convertible Notes and 2031 Convertible Notes, FE repurchased approximately $1.2 billion aggregate principal amount of the 2026 Convertible Notes, using a portion of the proceeds from the offering of the 2029 Convertible Notes and 2031 Convertible Notes described above. FE may, in the future, effect additional repurchases of remaining outstanding 2026 Notes.

FET Senior Notes and Registration Rights

On August 13, 2025, FET issued $450 million of senior unsecured notes due in 2033, in a private offering that included a registration rights agreement in which FET agreed to conduct an exchange offer of these senior notes for the like principal amounts registered under the Securities Act within 366 days of closing of the offering.
JCP&L Senior Notes and Registration Rights

On December 5, 2024, JCP&L issued $700 million of senior unsecured notes due in 2035 in a private offering that included a registration rights agreement in which JCP&L agreed to conduct an exchange offer of these senior notes for like principal amounts registered under the Securities Act. On April 1, 2025, JCP&L filed a registration statement on Form S-4 with the SEC, which became effective on April 11, 2025.

On September 4, 2025, JCP&L issued: (i) $350 million of senior unsecured notes due in 2029; (ii) $500 million of senior unsecured notes due in 2031; and (iii) $500 million of senior unsecured notes due in 2036, in a private offering that included a registration rights agreement in which JCP&L agreed to conduct an exchange offer of these senior notes for the like principal amounts registered under the Securities Act within 366 days of closing of the offering.

On October 16, 2025, JCP&L redeemed $650 million of its 4.30% senior unsecured notes due 2026 from proceeds of the September 2025 senior unsecured notes issuances discussed above.
v3.25.3
VARIABLE INTEREST ENTITIES
 9 Months Ended
Sep. 30, 2025
Variable Interest Entities [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
The disclosures in this note apply to both Registrants, unless indicated otherwise.

The Registrants perform qualitative analyses to determine whether a variable interest qualifies them as the primary beneficiary (a controlling financial interest) of a VIE. An enterprise has a controlling financial interest if it has both: (i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The Registrants consolidate a VIE when it is determined that it is the primary beneficiary.

In order to evaluate contracts for consolidation treatment and entities for which FirstEnergy has an interest, FirstEnergy aggregates variable interests into categories based on similar risk characteristics and significance.

Consolidated VIEs
Total assets on the FirstEnergy consolidated balance sheets include approximately $12.8 billion and $12 billion of consolidated VIE assets, as of September 30, 2025, and December 31, 2024, respectively, that can only be used to settle the liabilities of the applicable VIE. Total liabilities include approximately $9.7 billion and $9.1 billion as of September 30, 2025, and December 31, 2024, respectively, of consolidated VIE liabilities for which the VIE's creditors do not have recourse to FirstEnergy. JCP&L does not have any consolidated VIEs.

VIEs in which FirstEnergy is the primary beneficiary consist of the following, and are included in FirstEnergy’s consolidated financial statements:

Securitization Companies
•Ohio Securitization Companies - In June 2013, the SPEs formed by the Ohio Companies issued approximately $445 million of pass-through trust certificates supported by phase-in recovery bonds to securitize the recovery of certain all-electric customer heating discounts, fuel and purchased power regulatory assets. The phase-in recovery bonds are payable only from, and secured by, phase in recovery property owned by the SPEs. The bondholder has no recourse to the general credit of FirstEnergy or any of the Ohio Companies. Each of the Ohio Companies, as servicer of its respective SPE, manages and administers the phase in recovery property including the billing, collection and remittance of usage-based charges payable by retail electric customers. The SPEs are considered VIEs and each one is consolidated into its applicable electric company. As of September 30, 2025, and December 31, 2024, $159 million and $175 million of the phase-in recovery bonds were outstanding, respectively.

•MP and PE Environmental Funding Companies - The consolidated financial statements of FirstEnergy include environmental control bonds issued by two bankruptcy remote, special purpose limited liability companies that are indirect subsidiaries of MP and PE. Proceeds from the bonds were used to construct environmental control facilities. Principal and interest owed on the environmental control bonds is secured by, and payable solely from, the proceeds of the environmental control charges. Creditors of FirstEnergy, other than the limited liability company SPEs, have no recourse to any assets or revenues of the special purpose limited liability companies. As of September 30, 2025, and December 31, 2024, $156 million and $188 million of environmental control bonds were outstanding, respectively.

Cash of $25 million and $40 million, respectively, as of September 30, 2025 and December 31, 2024 collected from MP, PE and the Ohio Companies' customers that is specifically used to service debt of their respective funding companies is included in “Restricted cash” on the FirstEnergy Consolidated Balance Sheets.
FET

FET is a holding company that owns equity interests in ATSI, MAIT, TrAIL and PATH. As of September 30, 2025, FE’s equity ownership in FET is 50.1% and Brookfield’s is 49.9%. FirstEnergy has concluded that FET is a VIE and that FE is the primary beneficiary because FE has exposure to the economics of FET and the power to direct significant activities of FET through the FESC services agreement, which represents a separate variable interest.

Although Brookfield was granted incremental consent rights upon the closing of the FET Equity Interest Sale, Brookfield will not have unilateral control over any activities that most significantly impact FET’s economic performance. However, FE will continue to retain power over the activities that most significantly impact FET’s economic performance through its incremental decision-making rights under the existing FESC services agreement, through which executive management and workforce services are provided to FET. As a result, FE is the primary beneficiary of FET, which will continue to be consolidated in FirstEnergy’s financial statements.

The following shows the carrying amounts and classification of the FET assets and liabilities included in FirstEnergy’s consolidated financial statements as of September 30, 2025, and December 31, 2024. Amounts exclude intercompany balances which were eliminated in consolidation. The assets of FET can only be used to settle its obligations, and creditors of FET do not have recourse to the general credit of FE.

Assets
As of
September 30, 2025
As of
December 31, 2024
(In millions)
Cash and cash equivalents$188 $8 
Receivables9894
Materials and supplies, at average cost1 1 
Prepaid taxes and other current assets 44 21 
Total current assets 331 124 
Property, plant and equipment, net12,133 11,217 
Goodwill224 224 
Investments 19 19 
Regulatory assets7 18 
Other noncurrent assets108 334 
Total noncurrent assets 12,491 11,812 
TOTAL ASSETS$12,822 $11,936 

Liabilities
As of
September 30, 2025
As of
December 31, 2024
(In millions)
Currently payable long-term debt$75 $625 
Short-term borrowings280 300 
Accrued interest78 68 
Accrued taxes327 306 
Other current liabilities13 15 
Total current liabilities 773 1,314 
Long-term debt and other long-term obligations6,629 5,239 
Accumulated deferred income taxes1,521 1,412 
Regulatory liabilities440 442 
Other noncurrent liabilities 16 299 
Total noncurrent liabilities 8,606 7,392 
TOTAL LIABILITIES$9,379 $8,706 

Unconsolidated VIEs

FirstEnergy is not the primary beneficiary of PATH-WV, as further discussed above, or its PPAs. FirstEnergy was also not the primary beneficiary of its former 33-1/3% equity ownership in Global Holding, which was sold to WMB Marketing Ventures, LLC and Pinesdale LLC in July 2025.

The Registrants evaluated their PPAs and determined that certain Non-Utility Generation entities may be VIEs to the extent that they own a plant that sells substantially all of its output to the applicable utilities and the contract price for power is correlated with the plant’s variable costs of production. As of September 30, 2025, FirstEnergy maintains six long-term PPAs, one at JCP&L, with Non-Utility Generation entities that were entered into pursuant to the Public Utility Regulatory Policies Act of 1978. The
Registrants were not involved in the creation of, and have no equity or debt invested in, any of these entities. The Registrants have determined that they do not have a variable interest, or the entities do not meet the criteria to be considered a VIE.
Because the Registrants have no equity or debt interests in the Non-Utility Generation entities, their maximum exposure to loss relates primarily to the above-market costs incurred for power, which are expected to be recovered from customers.
v3.25.3
ASSET RETIREMENT OBLIGATIONS
 9 Months Ended
Sep. 30, 2025
Asset Retirement Obligation Disclosure [Abstract]  
ASSET RETIREMENT OBLIGATIONS ASSET RETIREMENT OBLIGATIONS
The disclosures in this note apply to both Registrants, unless indicated otherwise.

The Registrants recognize an ARO for their legal obligation to perform asset retirement activities associated with their long-lived assets. The ARO liability represents an estimate of the fair value of the Registrants’ current obligation such that the ARO is accreted monthly to reflect the time value of money.

A fair value measurement inherently involves uncertainty in the amount and timing of settlement of the liability. An expected cash flow approach is used to measure the fair value of the remediation AROs, taking into account the expected timing of settlement of the ARO based on the expected economic useful life of associated asset and/or regulatory requirements. The fair value of an ARO is recognized in the period in which it is incurred. The associated asset retirement costs are capitalized as part of the carrying value of the long-lived asset and are depreciated over the life of the related asset. For instances where asset retirement costs relate to assets that have no future cash flows, the costs are recorded as an operating expense. In certain circumstances, the Registrants have recovery of asset retirement costs and, as such, certain accretion and depreciation is offset against regulatory assets. Conditional retirement obligations associated with tangible long-lived assets are recognized at fair value in the period in which they are incurred if a reasonable estimate can be made, even though there may be uncertainty about timing or method of settlement. When settlement is conditional on a future event occurring, it is reflected in the measurement of the liability, not the timing of the liability recognition.

FirstEnergy has recognized applicable legal obligations for AROs and their associated costs, including reclamation of sludge disposal ponds, closure of CCR sites, underground and above-ground storage tanks and wastewater treatment lagoons. In addition, the Registrants have recognized conditional retirement obligations, primarily for asbestos remediation.

The following table summarizes the changes to the ARO balances as of September 30, 2025, and December 31, 2024.
FirstEnergy JCP&L
(In millions)
Balance, January 1, 2024
$209 $7 
Changes in timing and amount of estimated cash flows131 — 
Liabilities incurred95 — 
Liabilities settled (4)— 
Accretion24 1 
Balance, December 31, 2024
455 8 
Liabilities incurred1 — 
Liabilities settled (1)
(153)— 
Accretion20 — 
Balance, September 30, 2025
$323 $8 
(1) FirstEnergy amounts include the transfer of the McElroy’s Run CCR impoundment facility as well as the adjacent dry landfill and related remediation obligations to a subsidiary of IDA Power, LLC.

During 2024, as a result of the evaluation of closure options for McElroy’s Run and the adjacent landfill, AE Supply reviewed its ARO and future expected costs to remediate, resulting in an increase to the ARO liability of $87 million. AE Supply transferred the McElroy’s Run CCR impoundment facility and adjacent dry landfill and related remediation obligations on March 4, 2025, pursuant to the environmental liability transfer agreement dated February 3, 2025, with a subsidiary of IDA Power, LLC. Pursuant to the agreement, AE Supply established a $160 million escrow account that AE Supply will fund over five years and is secured by a surety bond, which is guaranteed by FE. In connection with the transfer, AE Supply recognized a $130 million liability, based on a 4.8% weighted average discount rate over the contract term, associated with its remaining obligation to fund the escrow account over the next five years, and derecognized the ARO, resulting in an immaterial impact to earnings. During the nine months ended September 30, 2025, AE Supply made $46 million of cash payments to the escrow account.

As further discussed below in Note 10 “Commitments, Guarantees, and Contingencies - Regulation of Waste Disposal,” on May 8, 2024, the EPA finalized changes to the CCR rule addressing certain legacy CCR disposal sites that were not included in previous CCR rules. As a result, during 2024, FirstEnergy performed a preliminary assessment of former CCR disposal sites and
calculated an initial estimate applying historical experience in remediating comparable sites and recorded a $139 million increase to its ARO in 2024. JCP&L did not have any legacy CCR disposal sites that were applicable to the new CCR rule.

The ARO increase related to certain legacy CCR disposal sites represents the discounted cash flows for estimated closure costs based upon the potential closure requirements as evaluated on a site-by-site basis. Actual costs to be incurred will be dependent upon factors that vary from site to site. The most significant factors include the method and time frame of closure at the individual sites, which will be determined based on the groundwater monitoring and, if applicable, EPA approval of closure plans. In determining the estimated closure costs for each site, FirstEnergy has assumed the anticipated applicable closure method, however, alternative closure methods may be required, resulting in greater or lesser cost. As a result, the ARO liability may be adjusted as additional information is gained through the evaluation and closure process, including further inspection of the sites, results of groundwater monitoring and changes in interpretation of the CCR regulations which may change management assumptions, and could result in a material change to the ARO liability balance and FirstEnergy’s results of operations.
v3.25.3
REGULATORY MATTERS
 9 Months Ended
Sep. 30, 2025
Regulated Operations [Abstract]  
REGULATORY MATTERS REGULATORY MATTERS
The disclosures in this note apply to FirstEnergy, with the disclosures under “State Regulation”, “New Jersey”, “FERC Regulatory Matters”, “FERC Audit”, “Transmission ROE Methodology”, “Transmission Rate Incentives”, “Transmission Planning Supplemental Projects”, and “Local Transmission Planning Complaint” also applicable to JCP&L.

STATE REGULATION

Each of the Electric Companies’ retail rates, conditions of service, issuance of securities and other matters are subject to regulation in the states in which it operates - in Maryland by the MDPSC, in New Jersey by the NJBPU, in Ohio by the PUCO, in Pennsylvania by the PPUC, in West Virginia by the WVPSC and in New York by the NYPSC. The transmission operations of PE and TrAIL in Virginia, ATSI in Ohio, the Transmission Companies in Pennsylvania, PE and MP in West Virginia, and PE in Maryland are subject to certain regulations of the VSCC, PUCO, PPUC, WVPSC, and MDPSC, respectively. In addition, under Ohio law, municipalities may regulate rates of a public utility, subject to appeal to the PUCO if not acceptable to the utility. Further, if any of the FirstEnergy affiliates were to engage in the construction of significant new transmission facilities, depending on the state, they may be required to obtain state regulatory authorization to site, construct and operate the new transmission facility.

MARYLAND

PE operates under MDPSC-approved distribution base rates that were effective as of October 19, 2023, and that were subsequently modified by an MDPSC order dated January 3, 2024, which became effective as of March 1, 2024. PE also provides SOS pursuant to a combination of settlement agreements, MDPSC orders and regulations, and statutory provisions. SOS supply is competitively procured in the form of rolling contracts of varying lengths through periodic auctions that are overseen by the MDPSC and a third-party monitor. Although settlements with respect to SOS supply for PE customers have expired, service continues in the same manner until changed by order of the MDPSC. PE recovers its costs plus a return for providing SOS.

The EmPOWER Maryland program, following passage of the Climate Solutions Now Act of 2022, required annual incremental energy efficiency targets of 2% per year from 2022 through 2024, 2.25% per year in 2025 and 2026, and 2.5% per year in 2027 and thereafter. On August 1, 2023, PE filed its proposed plan for the 2024-2026 cycle as required by the MDPSC. Additionally, at the direction of the MDPSC, PE together with other Maryland utilities were required to address GHG reductions in addition to energy efficiency. In compliance with the MDPSC directive, PE submitted three scenarios with projected costs over a three-year cycle of $311 million, $354 million, and $510 million, respectively. On December 29, 2023, the MDPSC issued an order approving the $311 million scenario for most programs, with some modifications. On August 15, 2024, PE filed a revised plan for the remainder of the 2024-2026 cycle to comply with refined GHG reduction targets with a total budget of $314 million, which the MDPSC approved on December 27, 2024. PE recovers EmPOWER Maryland program costs with carrying costs on unamortized balances through an annually reconciled surcharge, with certain costs subject to recovery over a five-year amortization period. Lost distribution revenue attributable to energy efficiency or demand reduction is recovered only through base rates. Consistent with an MDPSC order dated December 29, 2022, phasing out the unamortized balances of EmPOWER investments, PE is required to expense 67% of its EmPOWER Maryland program costs in 2025, and 100% in 2026 and beyond. All previously unamortized costs for prior cycles are to be collected by the end of 2030, consistent with the 2024-2026 order issued on December 29, 2023. New legislation which took effect on July 1, 2024 is expected to reduce the carrying costs on the EmPOWER unamortized balances for PE by a total of $25 to $30 million over the period of 2024-2030. On July 31, 2024, the MDPSC issued an order implementing revised EmPOWER surcharge rates for PE in accordance with the new law, denying PE’s request for a hearing that sought to challenge certain portions of the law. On August 30, 2024, PE filed a petition seeking judicial review of its challenge to the law in the Circuit Court for Washington County, Maryland. On August 6, 2025, the Circuit Court for Washington County, Maryland issued an order granting PE’s petition, finding that the legislature may not change terms to apply retroactively to monies already expended. MDPSC and the Maryland Office of People’s Counsel have each appealed the decision.
NEW JERSEY

JCP&L operates under NJBPU approved rates that took effect as of February 15, 2024, and became effective for customers as of June 1, 2024. JCP&L provides BGS for retail customers who do not choose a third-party EGS and for customers of third-party EGSs that fail to provide the contracted service. All New Jersey EDCs participate in this competitive BGS procurement process and recover BGS costs directly from customers as a charge separate from base rates.

The settlement of the distribution rate case in 2020, provided among other things, that JCP&L would be subject to a management audit, which began in May 2021. On April 12, 2023, the NJBPU accepted the final management audit report for filing purposes and ordered that interested stakeholders file comments on the report by May 22, 2023, which deadline was extended until July 31, 2023. JCP&L and one other party filed comments on July 31, 2023. On July 16, 2025, the NJBPU issued its final order, directing 100 of the 105 recommendations be implemented, including certain modifications. JCP&L filed its implementation plan on September 22, 2025, and began quarterly progress reporting in October 2025.

On September 17, 2021, in connection with Mid-Atlantic Offshore Development, LLC, a transmission company jointly owned by Shell New Energies US and EDF Renewables North America, JCP&L submitted a proposal to the NJBPU and PJM to build transmission infrastructure connecting offshore wind-generated electricity to the New Jersey power grid. On October 26, 2022, the JCP&L proposal was accepted, in part, in an order issued by NJBPU. The proposal, as accepted, included approximately $723 million in investments for JCP&L to both build new and upgrade existing transmission infrastructure. JCP&L’s proposal projects an investment ROE of 10.2% and includes the option for JCP&L to acquire up to a 20% equity stake in Mid-Atlantic Offshore Development, LLC. The resulting rates associated with the project are expected to be shared among the ratepayers of all New Jersey electric utilities. On April 17, 2023, JCP&L applied for the FERC “abandonment” transmission rates incentive, which would provide for recovery of 100% of the cancelled prudent project costs that are incurred after the incentive is approved, and 50% of the costs incurred prior to that date, in the event that some or all of the project is cancelled for reasons beyond JCP&L’s control. On August 21, 2023, FERC approved JCP&L’s application, effective August 22, 2023.

On October 31, 2023, offshore wind developer, Orsted, announced plans to cease development of two offshore wind projects in New Jersey—Ocean Wind 1 and 2—having a combined planned capacity of 2,248 MWs. On January 30, 2025, and February 25, 2025, Shell New Energies and EDF Renewables North America respectively announced that each was exiting its Atlantic Shores partnership to construct wind energy off the shore of New Jersey. On June 4, 2025, Atlantic Shores filed a petition with the NJBPU, requesting consent to terminate its 1.5 GW offshore wind project. These cancellations are not expected to directly affect JCP&L’s awarded projects, and JCP&L remains under an obligation to begin construction in 2025 based on current NJBPU direction.

On May 23, 2025, JCP&L filed with the NJBPU a motion seeking declaratory guidance in view of recent offshore wind developments, including a shift in federal energy policy toward more traditional energy resources. JCP&L requested that the NJBPU provide guidance either affirming the current project schedule or, alternatively, authorizing JCP&L to modify the schedule. On June 9, 2025, responses to JCP&L’s motion were filed with the NJBPU, including a cross-motion by the New Jersey Division of Rate Counsel to reopen the offshore wind transmission proceeding, which JCP&L opposed. JCP&L advised that it intended to comply with its contractual obligations to construct the transmission project, and that its motion was limited to seeking guidance on the construction milestones. While the motion and cross-motion are pending decision, JCP&L will continue to construct the project per the milestones that are described in JCP&L’s contract with PJM. On July 28, 2025, the New Jersey Division of Rate Counsel asked the NJBPU to take judicial notice of a recent NYPSC order terminating its offshore wind transmission infrastructure process in the interest of protecting ratepayers. On August 13, 2025, the NJBPU issued an order requesting that JCP&L delay expenditures of certain of the transmission investment planned by JCP&L for a 2.5-year period, and directing that JCP&L work with NJBPU staff and PJM to ensure alignment as to the work that is to be continued on the original timeline and the work that is to be delayed consistent with the order.

Consistent with the commitments made in its proposal to the NJBPU, JCP&L formally submitted in November 2023 the first part of its application to the DOE to finance a substantial portion of the project using low-interest rate loans available under the DOE’s Energy Infrastructure Reinvestment Program of the IRA. JCP&L submitted the second part of its two-part application on March 13, 2024, which was approved on May 17, 2024. The DOE Loan Program Office initiated a due diligence review of the application shortly thereafter. On January 16, 2025, the DOE announced a conditional commitment to JCP&L for a loan guarantee of up to approximately $716 million for the project. On August 20, 2025, the DOE terminated its conditional commitment to JCP&L due to the DOE’s determination that a condition precedent could not be satisfied.

On November 9, 2023, JCP&L filed a petition for approval of its EnergizeNJ with the NJBPU that would, among other things, support grid modernization, system resiliency and substation modernization in technologies designed to provide enhanced customer benefits. JCP&L proposes EnergizeNJ will be implemented over a five-year budget period with estimated costs of approximately $935 million over the deployment period, of which, $906 million is capital investments and $29 million is operating and maintenance expenses. Under the proposal, the capital costs of EnergizeNJ would be recovered through JCP&L’s base rates via annual and semi-annual base rate adjustment filings. The 2023 base rate case stipulation that was filed on February 2, 2024, necessitated amendments to the EnergizeNJ program. On February 14, 2024, the NJBPU approved the stipulated settlement between JCP&L and various parties, resolving JCP&L’s request for a distribution base rate increase. On February 27, 2024, as part of the stipulated settlement, JCP&L amended its pending EnergizeNJ petition following receipt of NJBPU approval
of the base rate case settlement, to remove the high-priority circuits that are to be addressed in the first phase of its reliability improvement plan and to include the second phase of its reliability improvement plan that is expected to further address certain high-priority circuits that require additional upgrades. On April 10, 2025, JCP&L, joined by various parties, filed a stipulated settlement with the NJBPU resolving JCP&L’s amended EnergizeNJ petition, which the NJBPU approved on April 23, 2025. The settlement provides for total program costs of $339 million, including capital investments in JCP&L’s electric distribution system of approximately $203 million, $132 million of matching capital investment and approximately $4 million of O&M expense. Pursuant to the settlement, the program began on July 1, 2025, and will continue through December 31, 2028. JCP&L has agreed to file a base rate case no later than January 1, 2030.

In February 2025, the NJBPU certified the results of its annual basic generation service auctions through which New Jersey’s four EDCs – including JCP&L – satisfy their generation supply requirements for BGS customers for the period beginning June 1, 2025 through May 31, 2026. The certified results resulted in significant rate increases for New Jersey EDC customers and, by order dated April 23, 2025, the NJBPU directed the four EDCs to submit proposals to mitigate the impact of the rate increases that affected residential customers beginning June 1, 2025. On May 7, 2025, JCP&L filed a petition in response to the April 2025 order, modeling four potential mitigation scenarios. On June 18, 2025, the NJBPU approved a stipulation that included JCP&L, NJBPU Staff and New Jersey Division of Rate Counsel, pursuant to which, among other things, JCP&L agreed to apply a temporary rate credit of $30.00 to each residential electric customer’s monthly bill in July and August 2025 that would be deferred in a regulatory asset and recovered with a charge of $10 applied to each residential bill from September 2025 through February 2026 to recover the amounts deferred, without carry charges, subject to a final reconciliation. As of September 30, 2025, JCP&L's regulatory asset associated with this temporary rate credit was approximately $50 million.

On August 13, 2025, the NJBPU issued an Order to Show Cause reviewing JCP&L’s 2024 Annual System Performance Report, which includes information regarding JCP&L’s systems level of electric service reliability performance during the prior calendar year. Failure to attain NJBPU’s minimum reliability levels may subject JCP&L to a penalty. The NJBPU order alleges JCP&L has failed to achieve minimum reliability levels for calendar years 2022, 2023, and 2024, and directed JCP&L to file an answer demonstrating why the NJBPU should not impose certain penalties upon JCP&L for such failure, which JCP&L filed on October 10, 2025.

OHIO

The Ohio Companies operate under PUCO-approved base distribution rates that became effective in 2009. The Ohio Companies operated under ESP IV through May 31, 2024, which provided for the supply of power to non-shopping customers at a market-based price set through an auction process. From June 1, 2024, until January 31, 2025, the Ohio Companies operated under ESP V, as modified by the PUCO, and as further described below. On December 18, 2024, the PUCO approved the Ohio Companies’ notice to withdraw ESP V and approved the Ohio Companies’ proposal for returning to ESP IV, with modifications. ESP IV, as modified, continues the DCR rider, which supports continued investment related to the distribution system for the benefit of customers, with an annual revenue cap of $390 million. In addition, ESP IV, as modified, includes: (1) continuation of a base distribution rate freeze until ESP VI becomes effective or the Ohio Companies’ obtain the PUCO’s staff agreement; (2) a goal across FirstEnergy to reduce CO2 emissions by 90% below 2005 levels by 2045; and (3) contributions, totaling $6.39 million per year to: (a) fund energy conservation, economic development and job retention programs in the Ohio Companies’ service territories; and (b) establish fuel-funds in each of the Ohio Companies’ service territories to assist low-income customers.

On April 5, 2023, the Ohio Companies filed an application with the PUCO for approval of ESP V, for an eight-year term beginning June 1, 2024, and continuing through May 31, 2032. On May 15, 2024, the PUCO issued an order approving ESP V with modifications, which became effective June 1, 2024, and would have continued through May 31, 2029. ESP V, as modified by the PUCO, provided for, among other things, the continuation of existing riders related to purchased power, transmission and uncollectibles, the continuation of the DCR rider with proposed annual revenue cap increases until new base rates are established, the continuation of the AMI rider, and the addition of new riders for recovery of storm and vegetation management expenses. Many of the terms and conditions were to be reconsidered in the base rate case. The ESP V order additionally directed the Ohio Companies to file another base distribution rate case not later than May 31, 2028, and contribute $32.5 million during the term of ESP V to fund low-income customer bill assistance programs and bill assistance for income-eligible senior citizens, and to develop an electric vehicle education program to assist customers in transitioning to electric vehicles which was recognized in the second quarter of 2024 within “Other operating expenses” at the Regulated Distribution segment and on FirstEnergy’s Consolidated Statements of Income. Due to the risks and uncertainty resulting from the Ohio Companies’ application for rehearing being denied by operation of law, on October 29, 2024, the Ohio Companies filed a notice of their intent to withdraw ESP V and proposed the terms under which they would resume operating under ESP IV. On December 18, 2024, the PUCO approved the Ohio Companies’ notice of withdrawal. Also on December 18, 2024, the PUCO approved the Ohio Companies’ proposal for returning to ESP IV, with modifications. Consistent with ESP IV, the PUCO authorized the Ohio Companies’ reinstatement of the DCR rider, with an annual revenue cap of $390 million, and denied the Ohio Companies’ request to continue ESP IV’s DCR rider revenue cap increases of $15 million per year. Additionally, the PUCO ordered that storm costs deferred under ESP V since June 1, 2024, remain on the Ohio Companies’ books and subject to review in a future case. The PUCO also denied the Ohio Companies’ request to lift the base rate freeze in ESP IV, permitting the Ohio Companies’ pending base rate case to continue, but prohibiting new rates from going into effect until either the effective date of ESP VI, or the staff agrees that the freeze be lifted and new rates be implemented. On January 22, 2025, the PUCO approved the Ohio Companies’ revised ESP IV tariffs, effective February 1, 2025, at which time the Ohio Companies resumed operating under ESP
IV. On April 7, 2025, certain intervenors filed an appeal to the Supreme Court of Ohio challenging the Ohio Companies’ return to ESP IV. On May 22, 2025, the Ohio Supreme Court granted the Ohio Companies motion to intervene in the appeal. On July 7, 2025, OCC and NOAC filed their Appellants’ brief. Appellees, including the PUCO and the Ohio Companies, filed their briefs on August 26, 2025, to which OCC and NOAC replied on September 15, 2025.

On January 31, 2025, the Ohio Companies filed an application with the PUCO for ESP VI, for a term beginning on the date new base distribution rates from the pending base rate case go into effect, in an effort to align with the ongoing base distribution rate case, and continuing through May 31, 2028. ESP VI proposes to continue providing power to non-shopping customers at market-based prices set through an auction process, and proposes to continue riders supporting investment in the Ohio Companies’ distribution system, including Rider DCR with annual reliability performance-based revenue cap increases of $37 million to $43 million, and an AMI rider for recovery of approved grid modernization investments. ESP VI additionally proposes riders to support continued maintenance of the distribution system, including recovery of vegetation management and storm restoration operations and maintenance expenses. In addition, ESP VI proposes energy efficiency programs for low-income customers, and includes a commitment to spend $6.5 million annually over the ESP VI term, without recovery from customers, on initiatives to assist low-income customers, as well as education and incentives to help ensure customers have good experiences with electric vehicles. The PUCO held a technical conference on March 12, 2025.

On March 14, 2025, as directed by the PUCO in its December 18, 2024, order approving the Ohio Companies’ revised ESP IV tariffs, the Ohio Companies filed with the PUCO a request to commence their statutorily required quadrennial review of ESP IV and establish a proposed schedule. On July 10, 2025, the Ohio Companies withdrew the request for the PUCO to establish a procedural schedule following the May 15, 2025 signing by the Ohio Governor of HB 15 ending the statutory mandate to conduct the quadrennial review, effective August 14, 2025. The OCC filed its response to the Ohio Companies of notice of withdrawal on July 25, 2025, to which the Ohio Companies replied on August 1, 2025. The matter remains pending before the PUCO.

On May 31, 2024, the Ohio Companies filed their application for an increase in base distribution rates based on a 2024 calendar year test period. The Ohio Companies requested a net increase in base distribution revenues of approximately $94 million, with a return on equity of 10.8% and capital structures of 44% debt and 56% equity for CEI, 46% debt and 54% equity for OE, and 45% debt and 55% equity for TE, which reflects a roll-in of current riders such as DCR and AMI. Key components of the base rate case filing include a proposal to change pension and OPEB recovery to the delayed recognition method and to implement a mechanism to establish a regulatory asset (or liability) to recover (or refund) net differences between the amount of pension and OPEB expense requested in the proceeding and the actual amount each year using this method. Additionally, the Ohio Companies request recovery of certain incurred costs, including the impact of major storms, a program to convert streetlights to LEDs, and others. On June 14, 2024, the Ohio Companies filed supporting testimony. On July 31, 2024, the Ohio Companies filed an update that adjusted the net increase in base distribution revenues to approximately $190 million and incorporated matters in the rate case as directed by the PUCO’s ESP V order. On January 27, 2025, the Ohio Companies filed a notice in the base rate case notifying parties that they will update their application for an increase in base distribution rates to reflect the withdrawal of ESP V and the reversion to ESP IV. The PUCO staff hired a third-party to assist in the review of the Ohio Companies' base rate case filing, and on February 21, 2025, PUCO staff and the third-party auditor each filed their reports. The auditor’s report recommended adjustments which would result in a net increase of the Ohio Companies’ base distribution revenues of approximately $8 million, with a return on equity of 9.63% and capital structures of 48.8% debt and 51.2% equity for each of the Ohio Companies. The PUCO staff’s report takes limited positions on the auditor’s finding and recommendations and makes additional findings. On March 24, 2025, the Ohio Companies, OCC, and other parties filed objections to the PUCO’s staff report and the auditor’s report. In addition, the Ohio Companies filed certain pieces of supplemental testimony and intervenors filed direct testimony. The Ohio Companies and various parties are engaged in settlement discussions with respect to the pending base rate case. Evidentiary hearings were held between May 5, 2025, and May 29, 2025. Initial and reply briefs were filed on June 20, 2025 and July 7, 2025, respectively. On July 21, 2025, the Ohio Companies filed a motion to strike, to which the PUCO staff and other intervenors responded on August 5, 2025. The Ohio Companies filed their reply on August 12, 2025. An order is anticipated in November 2025.

On May 16, 2022, May 15, 2023, and May 15, 2024, the Ohio Companies filed their SEET applications for determination of the existence of significantly excessive earnings under ESP IV for calendar years 2021, 2022, and 2023, respectively. On May 15, 2025, the Ohio Companies filed their SEET application for determination of the existence of significantly excessive earnings under ESPs IV and V for calendar year 2024. Each application demonstrated that each of the individual Ohio Companies did not have significantly excessive earnings. These matters remain pending before the PUCO.

On September 8, 2020, the OCC filed motions in the Ohio Companies’ corporate separation audit and DMR audit dockets, requesting the PUCO to open an investigation and management audit, hire an independent auditor, and require FirstEnergy to show it did not improperly use money collected from consumers or violate any utility regulatory laws, rules or orders in its activities regarding HB 6. On December 30, 2020, in response to the OCC's motion, the PUCO reopened the DMR audit docket, and directed PUCO staff to solicit a third-party auditor and conduct a full review of the DMR to ensure funds collected from customers through the DMR were only used for the purposes established in ESP IV. On June 2, 2021, the PUCO selected an auditor, and the auditor filed the final audit report on January 14, 2022, which made certain findings and recommendations. The report found that spending of DMR revenues was not required to be tracked, and that DMR revenues, like all rider revenues, are placed into the regulated money pool as a matter of routine, where the funds lose their identity. Therefore, the report could not suggest that DMR funds were used definitively for direct or indirect support for grid modernization. The report also concluded that
there was no documented evidence that ties revenues from the DMR to lobbying for the passage of HB 6, but also could not rule out with certainty uses of DMR funds to support the passage of HB 6. The report further recommended that the regulated companies' money pool be audited more frequently and the Ohio Companies adopt formal dividend policies. Final comments and responses were filed by parties during the second quarter of 2022. The proceeding was stayed in its entirety, including discovery and motions, continuously at the request of the U.S. Attorney for the Southern District of Ohio beginning in August 2022 and was lifted on February 26, 2024. On February 26, 2024, the Attorney Examiner consolidated this proceeding with the expanded DCR rider audit proceeding described below and on November 22, 2024, the administrative law judge ordered that the bifurcated portion of the corporate separation audit, discussed further below, be consolidated with the already-consolidated DMR audit and expanded DCR rider audit proceeding. Evidentiary hearings were held between June 10, 2025, and June 27, 2025. Initial and reply briefs were filed by the parties on July 21, 2025, and August 4, 2025, respectively.

On September 15, 2020, the PUCO opened a new proceeding to review the political and charitable spending by the Ohio Companies in support of HB 6 and the subsequent referendum effort, and directed the Ohio Companies to show cause, demonstrating that the costs of any political or charitable spending in support of HB 6, or the subsequent referendum effort, were not included, directly or indirectly, in any rates or charges paid by customers. The Ohio Companies initially filed a response stating that the costs of any political or charitable spending in support of HB 6, or the subsequent referendum effort, were not included, directly or indirectly, in any rates or charges paid by customers, but on August 6, 2021, filed a supplemental response explaining that, in light of the facts set forth in the DPA and the findings of the DCR rider audit report further discussed below, political or charitable spending in support of HB 6, or the subsequent referendum effort, affected pole attachment rates paid by approximately $15,000. On October 26, 2021, the OCC filed a motion requesting the PUCO to order an independent external audit to investigate FE’s political and charitable spending related to HB 6, and to appoint an independent review panel to retain and oversee the auditor. In November and December 2021, parties filed comments and reply comments regarding the Ohio Companies’ original and supplemental responses to the PUCO’s September 15, 2020, show cause directive. On May 4, 2022, the PUCO selected a third-party auditor to determine whether the show cause demonstration submitted by the Ohio Companies is sufficient to ensure that the cost of any political or charitable spending in support of HB 6 or the subsequent referendum effort was not included, directly or indirectly, in any rates or charges paid by ratepayers. The proceeding was stayed in its entirety, including discovery and motions, continuously at the request of the U.S. Attorney for the Southern District of Ohio beginning in August 2022 and the stay was lifted on February 26, 2024. On September 30, 2024, the third-party auditor’s report was filed. The audit examined 53 payments totaling approximately $75 million made in support of the passage of HB 6 and subsequent referendum efforts, and concluded that less than $5 million was allocated to the Ohio Companies. The audit report affirmed the Ohio Companies’ conclusion in its August 6, 2021 filing that a rate impact of less than $15,000 was charged to the Ohio Companies’ pole attachment customers associated with political and charitable spending in support of HB 6. On October 22, 2024, parties filed comments on the audit report, and on November 5, 2024, parties filed reply comments. The parties' comments remain pending with the PUCO. The administrative law judge set a procedural schedule on September 5, 2025. Evidentiary hearings are scheduled to begin on February 24, 2026.

In connection with an ongoing audit of the Ohio Companies’ policies and procedures relating to the code of conduct rules between affiliates, on November 4, 2020, the PUCO initiated an additional corporate separation audit as a result of the FirstEnergy leadership transition announcement made on October 29, 2020, as further discussed below. The additional audit is to ensure compliance by the Ohio Companies and their affiliates with corporate separation laws and the Ohio Companies’ corporate separation plan. The additional audit is for the period from November 2016 through October 2020. The final audit report was filed on September 13, 2021. The audit report makes no findings of major non-compliance with Ohio corporate separation requirements, minor non-compliance with eight requirements, and findings of compliance with 23 requirements. Parties filed comments and reply comments on the audit report. The proceeding was stayed in its entirety, including discovery and motions, continuously at the request of the U.S. Attorney for the Southern District of Ohio beginning in August 2022 and the stay was lifted on February 26, 2024. On September 10, 2024, the Ohio Companies filed testimony describing their compliance with Ohio corporate separation laws and the implementation of the recommendations made in the audit reports. On September 20, 2024, intervenors filed testimony recommending fines for alleged violations of the Ohio corporate separation requirements. Evidentiary hearings were held on October 9 and 10, 2024; the scope of the hearings excluded allegations involving activities related to the passage of HB 6 and the former PUCO chairman, which were later addressed in hearings held between June 10, 2025, and June 27, 2025, as further described below. Initial and reply briefs have been filed by the Ohio Companies, PUCO staff and the intervening parties. To the extent the PUCO ultimately accepts the intervenors’ recommendations and issues a fine to the Ohio Companies, such amount is not expected to be material.

On September 3, 2024, the Ohio Companies filed an application to amend their corporate separation plan to incorporate certain recommendations from prior audit reports, which include, but are not limited to, improving controls for non-regulated competitive employees’ physical space and access to data, updating and implementing a process to annually review the cost allocation manual, developing state specific codes of conduct practices, and implementing additional training related to the cost allocation manual and the state codes of conduct. On October 23, 2024, the administrative law judge issued an entry suspending automatic approval of the amended corporate separation plan and establishing a procedural schedule.

In connection with an ongoing annual audit of the Ohio Companies’ DCR rider for 2020, and as a result of disclosures in FirstEnergy’s Form 10-K for the year ended December 31, 2020 (filed on February 18, 2021), the PUCO expanded the scope of the audit on March 10, 2021, to include a review of certain transactions that were either improperly classified, misallocated, or lacked supporting documentation, and to determine whether funds collected from customers were used to pay the vendors, and
if so, whether or not the funds associated with those payments should be returned to customers through the DCR rider or through an alternative proceeding. On August 3, 2021, the auditor filed its final report on this phase of the audit, and the parties submitted comments and reply comments on this audit report in October 2021. Additionally, on September 29, 2021, the PUCO expanded the scope of the audit in this proceeding to determine if the costs of the naming rights for FirstEnergy Stadium have been recovered from the Ohio Companies’ customers. On November 19, 2021, the auditor filed its final report, in which the auditor concluded that the FirstEnergy Stadium naming rights expenses were not recovered from Ohio customers. On December 15, 2021, the PUCO further expanded the scope of the audit to include an investigation into an apparent nondisclosure of a side agreement in the Ohio Companies’ ESP IV settlement proceedings, but stayed its expansion of the audit until otherwise ordered by the PUCO. The proceeding was stayed in its entirety, including discovery and motions, continuously at the request of the U.S. Attorney for the Southern District of Ohio beginning in August 2022 and the stay was lifted on February 26, 2024. On February 26, 2024, the Attorney Examiner consolidated this proceeding with the Rider DMR audit proceeding described above, and further lifted the stay of the portion of the investigation relating to an apparent nondisclosure of a side agreement. On November 22, 2024, the administrative law judge ordered that the bifurcated portion of the corporate separation audit be consolidated with the already-consolidated DMR audit and the expanded DCR rider audit proceeding. Evidentiary hearings were held between June 10, 2025, and June 27, 2025. Initial and reply briefs were filed by the parties on July 21, 2025, and August 4, 2025, respectively.

In the fourth quarter of 2020, motions were filed with the PUCO requesting that the PUCO amend the Ohio Companies’ riders for collecting the OVEC-related charges required by HB 6 to provide for refunds in the event such provisions of HB 6 are repealed. Neither the Ohio Companies nor FE benefit from the OVEC-related charges the Ohio Companies collect. Instead, the Ohio Companies were further required by HB 6 to remit all the OVEC-related charges they collect to non-FE Ohio electric distribution utilities until August 14, 2025, at which time HB 15 became effective and the Ohio Companies stopped collecting OVEC-related charges. The Ohio Companies contested the motions, which are pending before the PUCO.

See Note 10, “Commitments, Guarantees and Contingencies” of the Combined Notes to Financial Statements of the Registrants below for additional details on the government investigations and ongoing litigation surrounding the investigation of HB 6.

PENNSYLVANIA

FE PA has five rate districts in Pennsylvania – four that correspond to the territories previously serviced by ME, PN, Penn, and WP and one rate district that corresponds to WP’s service provided to The Pennsylvania State University. The rate districts created by the PA Consolidation will not reach full rate unity until the earlier of 2033 or the conclusion of three base rate cases filed after January 1, 2025. FE PA operates under rates approved by the PPUC, effective as of January 1, 2025.

Pursuant to Pennsylvania Act 129 of 2008 and PPUC orders, the Pennsylvania Companies implemented energy efficiency and peak demand reduction programs with demand reduction targets, relative to 2007-2008 peak demands, at 2.9% MW for ME, 3.3% MW for PN, 2.0% MW for Penn, and 2.5% MW for WP; and energy consumption reduction targets, as a percentage of the Pennsylvania Companies’ historic 2009 to 2010 reference load at 3.1% MWh for ME, 3.0% MWh for PN, 2.7% MWh for Penn, and 2.4% MWh for WP. The fourth phase of FE PA’s energy efficiency and peak demand reduction program, which runs for the five-year period beginning June 1, 2021 through May 31, 2026, was approved by the PPUC on June 18, 2020, providing cost recovery of approximately $390 million to be recovered through Energy Efficiency and Conservation Phase IV Riders for each FE PA rate district.

Pennsylvania EDCs are permitted to seek PPUC approval of an LTIIP for accelerated infrastructure improvements and costs related to highway relocation projects, after which a DSIC may be approved to recover LTIIP costs. On July 22, 2024, FE PA filed its application with the PPUC seeking approval for the 2025-2029 phase of its LTIIP program, which is expected to result in approximately $1.6 billion in investments, with approximately $1.4 billion of such investments going in service during the five-year period. The PPUC approved FE PA’s application on December 19, 2024, and implementation began in January 2025.

WEST VIRGINIA

MP and PE provide electric service to all customers through traditional cost-based, regulated utility ratemaking and operate under WVPSC-approved rates that became effective March 27, 2024. MP and PE recover net power supply costs, including fuel costs, purchased power costs and related expenses, net of related market sales revenue through the ENEC. MP’s and PE’s ENEC rate is typically updated annually and MP and PE filed their ENEC filing on August 29, 2025, for rates effective January 1, 2026.

On April 21, 2022, the WVPSC issued an order approving, effective May 1, 2022, a tariff to offer solar power on a voluntary basis to West Virginia customers and requiring MP and PE to subscribe at least 85% of the planned 50 MWs of solar generation before seeking approval for surcharge cost recovery. MP and PE must seek separate approval from the WVPSC to recover any solar generation costs in excess of the approved solar power tariff. On April 24, 2023, MP and PE sought approval for surcharge cost recovery from the WVPSC for three of the five solar sites, representing 30 MWs of generation. On August 23, 2023, the WVPSC approved the customer surcharge and granted approval to construct three of the five solar sites. The surcharge went into effect January 1, 2024. Two of the five solar generation sites went into service in 2024, with the third in April 2025. On December 4, 2024, MP and PE submitted for approval a settlement agreement to increase its solar surcharge rate. The WVPSC approved the settlement without modification on December 27, 2024, and new rates went into effect on January 1, 2025.
On August 29, 2025, MP and PE filed with the WVPSC their annual ENEC case requesting an increase in ENEC rates by approximately $14 million, proposed to be effective January 1, 2026, which represents a 0.8% increase of total revenues. The proposed increase is driven primarily by an under-recovery balance as of June 30, 2025, and higher costs for fuel and reagents. The WVPSC scheduled a hearing for December 15, 2025. An order from the WVPSC is expected by the end of first quarter 2026.

On August 29, 2025, MP and PE filed with the WVPSC their biennial review of their vegetation management program and surcharge. MP and PE have proposed an approximate $3.2 million decrease in the surcharge rates due to an over-recovery balance as of June 30, 2025, and higher costs for fuel and reagents. The WVPSC scheduled a hearing for December 15, 2025. An order from the WVPSC is expected by the end of first quarter 2026.

On October 1, 2025, MP and PE filed their integrated resource plan with the WVPSC. To ensure that MP and PE can meet their PJM adequacy requirements, the plan proposes, among other things, near-term market capacity purchases, and the addition of 70 MWs of solar generation by 2028 and 1,200 MWs of natural gas combined cycle generation by 2031, which are expected to require a capital investment that is currently estimated to total approximately $2.5 billion. A procedural order is expected from the WVPSC by the end of 2025, and MP and PE expect to seek approval to build or acquire a natural gas combined cycle plant from the WVPSC in the first quarter of 2026.

FERC REGULATORY MATTERS

Under the Federal Power Act, FERC regulates rates for interstate wholesale sales and transmission of electric power, regulatory accounting and reporting under the Uniform System of Accounts, and other matters, including construction and operation of hydroelectric projects. With respect to their wholesale services and rates, the Electric Companies, AE Supply and the Transmission Companies are subject to regulation by FERC. FERC regulations require JCP&L, MP, PE and the Transmission Companies to provide open access transmission service at FERC-approved rates, terms and conditions. Transmission facilities of JCP&L, MP, PE and the Transmission Companies are subject to functional control by PJM and transmission service using their transmission facilities is provided by PJM under the PJM Tariff.

FERC regulates the sale of power for resale in interstate commerce in part by granting authority to public utilities to sell wholesale power at market-based rates upon showing that the seller cannot exert market power in generation or transmission or erect barriers to entry into markets. The Electric Companies and AE Supply each have the necessary authorization from FERC to sell their wholesale power, if any, in interstate commerce at market-based rates, although in the case of the Electric Companies major wholesale purchases remain subject to review and regulation by the relevant state commissions.

Federally enforceable mandatory reliability standards apply to the bulk electric system and impose certain operating, record-keeping and reporting requirements on the Electric Companies, AE Supply, and the Transmission Companies. NERC is the Electric Reliability Organization designated by FERC to establish and enforce these reliability standards, although NERC has delegated day-to-day implementation and enforcement of these reliability standards to six regional entities, including RFC. All of the facilities that FirstEnergy operates are located within the RFC region. FirstEnergy actively participates in the NERC and RFC stakeholder processes, and otherwise monitors and manages its companies in response to the ongoing development, implementation and enforcement of the reliability standards implemented and enforced by RFC.

FirstEnergy believes that it is in material compliance with all currently-effective and enforceable reliability standards. Nevertheless, in the course of operating its extensive electric utility systems and facilities, FirstEnergy occasionally learns of isolated facts or circumstances that could be interpreted as excursions from the reliability standards. If and when such occurrences are found, FirstEnergy develops information about the occurrence and develops a remedial response to the specific circumstances, including in appropriate cases “self-reporting” an occurrence to RFC. Moreover, it is clear that NERC, RFC and FERC will continue to refine existing reliability standards as well as to develop and adopt new reliability standards. Any inability on FirstEnergy’s part to comply with the reliability standards for its bulk electric system could result in the imposition of financial penalties, or obligations to upgrade or build transmission facilities, that could have a material adverse effect on its financial condition, results of operations, and cash flows.

FERC Audit

FERC’s Division of Audits and Accounting initiated a nonpublic audit of FESC in February 2019. Among other matters, the audit is evaluating FirstEnergy’s compliance with certain accounting and reporting requirements under various FERC regulations. On February 4, 2022, FERC filed the final audit report for the period of January 1, 2015, through September 30, 2021, which included several findings and recommendations that FirstEnergy has accepted. The audit report included a finding and related recommendation on FirstEnergy’s methodology for allocation of certain corporate support costs to regulatory capital accounts under certain FERC regulations and reporting. Effective in the first quarter of 2022 and in response to the finding, FirstEnergy implemented a new methodology for the allocation of these corporate support costs to regulatory capital accounts for its regulated distribution and transmission companies on a prospective basis. With the assistance of an independent outside firm, FirstEnergy completed an analysis during the third quarter of 2022 of these costs and how it impacted certain FERC-jurisdictional wholesale transmission customer rates for the audit period of 2015 through 2021. As a result of this analysis, FirstEnergy
reclassified certain transmission capital assets to operating expenses for the audit period. FirstEnergy fully recovered approximately $105 million ($13 million at JCP&L) of these costs reclassified to operating expenses in its transmission formula rate revenue requirements as of December 31, 2024. Furthermore, the Ohio Companies are in the process of addressing the outcomes of the FERC Audit with the PUCO, which includes seeking continued rate base treatment of approximately $97 million of certain corporate support costs allocated to distribution capital assets as of September 30, 2025.

On December 8, 2023, FERC audit staff issued a letter advising that two unresolved audit matters, primarily related to FirstEnergy’s plan to recover the reclassified operating expenses in formula transmission rates, were being referred to other offices within FERC for further review. On July 5, 2024, and September 26, 2024, the FERC Office of Enforcement issued additional data requests related to the 2022 reclassification of operating expenses, to which FirstEnergy replied. On September 10, 2024, and January 13, 2025, the FERC Office of Enforcement issued further data requests related to the classification and recovery of a since terminated fuel consulting contract, to which FirstEnergy responded. If the FERC Office of Energy Market Regulation and the FERC Office of Enforcement were to successfully challenge the recovery of the 2022 reclassified operating expenses and formula transmission rates it could have a material adverse effect on FirstEnergy financial conditions, result of operations, and cash flows.

Transmission ROE Incentive

On February 24, 2022, the OCC filed a complaint with FERC against ATSI, AEP’s Ohio affiliate and American Electric Power Service Corporation, and Duke Energy Ohio, Inc. asserting that FERC should reduce the ROE utilized in the utilities’ transmission formula rates by eliminating the 50 basis point adder associated with RTO membership, effective February 24, 2022. The OCC contends that this result is required because Ohio law mandates that transmission owning utilities join an RTO and that the 50 basis point adder is applicable only where RTO membership is voluntary. On December 15, 2022, FERC denied the complaint as to ATSI and Duke Energy Ohio, Inc., but granted it as to AEP’s Ohio affiliate. AEP’s Ohio affiliate and OCC appealed FERC’s orders to the Sixth Circuit. On January 17, 2025, the Sixth Circuit ruled that the 50 basis point adder is available only where RTO membership is voluntary, that Ohio law requires Ohio’s transmission utilities to be members of an RTO, and that it was unlawful for FERC to excise the adder from AEP’s Ohio affiliate rates, but not from the Duke Energy Ohio, Inc. and ATSI rates. During 2024, as a result of the ruling, ATSI recognized a $46 million pre-tax charge, with interest, of which $42 million is reported in “Transmission Revenues” and $4 million is reported in “Miscellaneous income, net” on the FirstEnergy Consolidated Statements of Income at the Stand-Alone Transmission segment, to reflect the expected refund owed to transmission customers back to February 24, 2022. On March 3, 2025, FirstEnergy filed for rehearing en banc, and Duke Energy Ohio, Inc. and AEP’s Ohio affiliate also filed for rehearing, which was denied by the Sixth Circuit on March 26, 2025. On April 16, 2025, the Sixth Circuit agreed to hold the case pending further appeal to the Supreme Court of the U.S. On June 20, 2025 and June 24, 2025, ATSI and AEP’s Ohio affiliate, respectively, applied for the Supreme Court of the U.S. to review the Sixth Circuit’s decision. The parties submitted their briefings and the case is pending before the Supreme Court of the U.S.

Transmission ROE Methodology

A proposed rulemaking proceeding concerning transmission rate incentives provisions of Section 219 of the 2005 Energy Policy Act was initiated in March of 2020 and remains pending before FERC. Among other things, the rulemaking explored whether utilities should collect an “RTO membership” ROE incentive adder for more than three years. FirstEnergy is a member of PJM, and its transmission subsidiaries could be affected by the proposed rulemaking. FirstEnergy participated in comments on the supplemental rulemaking that were submitted by a group of PJM transmission owners and by various industry trade groups. If there were to be any changes to FirstEnergy's transmission incentive ROE, such changes will be applied on a prospective basis; provided however, due to the Sixth Circuit’s ruling in the Transmission ROE Incentive matter described above, ATSI is collecting the ROE incentive adder subject to refund.

Transmission Planning Supplemental Projects

On September 27, 2023, the OCC filed a complaint against ATSI, PJM and other transmission utilities in Ohio alleging that the PJM Tariff and operating agreement are unjust, unreasonable, and unduly discriminatory because they include no provisions to ensure PJM’s review and approval for the planning, need, prudence and cost-effectiveness of the PJM Tariff Attachment M-3 “Supplemental Projects.” Supplemental Projects are projects that are planned and constructed to address local needs on the transmission system. The OCC demands that FERC: (i) require PJM to review supplemental projects for need, prudence and cost-effectiveness; (ii) appoint an independent transmission monitor to assist PJM in such review; and (iii) require that Supplemental Projects go into rate base only through a “stated rate” procedure whereby prior FERC approval would be needed for projects with costs that exceed an established threshold. Subsequently, intervenors expanded the scope of this proceeding to all of the transmission utilities in PJM, including JCP&L. ATSI and the other transmission utilities in Ohio and PJM filed comments.

Local Transmission Planning Complaint

On December 19, 2024, the Industrial Energy Consumers of America, a group representing large industrial customers, and state consumer advocates filed a complaint at FERC that asserts that transmission owners are overbuilding “local transmission facilities” with corresponding unjustified increases in transmission rates. The complaint demands that FERC: (i) prohibit
transmission owners from planning “local transmission facilities” that are rated at 100kV or higher; (ii) appoint “independent transmission monitors” to conduct such planning; and (iii) condition construction of local transmission facilities on the facility having been planned by the “independent transmission monitor.” FirstEnergy is participating in this matter through a consortium of PJM transmission owners and through certain trade groups, including EEI. FirstEnergy, together with the PJM transmission owners, filed a motion to dismiss the complaint on March 20, 2025, which is pending before FERC. FirstEnergy is unable to predict the outcome or estimate the impact that this complaint may have on its Transmission Companies, however, whether this lawsuit moves forward could have a material impact on FirstEnergy and its transmission capital investment strategy.

Ghiorzi v. PJM

In December 2023, PJM assigned certain baseline RTEP projects to NextEra Energy Transmission, which subsequently informed PJM that it would not construct the projects. On April 3, 2025, following the reassignment by PJM of certain baseline RTEP projects in Maryland and Virginia to PE, two individuals filed a complaint at FERC challenging this outcome. The complainants assert that PJM erred in reassigning the work to PE because such reassignment projects: (i) did not reflect the cost estimates or cost caps included in NextEra Energy Transmission’s bid; and (ii) would be constructed with different routing than as originally proposed. FERC set May 7, 2025, as the deadline for intervention and comment. PE intervened, filing a motion to dismiss and answer on May 7, 2025. FirstEnergy and PE are unable to predict the outcome or estimate the impact that this complaint may have.

Valley Link Formula Transmission Rate

Valley Link is a joint venture between FET, AEP and Dominion, and was formed to submit applications to construct transmission solutions to identified transmission reliability issues. In 2024, Valley Link submitted a portfolio of transmission solutions to the reliability issues that were the subject of the PJM 2024 RTEP Window 1 planning process. On February 26, 2025, PJM selected approximately $3 billion of the transmission solutions proposed by Valley Link for construction through PJM’s “baseline” RTEP process. On March 13, 2025, the Valley Link joint venture filed an application for forward-looking formula transmission rates to provide for cost recovery for the portfolio of selected projects. Among other things, the transmission rate application provides for a capital structure of 40% debt and 60% equity, and a base ROE of 10.9% with associated templates and protocols, as well as transmission rate incentives, including the abandonment rate incentive, the CWIP rate incentive, the RTO participation adder incentive, the hypothetical capital structure incentive, and the precommercial regulatory asset incentive. On April 4, 2025, certain parties filed protests of certain elements of the proposed formula rate and requested transmission incentives, to which Valley Link responded on April 21, 2025. On April 8, 2025, PJM also sought to intervene in the matter. On May 14, 2025, FERC issued an initial order that, among other things, accepted the requested abandonment rate incentive, CWIP rate incentive, RTO participation adder incentive, and precommercial regulatory asset rate incentive, and allowed the formula rate to go into effect on May 14, 2025, as requested, subject to refund, pending further settlement and hearing proceedings. An initial settlement conference was held on June 26, 2025, and a procedural schedule for the initial phase of the settlement process was agreed upon. The capital structure incentive and the other open rate design matters are being addressed in confidential settlement negotiations.

Abandonment Transmission Rate Incentive

On February 26, 2025, PJM completed its 2024 Regional Transmission Expansion Plan Open Window 1 process and, among other actions, designated each of ATSI and PE to construct certain transmission projects. On July 11, 2025, ATSI and PE filed a joint application for the abandonment incentive with FERC, which, was approved on September 9, 2025. Effective September 10, 2025, ATSI and PE each became eligible to recover 50% of the project costs incurred prior to September 10, 2025, and 100% of the project costs incurred thereafter for any projects subsequently cancelled for reasons beyond the control of utility management.
v3.25.3
COMMITMENTS, GUARANTEES AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS, GUARANTEES AND CONTINGENCIES COMMITMENTS, GUARANTEES AND CONTINGENCIES
The disclosures in this note apply to both Registrants, unless indicated otherwise.

FIRSTENERGY - GUARANTEES AND OTHER ASSURANCES

FirstEnergy has various financial and performance guarantees and indemnifications, which are issued in the normal course of business. These contracts include performance guarantees, stand-by LOCs, debt guarantees, surety bonds and indemnifications. FirstEnergy enters into these arrangements to facilitate commercial transactions with third parties by enhancing the value of the transaction to the third party. The maximum potential amount of future payments FE and its subsidiaries could be required to make under these guarantees as of September 30, 2025, was approximately $1.1 billion, as summarized below:
 Guarantees and Other AssurancesMaximum Exposure
 (In millions)
FE’s Guarantees on Behalf of its Consolidated Subsidiaries
Deferred compensation arrangements$397 
Vehicle leases75 
McElroy Run transfer129 
Other14 
615 
FE’s Guarantees on Other Assurances
Surety Bonds158 
Deferred compensation arrangements93 
LOCs185 
436 
Total Guarantees and Other Assurances$1,051 
JCP&L - GUARANTEES AND OTHER ASSURANCES
JCP&L has various financial and performance guarantees and indemnifications which are issued in the normal course of business. These contracts include stand-by LOCs and surety bonds. JCP&L enters into these arrangements to facilitate commercial transactions with third parties by enhancing the value of the transaction to the third party. The maximum potential amount of future payments JCP&L could be required to make under these guarantees as of September 30, 2025, was $46 million as summarized below:
Guarantees and Other AssurancesMaximum Exposure
 (In millions)
Surety Bonds$18 
LOCs28 
Total Guarantees and Other Assurances$46 
.
FIRSTENERGY - COLLATERAL AND CONTINGENT-RELATED FEATURES

In the normal course of business, FE and its subsidiaries may enter into physical or financially settled contracts for the sale and purchase of electric capacity, energy, fuel and emission allowances. Certain agreements contain provisions that require FE or its subsidiaries to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon FE’s or its subsidiaries’ credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty.

As of September 30, 2025, $185 million of collateral, in the form of LOCs, has been posted by FE or its subsidiaries. FE or its subsidiaries are holding $32 million of net cash collateral as of September 30, 2025, from certain generation suppliers, and such amount is included in “Other current liabilities” on FirstEnergy’s Consolidated Balance Sheets.

These credit-risk-related contingent features stipulate that if the subsidiary were to be downgraded or lose its investment grade credit rating (based on its senior unsecured debt rating), it would be required to provide additional collateral. The following table discloses the potential additional credit rating contingent contractual collateral obligations as of September 30, 2025:
Potential Collateral Obligations
Electric Companies and Transmission Companies
FE Total
 (In millions)
Contractual obligations for additional collateral
Upon downgrade $90 $1 $91 
Surety bonds (collateralized amount)(1)
110 153 263 
Total Exposure from Contractual Obligations$200 $154 $354 
(1) Surety Bonds are not tied to a credit rating. Surety Bonds’ impact assumes maximum contractual obligations, which is ordinarily 100% of the face amount of the surety bond except with respect to $22 million of surety bond obligations for which the collateral obligation is capped at 60% of the face amount, and typical obligations require 30 days to cure.
JCP&L - COLLATERAL AND CONTINGENT-RELATED FEATURES

In the normal course of business, JCP&L may enter into physical or financially settled contracts for the sale and purchase of electric capacity, energy, fuel and emission allowances. Certain agreements contain provisions that require JCP&L to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon JCP&L's credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty.

JCP&L has posted $28 million of collateral in the form of LOCs as of September 30, 2025. JCP&L is holding $7 million of net cash collateral as of September 30, 2025, from certain generation suppliers, and such amount is included in "Other current liabilities" on JCP&L's Balance Sheets.

These credit-risk-related contingent features stipulate that if JCP&L were to be downgraded or lose its investment grade credit rating (based on its senior unsecured debt rating), it would be required to provide additional collateral. The following table discloses the potential additional credit rating contingent contractual collateral obligations as of September 30, 2025:
Potential Collateral ObligationsJCP&L
(In millions)
Contractual obligations for additional collateral
Upon downgrade $58 
Surety bonds (collateralized amount)(1)
17 
Total Exposure from Contractual Obligations$75 
(1) Surety bonds are not tied to a credit rating, and their impact assumes maximum contractual obligations, which is ordinarily 100% of the face amount of the surety bond except with respect to $1 million as of September 30, 2025 of surety bond obligations for which the collateral obligation is capped at 60% of the face amount, and typical obligations require 30 days to cure.
ENVIRONMENTAL MATTERS

Various federal, state and local authorities regulate the Registrants with regard to air and water quality, hazardous and solid waste management and disposal, and other environmental matters. While the Registrants’ environmental policies and procedures are designed to achieve compliance with applicable environmental laws and regulations, such laws and regulations are subject to periodic review and potential revision by the implementing agencies. The Registrants cannot predict the timing or ultimate outcome of any of these reviews or how any future actions taken as a result thereof may materially impact their business, results of operations, cash flows and financial condition. In general, environmental requirements applicable to the electric power sector are becoming increasingly prescriptive and stringent, and the EPA finalized a number of rules in 2024 that could impact the Registrants. However, the Trump administration has issued certain executive orders and stated its intention to rescind, revise or replace some existing environmental regulations and the ultimate impact of recently finalized rules, several of which are in litigation, and any replacement rules are uncertain.

On March 12, 2025, the EPA announced its intent to reevaluate or reconsider numerous environmental regulations, many of which apply to the Registrants. The specific timing or outcome of this initiative remains unknown, but regular required rulemaking processes and procedures still apply, and litigation is also anticipated to occur. The disclosures herein do not attempt to discern potential impacts of these deregulatory actions until and unless formal rulemaking or other regulatory actions are announced and the potential impacts to operations can be discerned.

The disclosures below apply to FirstEnergy and the disclosures under “Regulation of Waste Disposal,” are also applicable to JCP&L.

Clean Air Act

FirstEnergy complies with SO2 and NOx emission reduction requirements under the CAA and SIP by burning lower-sulfur fuel, utilizing combustion controls and post-combustion controls and/or using emission allowances.

CSAPR requires reductions of NOx and SO2 emissions in two phases (2015 and 2017), ultimately capping SO2 emissions in affected states to 2.4 million tons annually and NOx emissions to 1.2 million tons annually. CSAPR allows trading of NOx and SO2 emission allowances between power plants located in the same state and interstate trading of NOx and SO2 emission allowances with some restrictions. On July 28, 2015, the D.C. Circuit ordered the EPA to reconsider the CSAPR caps on NOx and SO2 emissions from power plants in 13 states, including West Virginia. This followed the 2014 Supreme Court of the U.S. ruling generally upholding the EPA’s regulatory approach under CSAPR but questioning whether the EPA required upwind states to reduce emissions by more than their contribution to air pollution in downwind states. The EPA issued a CSAPR Update on September 7, 2016, reducing summertime NOx emissions from power plants in 22 states in the eastern U.S., including West Virginia, beginning in 2017. Various states and other stakeholders appealed the CSAPR Update to the D.C. Circuit in November and December 2016. On September 13, 2019, the D.C. Circuit remanded the CSAPR Update to the EPA citing that the rule did
not eliminate upwind states’ significant contributions to downwind states’ air quality attainment requirements within applicable attainment deadlines.

Also in March 2018, the State of New York filed a CAA Section 126 petition with the EPA alleging that NOx emissions from nine states (including West Virginia) significantly contribute to New York’s inability to attain the ozone National Ambient Air Quality Standards. The petition sought suitable emission rate limits for large stationary sources that are allegedly affecting New York’s air quality within the three years allowed by CAA Section 126. On September 20, 2019, the EPA denied New York’s CAA Section 126 petition. On October 29, 2019, the State of New York appealed the denial of its petition to the D.C. Circuit. On July 14, 2020, the D.C. Circuit reversed and remanded the New York petition to the EPA for further consideration. On March 15, 2021, the EPA issued a revised CSAPR Update that addressed, among other things, the remands of the prior CSAPR Update and the New York Section 126 petition. In December 2021, MP purchased NOx emissions allowances to comply with 2021 ozone season requirements. On April 6, 2022, the EPA published proposed rules seeking to impose further significant reductions in EGU NOx emissions in 25 upwind states, including West Virginia, with the stated purpose of allowing downwind states to attain or maintain compliance with the 2015 ozone National Ambient Air Quality Standards. On February 13, 2023, the EPA disapproved 21 SIPs, which was a prerequisite for the EPA to issue a final Good Neighbor Plan or FIP. On June 5, 2023, the EPA issued the final Good Neighbor Plan with an effective date 60 days thereafter. Certain states, including West Virginia, have appealed the disapprovals of their respective SIPs, and some of those states have obtained stays of those disapprovals precluding the Good Neighbor Plan from taking effect in those states. On August 10, 2023, the 4th Circuit granted West Virginia an interim stay of the disapproval of its SIP and on January 10, 2024, after a hearing held on October 27, 2023, granted a full stay which precludes the Good Neighbor Plan from going into effect in West Virginia. In addition to West Virginia, certain other states, and certain trade organizations, including the Midwest Ozone Group of which FE is a member, separately filed petitions for review and motions to stay the Good Neighbor Plan itself at the D.C. Circuit. On September 25, 2023, the D.C. Circuit denied the motions to stay the Good Neighbor Plan. On October 13, 2023, the aggrieved parties filed an Emergency Application for an Immediate Stay of the Good Neighbor Plan with the Supreme Court of the U.S. Oral argument was heard on February 21, 2024. On June 27, 2024, the Supreme Court of the U.S. granted a stay of the Good Neighbor Plan pending disposition of the petition for review in the D.C. Circuit. On February 6, 2025, the EPA filed a motion at the D.C. Circuit to hold the proceedings in abeyance for 60 days to allow the EPA time to familiarize itself with the Good Neighbor Plan and in particular, time to brief the new administration about these consolidated petitions and the underlying Rule to allow them to decide what action, if any, is necessary. On March 10, 2025, the EPA filed a motion for remand with the D.C. Circuit identifying issues with the Good Neighbor Plan that make reconsideration appropriate. The D.C. Circuit granted the motion for remand and cancelled oral argument. Consistent with its March 12, 2025 announcement, the EPA intends to undertake reconsideration of the rule and complete any new rulemaking by Fall 2026.

Climate Change

In recent years, certain regulators in the U.S. have focused efforts on increasing disclosures by companies related to climate change and mitigation efforts. At the federal level, presidential administrations have held differing views on prioritizing actions to address GHG emissions and, by extension, climate change. Those differing views have led to policy changes, creating uncertainty about environmental requirements and associated impacts.

In December 2009, the EPA released its final “Endangerment and Cause or Contribute Findings for GHGs under the Clean Air Act,” concluding that concentrations of several key GHGs constitute an “endangerment” and may be regulated as “air pollutants” under the CAA and mandated measurement and reporting of GHG emissions from certain sources, including electric generating plants. Subsequently, the EPA released its final CPP regulations in August 2015 to reduce CO2 emissions from existing fossil fuel-fired EGUs and finalized separate regulations imposing CO2 emission limits for new, modified, and reconstructed fossil fuel-fired EGUs. Numerous states and private parties filed appeals and motions to stay the CPP with the D.C. Circuit in October 2015. On February 9, 2016, the Supreme Court of the U.S. stayed the rule during the pendency of the challenges to the D.C. Circuit and Supreme Court of the U.S. On March 28, 2017, an executive order, entitled “Promoting Energy Independence and Economic Growth,” instructed the EPA to review the CPP and related rules addressing GHG emissions and suspend, revise or rescind the rules if appropriate. On June 19, 2019, the EPA repealed the CPP and replaced it with the ACE rule that established guidelines for states to develop standards of performance to address GHG emissions from existing coal-fired generation. On January 19, 2021, the D.C. Circuit vacated and remanded the ACE rule declaring that the EPA was “arbitrary and capricious” in its rulemaking and, as such, the ACE rule is no longer in effect and all actions thus far taken by states to implement the federally mandated rule are now null and void. Vacating the ACE rule had the unintended effect of reinstating the CPP because the repeal of the CPP was a provision within the ACE rule. The D.C. Circuit decision was appealed by several states and interested parties, including West Virginia, arguing that the EPA did not have the authorization under Section 111(d) of the CAA to require “generation shifting” as a way to limit GHGs. On June 30, 2022, the Supreme Court of the U.S. in West Virginia v. Environmental Protection Agency held that the method the EPA used to regulate GHGs (generation shifting) under Section 111(d) of the CAA (the CPP) was not authorized by Congress and remanded the rule to the EPA for further reconsideration. In response, on May 23, 2023, the EPA published a proposed rule pursuant to CAA Section 111 (b) and (d) in line with the decision in West Virginia v. Environmental Protection Agency intended to reduce power sector GHG emissions (primarily CO2 emissions) from fossil fuel based EGUs. The rule, which proposed stringent GHG emissions limitations based on fuel type and unit retirement date, was issued as final by the EPA on April 25, 2024. In May 2024, a group of 25 states, including West Virginia, filed a challenge to the rule in the D.C. Circuit. Also in May 2024, other utility groups, including the Midwest Ozone Group and Electric Generators for a Sensible Transition, both of which MP is a member, filed petitions for review of the GHG rule as well as motions to stay the rule in the D.C. Circuit. On July 19, 2024, the D.C. Circuit denied the stay motions and on July 23 and 26, 2024 the aggrieved
petitioners filed emergency stay applications to the Supreme Court of the U.S. On October 16, 2024, the Supreme Court of the U.S. denied the stay applications. On December 6, 2024, oral arguments on the merits of the challenge were heard by the D.C. Circuit. On February 5, 2025, the Department of Justice filed an unopposed motion on behalf of the EPA in the D.C. Circuit, seeking to hold the litigation in abeyance, and forego issuing its opinion, for a period of 60 days while the new leadership at the EPA evaluates the rule and determines how it wishes to proceed. On February 19, 2025, the D.C. Circuit granted the EPA’s motion. The D.C. Circuit subsequently granted a second motion from the EPA placing the litigation in abeyance until further order of the Court. On June 17, 2025, the EPA published a proposed rule to repeal the GHG rule.

Among other deregulatory actions, Executive Order 14514 directs the EPA Administrator to make recommendations on the “legality and continuing applicability” of the EPA’s 2009 Endangerment Finding, which forms the basis for the EPA's GHG regulations. On March 12, 2025, the EPA announced a series of planned deregulatory actions that it would be taking related to such executive order, including reconsideration of the regulations to limit power plant GHG emissions. On July 29, 2025, the EPA announced a proposal to rescind its 2009 Endangerment Finding, which, if finalized, would repeal all resulting GHG emissions regulations. Depending on the outcome of any appeals and the EPA review, compliance with the GHG emissions limits could require additional capital expenditures or changes in operation at the Fort Martin and Harrison power stations.

In addition, there are several initiatives to reduce GHG emissions at the state and international level. Certain northeastern states are participating in the Regional Greenhouse Gas Initiative and western states, including California, have implemented programs to control emissions of certain GHGs and enhance public disclosures relating to the same. Additional policies reducing GHG emissions, such as demand reduction programs, renewable portfolio standards and renewable subsidies have been implemented across the nation.

FirstEnergy has pledged to achieve carbon neutrality by 2050 with respect to GHGs within FirstEnergy’s direct operational control (known as Scope 1 emissions). FirstEnergy’s ability to achieve its GHG reduction goal is subject to its ability to make operational changes and is conditioned upon numerous risks, many of which are outside of its control. With respect to FirstEnergy’s coal-fired plants in West Virginia, which serve as the primary source of its Scope 1 emissions, it has identified that the end of the useful life date is 2035 for Fort Martin and 2040 for Harrison. MP filed its 10-year integrated resource plan with the WVPSC on October 1, 2025, which highlighted, among other things, the need for new dispatchable generation in West Virginia. Determination of the useful life of the regulated coal-fired generation could result in changes in depreciation, and/or continued collection of net plant in rates after retirement, securitization, sale, impairment, or regulatory disallowances. If FirstEnergy is unable to recover these costs, it could have a material adverse effect on FirstEnergy’s financial condition, results of operations, and cash flow. FirstEnergy cannot currently estimate the financial impact of climate change policies, although potential legislative or regulatory programs restricting CO2 emissions, or litigation alleging damages from GHG emissions, could require material capital and other expenditures or result in changes to its operations.

FirstEnergy continues to monitor climate change policies at both the federal and state level. Currently, FirstEnergy anticipates continued uncertainty, and may need to make decisions even as policies shift from administration to administration.

Clean Water Act

Various water quality regulations, the majority of which are the result of the federal Clean Water Act and its amendments, apply to FirstEnergy’s facilities. In addition, the states in which FirstEnergy operates have water quality standards applicable to FirstEnergy’s operations.

On September 30, 2015, the EPA finalized new, more stringent effluent limits for the Steam Electric Power Generating category (40 CFR Part 423) for arsenic, mercury, selenium and nitrogen for wastewater from wet scrubber systems and zero discharge of pollutants in ash transport water. The treatment obligations were to phase-in as permits were renewed on a five-year cycle from 2018 to 2023. However, on April 13, 2017, the EPA granted a Petition for Reconsideration and on September 18, 2017, the EPA postponed certain compliance deadlines for two years. On August 31, 2020, the EPA issued a final rule revising the effluent limits for discharges from wet scrubber systems, retaining the zero-discharge standard for ash transport water, (with some limited discharge allowances), and extending the deadline for compliance to December 31, 2025, for both. In addition, the EPA allows for less stringent limits for sub-categories of generating units based on capacity utilization, flow volume from the scrubber system, and unit retirement date. On March 29, 2023, the EPA published proposed revised ELGs applicable to coal-fired power plants that include more stringent effluent limitations for wet scrubber systems and ash transport water, and new limits on landfill leachate. The rule was issued as final by the EPA on April 25, 2024. On May 30, 2024, the Utility Water Act Group, of which FirstEnergy is a member, filed a Petition for Review of the 2024 ELG Rule with the U.S. Court of Appeals for the Fifth and Eighth Circuit Courts, and on June 18, 2024, the Utility Water Group filed a motion to stay the rule pending disposition on the merits. A number of other parties have challenged the final rule in various petitions for review across several circuits. Those petitions and motions for stay have been consolidated in the U.S. Court of Appeals for the Eighth Circuit. On October 10, 2024, the U.S. Court of Appeals for the Eighth Circuit denied the motions for stay. On February 19, 2025, the U.S. Department of Justice filed a motion on behalf of the EPA in the U.S. Court of Appeals for the Eighth Circuit, seeking to hold the litigation in abeyance for a period of 60 days while the new leadership at the EPA evaluates the rule and determines how it wishes to proceed. On February 28, 2025, U.S. Court of Appeals for the Eighth Circuit granted the EPA’s motion. On March 12, 2025, the EPA announced a series of planned deregulatory actions, including reconsideration of the 2024 ELG rule. On October 10, 2025, the EPA published a proposed ELG Deadline Extensions Rule and companion Direct Final Rule extending certain compliance deadlines included in
the 2024 ELG Rule. Depending on the outcome of appeals and the EPA’s review, compliance with the 2024 ELG rule could require additional capital expenditures or changes in operation at closed and active landfills, and at the Ft. Martin and Harrison power stations from what was approved by the WVPSC in September 2022 to comply with the 2020 ELG rule. FirstEnergy is currently assessing the impact of the final rule.

Regulation of Waste Disposal

Federal and state hazardous waste regulations have been promulgated as a result of the Resource Conservation and Recovery Act, as amended, and the Toxic Substances Control Act. Certain CCRs, such as coal ash, were exempted from hazardous waste disposal requirements pending the EPA’s evaluation of the need for future regulation.

In April 2015, the EPA finalized regulations for the disposal of CCRs (non-hazardous), establishing national standards for landfill design, structural integrity design and assessment criteria for surface impoundments, groundwater monitoring and protection procedures and other operational and reporting procedures to assure the safe disposal of CCRs from electric generating plants. On September 13, 2017, the EPA announced that it would reconsider certain provisions of the final regulations. On July 29, 2020, the EPA published a final rule again revising the date that certain CCR impoundments must cease accepting waste and initiate closure to April 11, 2021. The final rule allowed for an extension of the closure deadline based on meeting identified site-specific criteria. On November 30, 2020, AE Supply submitted a closure deadline extension request to the EPA seeking to extend the cease accepting waste date for the McElroy's Run CCR impoundment facility to October 2024, which request was withdrawn by AE Supply on July 9, 2024, prior to the completion of the technical review by the EPA. As of May 31, 2024, AE Supply ceased accepting waste at the McElroy’s Run CCR impoundment facility from Pleasants Power Station. During 2024, as a result of the evaluation of closure options for McElroy’s Run and the adjacent landfill, AE Supply reviewed its ARO and future expected costs to remediate, resulting in an increase to the ARO liability of $87 million. AE Supply transferred the McElroy’s Run CCR impoundment facility and adjacent dry landfill and related remediation obligations on March 4, 2025, pursuant to the environmental liability transfer agreement dated February 3, 2025 with a subsidiary of IDA Power, LLC. Pursuant to the agreement, AE Supply established a $160 million escrow account that AE Supply will fund over five years and is secured by a surety bond, which is guaranteed by FE. In connection with the transfer, AE Supply recognized a $130 million liability, based on a 4.8% weighted average discount rate over the contract term, associated with its remaining obligation to fund the escrow account over the next five years, and derecognized the ARO, resulting in an immaterial impact to earnings. During the nine months ended September 30, 2025, AE Supply made $46 million of cash payments to the escrow account.

On May 8, 2024, the EPA issued the Legacy CCR Rule, which finalized changes to the CCR regulations addressing inactive surface impoundments at inactive electric utilities, known as legacy CCR surface impoundments. The rule extends 2015 CCR Rule requirements for groundwater monitoring and protection, operational and reporting procedures as well as closure requirements to impoundments and landfills that were not originally included for coverage by the 2015 CCR Rule. Furthermore, the EPA’s interpretations of the EPA CCR regulations continue to evolve through enforcement and other regulatory actions. FirstEnergy is currently assessing the potential impacts of the final rule, including a review of additional sites to which the new rule might be applicable. On February 13, 2025, the U.S. Department of Justice filed a motion on behalf of the EPA in the D.C. Circuit, seeking to hold the litigation, which was filed on August 8, 2024, by the Utility Solid Waste Act Group with FE as a member, in abeyance for a period of 120 days while the new leadership at the EPA evaluates the rule and determines how it wishes to proceed, which the D.C. Circuit granted. On March 12, 2025, the EPA announced a series of planned deregulatory actions, including reconsideration of the final Legacy CCR Rule. FirstEnergy continues to monitor the EPA’s actions related to CCR regulations; however, the ultimate impact is unknown at this time and is subject to the outcome of the litigation and any future state regulatory actions. Depending on the outcome of appeals and the EPA’s rule, compliance with the final Legacy CCR Rule could require remedial actions, including removal of coal ash. See Note 8, “Asset Retirement Obligations,” of the Combined Notes to Financial Statements of the Registrants above for a description of the $139 million increase to its ARO that FirstEnergy recorded during 2024 as a result of its analysis. JCP&L did not have any legacy CCR disposal sites that were applicable to the 2024 CCR rules.

Certain of the FirstEnergy companies have been named as potentially responsible parties at waste disposal sites, which may require cleanup under the CERCLA. Allegations of disposal of hazardous substances at historical sites and the liability involved are often unsubstantiated and subject to dispute; however, federal law provides that all potentially responsible parties for a particular site may be liable on a joint and several basis. Environmental liabilities that are considered probable have been recognized on FirstEnergy’s Consolidated Balance Sheets as of September 30, 2025, based on estimates of the total costs of cleanup, FirstEnergy’s proportionate responsibility for such costs and the financial ability of other unaffiliated entities to pay. Total liabilities of approximately $93 million have been accrued through September 30, 2025, of which approximately $67 million are for environmental remediation of former MGP and gas holder facilities in New Jersey, which are being recovered by JCP&L through a non-bypassable societal benefits charge. FE or its subsidiaries could be found potentially responsible for additional amounts or additional sites, but the loss or range of losses cannot be determined or reasonably estimated at this time.
OTHER LEGAL PROCEEDINGS

U.S. v. Larry Householder, et al.

On July 21, 2020, a complaint and supporting affidavit containing federal criminal allegations were unsealed against the now former Ohio House Speaker Larry Householder and other individuals and entities allegedly affiliated with Mr. Householder. In March 2023, a jury found Mr. Householder and his co-defendant, Matthew Borges, guilty and in June 2023, the two were sentenced to prison for 20 and five years, respectively. Messrs. Householder and Borges have appealed their sentences; the U.S. Court of Appeals for the Sixth Circuit recently rejected their appeal upholding their convictions. Also, on July 21, 2020, and in connection with the U.S. Attorney’s Office’s investigation, FirstEnergy received subpoenas for records from the U.S. Attorney’s Office for the Southern District of Ohio. FirstEnergy was not aware of the criminal allegations, affidavit or subpoenas before July 21, 2020. On January 17, 2025, the U.S. Attorney’s Office announced that a federal grand jury charged two former FirstEnergy senior officers with one count of participating in a Racketeer Influenced and Corrupt Organizations Act conspiracy. The allegations in the indictment are largely based on the conduct described in the DPA.

On July 21, 2021, FE entered into a three-year DPA with the U.S. Attorney’s Office that, subject to court proceedings, resolves this matter as to FE. Under the DPA, FE agreed to the filing of a criminal information charging FE with one count of conspiracy to commit honest services wire fraud. The DPA required that FirstEnergy, among other obligations: (i) continue to cooperate with the U.S. Attorney’s Office in all matters relating to the conduct described in the DPA and other conduct under investigation by the U.S. government; (ii) pay a criminal monetary penalty totaling $230 million within sixty days, consisting of (x) $115 million paid by FE to the U.S. Treasury and (y) $115 million paid by FE to the ODSA to fund certain assistance programs, as determined by the ODSA, for the benefit of low-income Ohio electric utility customers; (iii) publish a list of all payments made in 2021 to either 501(c)(4) entities or to entities known by FirstEnergy to be operating for the benefit of a public official, either directly or indirectly, and update the same on a quarterly basis during the term of the DPA; (iv) issue a public statement, as dictated in the DPA, regarding FE’s use of 501(c)(4) entities; and (v) continue to implement and review its compliance and ethics program, internal controls, policies and procedures designed, implemented and enforced to prevent and detect violations of U.S. laws throughout its operations, and to take certain related remedial measures. The $230 million payment will neither be recovered in rates or charged to FirstEnergy customers, nor will FirstEnergy seek any tax deduction related to such payment. The entire amount of the monetary penalty was recognized as an expense in the second quarter of 2021 and paid in the third quarter of 2021. As of July 22, 2024, FirstEnergy had successfully completed the obligations required within the three-year term of the DPA. Under the DPA, FirstEnergy has an obligation to continue: (i) publishing quarterly a list of all payments to 501(c)(4) entities and all payments to entities known by FirstEnergy operating for the benefit of a public official, either directly or indirectly; (ii) not making any statements that contradict the DPA; (iii) notifying the U.S. Attorney’s Office of any changes in FirstEnergy’s corporate form; and (iv) cooperating with the U.S. Attorney’s Office until the conclusion of any related investigation, criminal prosecution, and civil proceeding brought by the U.S. Attorney’s Office, including the aforementioned federal indictment against two former FirstEnergy senior officers. Within 30 days of those matters concluding, and FirstEnergy’s successful completion of its remaining obligations, the U.S. Attorney’s Office will dismiss the criminal information. On February 26, 2025, the U.S. Attorney’s Office filed a status report confirming these commitments.

Legal Proceedings Relating to U.S. v. Larry Householder, et al.

Certain FE stockholders and FirstEnergy customers also filed several lawsuits against FirstEnergy and certain current and former directors, officers and other employees, and the complaints in each of these suits is related to allegations in the complaint and supporting affidavit relating to HB 6 and the now former Ohio House Speaker Larry Householder and other individuals and entities allegedly affiliated with Mr. Householder. The plaintiffs in each of the below cases seek, among other things, to recover an unspecified amount of damages (unless otherwise noted).

•In re FirstEnergy Corp. Securities Litigation (S.D. Ohio); on July 28, 2020, and August 21, 2020, purported stockholders of FE filed putative class action lawsuits alleging violations of the federal securities laws. Those actions have been consolidated and a lead plaintiff, the Los Angeles County Employees Retirement Association, has been appointed by the court. A consolidated complaint was filed on February 26, 2021. The consolidated complaint alleges, on behalf of a proposed class of persons who purchased FE securities between February 21, 2017 and July 21, 2020, that FE and certain current or former FE officers violated Sections 10(b) and 20(a) of the Exchange Act by issuing alleged misrepresentations or omissions concerning FE’s business and results of operations. The consolidated complaint also alleges that FE, certain current or former FE officers and directors, and a group of underwriters violated Sections 11, 12(a)(2) and 15 of the Securities Act as a result of alleged misrepresentations or omissions in connection with offerings of senior notes by FE in February and June 2020. On March 30, 2023, the court granted plaintiffs’ motion for class certification. On April 14, 2023, FE filed a petition in the U.S. Court of Appeals for the Sixth Circuit seeking to appeal that order. On August 13, 2025, the Sixth Circuit vacated the S.D. Ohio’s order granting class certification. On October 14, 2025, the S.D. Ohio scheduled oral arguments for November 6, 2025, to further consider class certification in light of the Sixth Circuit’s decision. On October 17, 2025, plaintiffs filed a notice with the S.D. Ohio withdrawing their claims under Sections 10(b) and 20(a) of the Exchange Act pertaining to the FE senior notes. On July 29, 2024, FE filed in the U.S. Court of Appeals for the Sixth Circuit a Petition for Writ of Mandamus asking the Sixth Circuit to direct the S.D. Ohio to deny plaintiffs’ motion to compel disclosure of FE’s privileged internal investigation materials. On October 3, 2025, the Sixth Circuit granted FE’s Petition for Writ of Mandamus and vacated the S.D. Ohio’s order to produce privileged
internal investigation materials. On October 9, 2025, plaintiffs filed a petition for rehearing of that decision. The Sixth Circuit directed FE to respond to plaintiffs’ petition by October 30, 2025. FE believes that it is probable that it will incur a loss in connection with the resolution of this lawsuit. Given the ongoing nature and complexity of such litigation, FE cannot yet reasonably estimate a loss or range of loss.
•MFS Series Trust I, et al. v. FirstEnergy Corp., et al. and Brighthouse Funds II – MFS Value Portfolio, et al. v. FirstEnergy Corp., et al. (S.D. Ohio); on December 17, 2021 and February 21, 2022, purported stockholders of FE filed complaints against FE, certain current and former officers, and certain then-current and former officers of EH. The complaints allege that the defendants violated Sections 10(b) and 20(a) of the Exchange Act by issuing alleged misrepresentations or omissions regarding FE’s business and its results of operations, and seek the same relief as the In re FirstEnergy Corp. Securities Litigation described above. FE believes that it is probable that it will incur losses in connection with the resolution of these lawsuits. Given the ongoing nature and complexity of such litigation, FE cannot yet reasonably estimate a loss or range of loss.

The outcome of any of these lawsuits is uncertain and could have a material adverse effect on FE’s or its subsidiaries’ reputation, business, financial condition, results of operations, liquidity, and cash flows.

Other Legal Matters

There are various lawsuits, claims (including claims for asbestos exposure) and proceedings related to the Registrants’ normal business operations pending against them or their subsidiaries. The loss or range of loss in these matters is not expected to be material to the Registrants. The other potentially material items not otherwise discussed above are described under Note 9, “Regulatory Matters” of the Combined Notes to Financial Statements of the Registrants.

The Registrants accrue legal liabilities only when it concludes that it is probable that it has an obligation for such costs and can reasonably estimate the amount of such costs. In cases where the Registrants determine that it is not probable, but reasonably possible that they have a material obligation, they disclose such obligations and the possible loss or range of loss if such estimate can be made. If it were ultimately determined that the Registrants have legal liability or are otherwise made subject to liability based on any of the matters referenced above, it could have a material adverse effect on the Registrants’ financial condition, results of operations, and cash flows.
v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The disclosures in this note apply to both Registrants, unless indicated otherwise.
FirstEnergy

FE and its subsidiaries are principally involved in the transmission, distribution and generation of electricity through its reportable segments: Distribution, Integrated and Stand-Alone Transmission. FirstEnergy’s CODM evaluates segment performance based on earnings attributable to FE. The external segment reporting is consistent with the internal financial reports used by FirstEnergy's Chief Executive Officer, its CODM, to regularly assess performance of the business, make operating decisions and allocate resources.

The Distribution segment, which consists of the Ohio Companies and FE PA, distributes electricity through FirstEnergy’s electric operating companies in Ohio and Pennsylvania. The Distribution segment serves approximately 4.3 million customers in Ohio and Pennsylvania across its distribution footprint and purchases power for its provider of last resort, SOS, standard service offer and default service requirements. The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.

The Integrated segment includes the distribution and transmission operations under JCP&L, MP and PE, as well as MP’s regulated generation operations. The Integrated segment distributes electricity to approximately 2 million customers in New Jersey, West Virginia and Maryland across its distribution footprint; provides transmission infrastructure in New Jersey, West Virginia, Maryland and Virginia to transmit electricity and operates 3,610 MWs of regulated net maximum generation capacity located primarily in West Virginia and Virginia. The segment will also include MP and PE’s 50 MWs of solar generation at five sites in West Virginia once complete. The first three solar generation sites were completed and placed in service in 2024 and 2025, representing 30 MWs of net maximum generation capacity. The remaining two sites are expected to provide 20 MWs of net maximum generation capacity.

The Stand-Alone Transmission segment, which consists of FE's ownership in FET and KATCo, includes transmission infrastructure owned and operated by the Transmission Companies and used to transmit electricity. The segment’s revenues are primarily derived from forward-looking formula rates, pursuant to which the revenue requirement is updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on actual rate base and costs. The segment’s results also reflect the net transmission expenses related to the delivery of electricity on FirstEnergy’s transmission facilities.
Corporate/Other reflects corporate support and other costs not charged or attributable to the Electric Companies or Transmission Companies, including FE’s retained pension and OPEB assets and liabilities of former subsidiaries, interest
expense on FE’s holding company debt and other investments or businesses that do not constitute an operating segment, including FEV’s investment of 33-1/3% equity ownership in Global Holding. On July 16, 2025, FEV sold its entire 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations, at book value to WMB Marketing Ventures, LLC and Pinesdale LLC for $47.5 million. Reconciling adjustments for the elimination of inter-segment transactions are shown separately in the following table of Segment Financial Information. Also included in Corporate/Other for segment reporting is 67 MWs of net maximum generation capacity, representing AE Supply’s OVEC capacity entitlement. As of September 30, 2025, Corporate/Other had approximately $7.1 billion of external FE holding company debt.
Financial information for FirstEnergy’s reportable segments and reconciliations to consolidated amounts is presented below:
For the Three Months Ended
DistributionIntegratedStand-Alone TransmissionTotal Reportable
Segments		Corporate/ OtherReconciling AdjustmentsFirstEnergy Consolidated
(In millions)
September 30, 2025
External revenues$2,010 $1,651 $483 $4,144 $4 $— $4,148 
Internal revenues10 2 5 17 — (17)— 
Total revenues$2,020 $1,653 $488 $4,161 $4 $(17)$4,148 
Other operating expenses(1)
570 337 75 982 (3)(3)976 
Depreciation(1)
165 141 92 398 19 — 417 
Amortization of regulatory assets, net46 42 1 89 — — 89 
Equity method investment earnings— — — — — — — 
Interest expense(1)
101 75 83 259 85 (32)312 
Income taxes (benefits)(1)
48 60 (21)87 (9)— 78 
Other expense (income) items(2)
860 815 136 1,811 (8)32 1,835 
Earnings (losses) attributable to FE230 183 122 535 (94)— 441 
Cash Flows from Investing Activities:
Capital investments$416 $508 $412 $1,336 $(20)$— $1,316 
September 30, 2024
External revenues$1,806 $1,451 $470 $3,727 $2 $— $3,729 
Internal revenues11 1 5 17 — (17)— 
Total revenues$1,817 $1,452 $475 $3,744 $2 $(17)$3,729 
Other operating expenses(1)
644 349 113 1,106 (4)(3)1,099 
Depreciation(1)
163 132 84 379 21 — 400 
Amortization (deferral) of regulatory assets, net(55)20 2 (33)— — (33)
Equity method investment earnings, net— — — — 21 — 21 
Interest expense(1)
106 62 70 238 80 (42)276 
Income taxes (benefits)(1)
34 36 40 110 (16)— 94 
Other expense (income) items(2)
732 656 94 1,482 (29)42 1,495 
Earnings (losses) attributable to FE193 197 72 462 (43)— 419 
Cash Flows from Investing Activities:
Capital investments$289 $382 $299 $970 $34 $— $1,004 
For the Nine Months Ended
September 30, 2025
External revenues$5,602 $4,259 $1,420 $11,281 $12 $— $11,293 
Internal revenues29 4 15 48 — (48)— 
Total revenues$5,631 $4,263 $1,435 $11,329 $12 $(48)$11,293 
Other operating expenses(1)
1,831 980 247 3,058 (45)(8)3,005 
Depreciation(1)
490 418 275 1,183 60 — 1,243 
Amortization (deferral) of regulatory assets, net(71)47 4 (20)— — (20)
Equity method investment earnings— — — — — — — 
Interest expense(1)
301 208 237 746 253 (100)899 
Income taxes (benefits)(1)
151 135 55 341 (49)— 292 
Other expense (income) items(2)
2,320 2,040 339 4,699 6 100 4,805 
Earnings (losses) attributable to FE609 435 278 1,322 (253)— 1,069 
Cash Flows from Investing Activities:
Capital investments$976 $1,336 $1,161 $3,473 $66 $— $3,539 
DistributionIntegratedStand-Alone TransmissionTotal Reportable
Segments		Corporate/ OtherReconciling AdjustmentsFirstEnergy Consolidated
September 30, 2024
External revenues$5,202 $3,721 $1,367 $10,290 $6 $— $10,296 
Internal revenues30 4 14 48 — (48)— 
Total revenues$5,232 $3,725 $1,381 $10,338 $6 $(48)$10,296 
Other operating expenses(1)
1,871 1,041 280 3,192 91 (8)3,275 
Depreciation(1)
486 386 249 1,121 57 — 1,178 
Amortization (deferral) of regulatory assets, net(152)(58)5 (205)— — (205)
Equity method investment earnings— — — — 64 — 64 
Interest expense(1)
331 198 201 730 281 (145)866 
Income taxes (benefits)(1)
96 107 141 344 (50)— 294 
Other expense (income) items(2)
2,174 1,664 268 4,106 (16)145 4,235 
Earnings (losses) attributable to FE426 387 237 1,050 (333)— 717 
Cash Flows from Investing Activities:
Capital investments$758 $1,045 $875 $2,678 $58 $— $2,736 
As of September 30, 2025
Total assets$20,487 $20,603 $14,543 $55,633 $2,238 $(1,987)$55,884 
Total goodwill$3,222 $1,953 $443 $5,618 $— $— $5,618 
As of December 31, 2024
Total assets$19,949 $18,637 $13,528 $52,114 $1,975 $(2,045)$52,044 
Total goodwill$3,222 $1,953 $443 $5,618 $— $— $5,618 
(1) FirstEnergy considers this line to be a significant expense.
(2) Consists of Fuel, Purchased power, General taxes, Debt redemption costs, Miscellaneous income, net, Capitalized financing costs, and Income attributable to noncontrolling interest.
JCP&L

JCP&L is principally involved in the transmission and distribution of electricity through its reportable segments: Distribution and Transmission. JCP&L's CODM evaluates performance based on net income. The external segment reporting is consistent with the internal financial reports used by JCP&L's President, its CODM, to regularly assess performance of the business, make operating decisions and allocate resources.

JCP&L’s Distribution segment distributes electricity to approximately 1.2 million customers in New Jersey across its distribution footprint and procures electric supply to serve its BGS customers through a statewide auction process approved by the NJBPU. The segment’s results reflect the costs of securing and delivering electric generation to customers, including the deferral and amortization of certain costs.

JCP&L’s Transmission segment includes transmission infrastructure owned and operated by JCP&L and used to transmit electricity. The segment’s revenues are primarily derived from forward-looking formula rates, pursuant to which the revenue requirement is updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on actual rate base and costs. The segment’s results also reflect the net transmission expenses related to the delivery of electricity on JCP&L’s transmission facilities.

Financial information for JCP&L’s reportable segments and reconciliations are presented below:
For the Three Months Ended
DistributionTransmissionTotal Reportable
Segments		Reconciling AdjustmentsJCP&L
(In millions)
September 30, 2025
External revenues$797 $67 $864 $— $864 
Internal revenues44 — 44 (44)— 
Total revenues$841 $67 $908 $(44)$864 
Other operating expenses(1)
185 17 202 (44)158 
Depreciation(1)
53 13 66 — 66 
Deferral of regulatory assets, net11 — 11 — 11 
Interest expense - other(1)
25 9 34 — 34 
Interest expense - affiliates(1)
3 — 3 — 3 
Income taxes32 9 41 — 41 
Other expense (income) items(2)
439 (7)432 — 432 
Net Income93 26 119 — 119 
Cash Flows from Investing Activities:
Capital investments$136 $169 $305 $— $305 

September 30, 2024
External revenues$708 $57 $765 $— $765 
Internal revenues39 — 39 (39)— 
Total revenues$747 $57 $804 $(39)$765 
Other operating expenses(1)
203 15 218 (39)179 
Depreciation(1)
50 12 62 — 62 
Deferral of regulatory assets, net(25)— (25)— (25)
Interest expense - other(1)
17 5 22 — 22 
Interest expense - affiliates(1)
5 — 5 — 5 
Income taxes33 8 41 — 41 
Other expense (income) items(2)
376 (4)372 — 372 
Net Income88 21 109 — 109 
Cash Flows from Investing Activities:
Capital investments$91 $121 $212 $— $212 
For the Nine Months Ended
DistributionTransmissionTotal Reportable
Segments		Reconciling AdjustmentsJCP&L
(In millions)
September 30, 2025
External revenues$1,831 $191 $2,022 $— $2,022 
Internal revenues131 — 131 (131)— 
Total revenues$1,962 $191 $2,153 $(131)$2,022 
Other operating expenses(1)
525 42 567 (131)436 
Depreciation(1)
159 37 196 — 196 
Deferral of regulatory assets, net(25)— (25)— (25)
Interest expense - other(1)
69 24 93 — 93 
Interest expense - affiliates(1)
6 — 6 — 6 
Income taxes54 25 79 — 79 
Other expense (income) items(2)
1,022 (19)1,003 — 1,003 
Net Income152 82 234 — 234 
Cash Flows from Investing Activities:
Capital investments$332 $450 $782 $— $782 
September 30, 2024
External revenues$1,613 $175 $1,788 $— $1,788 
Internal revenues115 — 115 (115)— 
Total revenues$1,728 $175 $1,903 $(115)$1,788 
Other operating expenses(1)
593 46 639 (115)524 
Depreciation(1)
151 34 185 — 185 
Deferral of regulatory assets, net(98)— (98)— (98)
Interest expense - other(1)
57 17 74 — 74 
Interest expense - affiliates(1)
15 — 15 — 15 
Income taxes36 22 58 — 58 
Other expense (income) items(2)
875 (3)872 — 872 
Net Income99 59 158 — 158 
Cash Flows from Investing Activities:
Capital investments$237 $362 $599 $— $599 
As of September 30, 2025
Total assets$8,241 $3,249 $11,490 $— $11,490 
Total goodwill$1,213 $598 $1,811 $— $1,811 
As of December 31, 2024
Total assets$7,212 $2,715 $9,927 $— $9,927 
Total goodwill$1,213 $598 $1,811 $— $1,811 
(1) JCP&L considers this line to be a significant expense.
(2) Consists of Purchased power, General taxes, Miscellaneous income, net, and Capitalized financing costs.
v3.25.3
TRANSACTIONS WITH AFFILIATES
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
TRANSACTIONS WITH AFFILIATES TRANSACTIONS WITH AFFILIATES
The disclosures in this note apply to JCP&L only.
The affiliated company transactions for JCP&L for the three and nine months ended September 30, 2025 and 2024, respectively, are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2025202420252024
(In millions)
Revenues$— $— $1 $1 
Expenses:
FESC support services (1)
43 42 135 126 
Other affiliate support services (1)
3 14 8 22 
Interest income 1 — 1 — 
Interest expense3 5 6 15 
(1) Includes amounts capitalized of $19 million and $17 million for the three months ended September 30, 2025 and 2024, respectively, and $57 million and $52 million for the nine months ended September 30, 2025 and 2024, respectively.

FE does not bill directly or allocate any of its costs to any subsidiary company. FESC provides corporate support and other services, including executive administration, accounting and finance, risk management, human resources, corporate affairs, communications, information technology, legal services and other similar services at cost, in accordance with its cost allocation manual, to affiliated FirstEnergy companies under FESC agreements. Allocated costs are for services that are provided on behalf of more than one company, or costs that cannot be precisely identified and are allocated using formulas developed by FESC. Intercompany transactions are generally settled under commercial terms within thirty days. JCP&L can also receive charges from and charge affiliates other than FESC at cost.

JCP&L recognizes an allocation of the net periodic pension and OPEB costs/credits from its affiliates, primarily FESC.

Under the FirstEnergy regulated money pool, JCP&L has the ability to borrow from its regulated affiliates and FE to meet its short-term working capital requirements. Affiliated company notes receivables and payables related to the money pool are reported as Notes receivable from affiliated companies or Short-term borrowings - affiliated companies on the Balance Sheets. Affiliate accounts receivable and accounts payable balances relate to intercompany transactions that have not yet settled through the FirstEnergy money pool.

JCP&L is party to an intercompany income tax allocation agreement with FirstEnergy that provides for the allocation of consolidated tax liabilities.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
ORGANIZATION AND BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
The Registrants follow GAAP and comply with the related regulations, orders, policies and practices prescribed by the SEC, FERC, and, as applicable, the PUCO, the PPUC, the MDPSC, the NYPSC, the WVPSC, the VSCC and the NJBPU. The accompanying interim financial statements as of September 30, 2025, and the three and nine months ended September 30, 2025 and 2024, respectively, are unaudited, but reflect all adjustments, consisting of normal recurring adjustments, that, in the opinion of management, are necessary for a fair statement of the financial statements. The balance sheets, as of December 31, 2024, were derived from audited financial statements. The preparation of financial statements in conformity with GAAP requires management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The reported results of operations are not necessarily indicative of results of operations for any future period.
These interim financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with FirstEnergy’s audited financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025, and JCP&L’s Form S-4 filed with the SEC on April 1, 2025.
Consolidation The Registrants consolidate all majority-owned subsidiaries over which they exercise control and, when applicable, entities for which they have a controlling financial interest. Intercompany transactions and balances are eliminated in consolidation as appropriate and permitted pursuant to GAAP. The Registrants consolidate a variable interest entity when it is determined that it is the primary beneficiary. Investments in affiliates over which the Registrants have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an investment on the Balance Sheets and the percentage of ownership share of the entity’s earnings is reported in the Statements of Income.
Equity Method Investments
Equity Method Investments

Investments over which the Registrants have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported in “Investments” on the Balance Sheets. The percentage of ownership share of the entity’s earnings is reported in the FirstEnergy Statement of Income and reflected in “Other income (expense)”.
Goodwill
Goodwill

The Registrants evaluate goodwill for impairment annually on July 31 and more frequently if indicators of impairment arise. For 2025, the Registrants performed a qualitative assessment of their reporting units' goodwill, assessing economic, industry and market considerations in addition to the reporting units' overall financial performance. Key factors used in the assessment included: growth rates, interest rates, expected capital investments, utility sector market performance, regulatory and legal developments, and other market considerations. It was determined that the fair values of these reporting units were, more likely than not, greater than their carrying values and a quantitative analysis was not necessary.

FirstEnergy's reporting units are consistent with its reportable segments and consist of Distribution, Integrated and Stand-Alone Transmission. The following table presents goodwill by reporting unit as of September 30, 2025:
(In millions)Distribution SegmentIntegrated SegmentStand-Alone Transmission SegmentFirstEnergy Consolidated
Goodwill$3,222 $1,953 $443 $5,618 

JCP&L’s reporting units are consistent with its reportable segments and consist of Distribution and Transmission. The following table presents goodwill by reporting unit as of September 30, 2025:
(In millions)Distribution SegmentTransmission SegmentJCP&L Consolidated
Goodwill$1,213 $598 $1,811 
New Accounting Pronouncements
New Accounting Pronouncements

Recently Issued Pronouncements - The following new authoritative accounting guidance issued by the FASB has not yet been adopted. Unless otherwise indicated, the Registrants’ management is currently assessing the impact such guidance may have on their financial statements and disclosures, as well as the potential to early adopt where applicable. Management has assessed other FASB issuances of new standards not described below based upon the current expectation that such new standards will not significantly impact the Registrants’ financial statements.

ASU 2023-09, "Income taxes (Topic 280): Improvements to Income Tax Disclosures" (Issued in December 2023): ASU 2023-09 enhances disclosures primarily related to existing rate reconciliation and income taxes paid information to help investors better assess how a company’s operations and related tax risks and tax planning and operational opportunities affect the tax rate and prospects for future cash flows. Disclosure requirements include a tabular reconciliation using both percentages and amounts, separated out into specific categories with certain reconciling items at or above 5% of the statutory tax as well as by nature and/or jurisdiction. In addition, entities will be required to disclose income taxes paid (net of refunds received), broken out between federal, state/local and foreign, and amounts paid to an individual jurisdiction when 5% or more of the total income taxes are paid to such jurisdiction. For the Registrants’, the guidance will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments within ASU 2023-09 are to be applied on a prospective basis, with retrospective application permitted.

ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)" (Issued in November 2024 and subsequently updated within ASU 2025-01): ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for the Registrants for the first annual reporting period beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance is permitted to be applied prospectively, and comparative disclosures are not required for reporting periods beginning before the effective date. Entities can elect to apply the new standard retrospectively to any or all prior periods presented in the financial statements.

ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (Issued in September 2025): ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will start capitalizing eligible costs when (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed; an entity is required to consider whether there is significant uncertainty associated with the development activities of the software. ASU 2025-06 is effective for the Registrants beginning with the annual reporting period after December 15, 2027, and interim reporting periods
within those annual reporting periods. The guidance is permitted to be applied using a prospective, retrospective or modified transition approach. Early adoption is permitted.
Customer Receivables
Customer Receivables
Receivables from contracts with customers include distribution services and retail generation sales to residential, commercial and industrial customers.
The allowance for uncollectible customer receivables is based on historical loss information comprised of a rolling 36-month average net write-off percentage of revenues, in conjunction with a qualitative assessment of elements that impact the
collectability of receivables to determine if allowances for uncollectible customer receivables should be further adjusted in accordance with the accounting guidance for credit losses.

The Registrants review allowance for uncollectible customer receivables utilizing a quantitative and qualitative assessment. Management contemplates available current information such as changes in economic factors, regulatory matters, industry trends, customer credit factors, amount of receivable balances that are past-due, payment options and programs available to customers, and the methods that the Electric Companies are able to utilize to ensure payment. The Registrants’ uncollectible risk on PJM receivables, resulting from transmission and wholesale sales, is minimal due to the nature of PJM’s settlement process and as a result there is no current allowance for doubtful accounts.
Earnings Per Share
Basic EPS is computed using the weighted average number of common shares outstanding during the relevant period as the denominator. The denominator for diluted EPS of common stock reflects the weighted average of common shares outstanding plus the potential additional common shares that could result if dilutive securities and other agreements to issue common stock were exercised.

Diluted EPS reflects the dilutive effect of potential common shares from share-based awards and convertible securities. The dilutive effect of outstanding share-based awards was computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of the award would be used to purchase common stock at the average market price for the period. The dilutive effect of the 2026 Convertible Notes, 2029 Convertible Notes and the 2031 Convertible Notes are computed using the if-converted method.
Fair Value Measurement
Authoritative accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. The three levels of the fair value hierarchy and a description of the valuation techniques are as follows:
Level 1-Quoted prices for identical instruments in active market.
Level 2-Quoted prices for similar instruments in active market.
-Quoted prices for identical or similar instruments in markets that are not active.
-Model-derived valuations for which all significant inputs are observable market data.
Models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures.
Level 3-Valuation inputs are unobservable and significant to the fair value measurement.
FirstEnergy produces a long-term power and capacity price forecast annually with periodic updates as market conditions change. When underlying prices are not observable, prices from the long-term price forecast are used to measure fair value.
FTRs are financial instruments that entitle the holder to a stream of revenues (or charges) based on the hourly day-ahead congestion price differences across transmission paths. FTRs are acquired by FirstEnergy in the annual, monthly and long-term PJM auctions and are initially recorded using the auction clearing price less cost. After initial recognition, FTRs’ carrying values are periodically adjusted to fair value using a mark-to-model methodology, which approximates market. The primary inputs into the model, which are generally less observable than objective sources, are the most recent PJM auction clearing prices and the FTRs’ remaining hours. The model calculates the fair value by multiplying the most recent auction clearing price by the remaining FTR hours less the prorated FTR cost. Significant increases or decreases in inputs in isolation may have resulted in a higher or lower fair value measurement.
Investments
INVESTMENTS

All temporary cash investments purchased with an initial maturity of three months or less are reported as “Cash equivalents” on the Consolidated Balance Sheets at cost, which approximates their fair market value. Investments other than cash and cash equivalents include AFS debt securities and other investments. The Registrants have no debt securities held for trading purposes.
Generally, unrealized gains and losses on equity securities are recognized in income whereas unrealized gains and losses on AFS debt securities are recognized in AOCI. However, JCP&L’s spent nuclear fuel disposal trusts are subject to regulatory accounting with all gains and losses on equity and AFS debt securities offset against regulatory assets.
Long-Term Debt and Other Long-Term Obligations
LONG-TERM DEBT AND OTHER LONG-TERM OBLIGATIONS
All borrowings with initial maturities of less than one year are defined as short-term financial instruments under GAAP and are reported as “Short-term borrowings” on the Consolidated Balance Sheets at cost. Since these borrowings are short-term in nature, the Registrants believe that their costs approximate their fair market value.
v3.25.3
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Goodwill The following table presents goodwill by reporting unit as of September 30, 2025:
(In millions)Distribution SegmentIntegrated SegmentStand-Alone Transmission SegmentFirstEnergy Consolidated
Goodwill$3,222 $1,953 $443 $5,618 

JCP&L’s reporting units are consistent with its reportable segments and consist of Distribution and Transmission. The following table presents goodwill by reporting unit as of September 30, 2025:
(In millions)Distribution SegmentTransmission SegmentJCP&L Consolidated
Goodwill$1,213 $598 $1,811 
v3.25.3
REVENUE (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following represents a disaggregation of FirstEnergy’s revenue from contracts with customers for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, Nine Months Ended September 30,
2025202420252024
(In millions)
 Distribution
Retail generation and distribution services:
Residential $1,333 $1,222 $3,685 $3,460 
Commercial 450 395 1,274 1,153 
Industrial 170 138 484 437 
Other 18 18 55 56 
Wholesale 6 2 10 4 
Other revenue from contracts with customers23 2360 63
Total revenues from contracts with customers2,000 1,798 5,568 5,173 
Other revenue unrelated to contracts with customers20 1963 59
Total Distribution$2,020 $1,817 $5,631 $5,232 
Integrated
Retail generation and distribution services:
Residential$880 $802 $2,186 $1,954 
Commercial356 335 981 863 
Industrial158 151 461 436 
Other8 8 26 22 
Wholesale129 50 254 118 
Transmission 109 86320 283
Other revenue from contracts with customers2 5 7 18 
Total revenues from contracts with customers1,642 1,437 4,235 3,694 
Other revenue unrelated to contracts with customers11 1528 31
Total Integrated $1,653 $1,452 $4,263 $3,725 
Stand-Alone Transmission
ATSI $273 $262 $791 $766 
TrAIL 66 68 197 206 
MAIT 121 116 365 330 
KATCo23 24 67 67 
Other — — — (2)
Total revenues from contracts with customers483 470 1,420 1,367 
Other revenue unrelated to contracts with customers5 5 15 14 
Total Stand-Alone Transmission $488 $475 $1,435 $1,381 
Corporate/Other, Eliminations and Reconciling Adjustments (1)
Wholesale$4 $2 $12 $6 
Eliminations and reconciling adjustments (17)(17)(48)(48)
Total Corporate/Other, Eliminations and Reconciling Adjustments$(13)$(15)$(36)$(42)
FirstEnergy Total Revenues $4,148 $3,729 $11,293 $10,296 
(1) Includes eliminations and reconciling adjustments of inter-segment revenues.
The following table represents a disaggregation of JCP&L’s revenue from contracts with customers for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, Nine Months Ended September 30,
2025202420252024
(In millions)
 Distribution
Retail generation and distribution services:
Residential $606 $533 $1,318 $1,168 
Commercial 204 183 554 473 
Industrial 19 18 57 52 
Other
6 6 17 15 
Wholesale 2 2 3 4 
Other revenue from contracts with customers3 4 10 14 
Total revenues from contracts with customers840 746 1,959 1,726 
Other revenue unrelated to contracts with customers1 1 3 2 
Total Distribution Segment Revenue $841 $747 $1,962 $1,728 
Transmission
Total Transmission Segment Revenue $67 $57 $191 $175 
 Reconciling Adjustments(1)
Retail generation and distribution services$(44)$(39)$(131)$(115)
JCP&L Total Revenues $864 $765 $2,022 $1,788 
(1) Includes eliminations and reconciling adjustments of inter-segment revenues.
Schedule of Receivables from Customers Billed and unbilled customer receivables as of September 30, 2025, and December 31, 2024, are included below:
Customer Receivables - FirstEnergy September 30, 2025December 31, 2024
 (In millions)
Billed$950 $867 
Unbilled624 718 
1,574 1,585 
Less: Uncollectible Reserve 55 55 
Total FirstEnergy Customer Receivables $1,519 $1,530 

Customer Receivables - JCP&L September 30, 2025December 31, 2024
 (In millions)
Billed$197 $166 
Unbilled126 118 
323 284 
Less: Uncollectible Reserve 6 6 
Total JCP&L Customer Receivables $317 $278 
Schedule of Activity in the Allowance for Uncollectible Accounts on Customer Receivables
Activity in the allowance for uncollectible accounts on customer receivables for the nine months ended September 30, 2025, and for the year ended December 31, 2024 are as follows:
FirstEnergy JCP&L
(In millions)
Balance, January 1, 2024
$64 $9 
Provision for expected credit losses(1)(2)
73 5 
Charged to other accounts(3)
39 4 
Write-offs(121)(12)
Balance, December 31, 2024
$55 $6 
Provision for expected credit losses(1)(2)
64 6 
Charged to other accounts(3)
28 2 
Write-offs(92)(8)
Balance, September 30, 2025
$55 $6 
(1) Approximately $25 million and $17 million of which was deferred for future recovery for FirstEnergy in the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively.
(2) Approximately $6 million and $5 million of which was deferred for future recovery for JCP&L in the nine months ended September 30, 2025, and the year ended December 31, 2024, respectively.
(3) Represents recoveries and reinstatements of accounts written off for uncollectible accounts.
v3.25.3
EARNINGS PER SHARE OF COMMON STOCK (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Reconciles Basic and Diluted Eps Attributable to FE
The following table reconciles basic and diluted EPS attributable to FE:

For the Three Months Ended September 30,For the Nine Months Ended September 30,
Reconciliation of Basic and Diluted EPS2025202420252024
(In millions, except per share amounts)
Earnings Attributable to FE$441 $419 $1,069 $717 
Share count information:
Weighted average number of basic shares outstanding577 576 577 575 
Assumed exercise of dilutive share-based awards1 1 1 1 
Weighted average number of diluted shares outstanding578 577 578 576 
EPS Attributable to FE:
Basic EPS $0.76 $0.73 $1.85 $1.25 
Diluted EPS $0.76 $0.73 $1.85 $1.24 
v3.25.3
PENSION AND OTHER POST-EMPLOYMENT BENEFITS (Tables)
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Costs
The components of FirstEnergy’s net periodic benefit costs (credits) for pension and OPEB were as follows:
FirstEnergy Components of Net Periodic Benefit Costs (Credits)PensionOPEB
For the Three Months Ended September 30,2025202420252024
 (In millions)
Service costs $33 $35 $1 $1 
Interest costs 93 99 5 5 
Expected return on plan assets(115)(132)(9)(9)
Amortization of prior service costs (credits)1 — (1)— 
Net periodic benefit costs (credits)$12 $2 $(4)$(3)
Net periodic benefit credits, net of amounts capitalized $(6)$(15)$(4)$(4)
Components of Net Periodic Benefit Costs (Credits)PensionOPEB
For the Nine Months Ended September 30, 2025202420252024
 (In millions)
Service costs$98 $105 $2 $2 
Interest costs280 298 15 15 
Expected return on plan assets(345)(397)(28)(26)
Amortization of prior service costs (credit)1 1 (1)(1)
Net periodic benefit costs (credits)$34 $7 $(12)$(10)
Net periodic benefit credits, net of amounts capitalized$(19)$(45)$(13)$(11)
JCP&L’s net periodic benefit costs (credits) for pension and OPEB were as follows:
PensionOPEB
(In millions)2025202420252024
For the Three Months Ended September 30,
JCP&L's share of net periodic benefit credits (1)
$(1)$(1)$(4)$(3)
Allocated net periodic benefit costs from affiliates (1) (2)
$2 $2 $— $— 
For the Nine Months Ended September 30,
JCP&L's share of net periodic benefit credits(1)
$(3)$(4)$(11)$(10)
Allocated net periodic benefit costs from affiliates(1) (2)
$7 $6 $— $— 
(1) Includes amounts capitalized.
(2) In addition to the net periodic benefit costs for its current and former employees and retirees, JCP&L is also allocated pension and OPEB net periodic benefit costs and credits from its affiliates, primarily FESC.
v3.25.3
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The following table reconciles the FirstEnergy effective income tax rate to the federal income tax statutory rate for the three and nine months ended September 30, 2025 and 2024:
FirstEnergyFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
(In millions)
Income before income taxes$610 $560 $1,556 $1,125 
Federal income tax expense at the 21% statutory rate$128 $118 $327 $236 
Increases (reductions) in tax expense resulting from:
State and municipal income taxes, net of federal tax benefit34 33 90 76 
AFUDC equity and other flow-through(15)(6)(34)(19)
Deductions associated with certain equity method investments— (14)— (14)
Tax related to FE’s equity interest earnings from FET4 4 12 13 
Excess deferred tax amortization(8)(13)(33)(40)
Nondeductible SEC and OAG settlements— — — 27 
Remeasurement of excess deferred income taxes(70)(21)(70)(21)
Valuation allowances — (3)— 33 
Other, net5 (4)— 3 
Total income taxes$78 $94 $292 $294 
Effective income tax rate12.8 %16.8 %18.8 %26.1 %

The following table reconciles the JCP&L effective income tax rate to the federal income tax statutory rate for the three and nine months ended September 30, 2025 and 2024:
JCP&LFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
(In millions)
Income before income taxes$160 $150 $313 $216 
Federal income tax expense at the 21% statutory rate$34 $32 $66 $45 
Increases (reductions) in tax expense resulting from:
State income taxes, net of federal tax benefit11 11 22 15 
AFUDC equity and other flow-through(2)— (5)— 
Excess deferred tax amortization(1)(1)(3)(4)
Other, net(1)(1)(1)2 
Total income taxes$41 $41 $79 $58 
Effective income tax rate25.6 %27.3 %25.2 %26.9 %
v3.25.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured on Recurring Basis
The following table sets forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy as of September 30, 2025, and December 31, 2024:
September 30, 2025December 31, 2024
FirstEnergyLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$— $— $9 $9 $— $— $7 $7 
Equity securities2 — — 2 2 — — 2 
 Debt securities(2)
— 283 — 283 — 276 — 276 
Cash, cash equivalents and restricted cash(3)
1,431 — — 1,431 154 — — 154 
Other(4)
— 48 — 48 — 45 — 45 
Total assets$1,433 $331 $9 $1,773 $156 $321 $7 $484 
Liabilities
Derivative liabilities FTRs(1)
$— $— $(6)$(6)$— $— $— $— 
Total liabilities$— $— $(6)$(6)$— $— $— $— 
Net assets$1,433 $331 $3 $1,767 $156 $321 $7 $484 
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.
(2) Related to JCP&L’s investments held in the spent nuclear fuel disposal trusts, see below.
(2) Restricted cash of $27 million and $43 million as of September 30, 2025, and December 31, 2024, respectively, primarily relates to cash collected from MP, PE and the Ohio Companies’ customers that is specifically used to service debt of their respective securitization or funding companies.
(4) Primarily consists of short-term investments, of which $9 million and $6 million as of September 30, 2025, and December 31, 2024, respectively, are held by JCP&L.
Schedule of Amortized Cost Basis, Unrealized Gains and Losses and Fair Values of Investments in Available-for-sale Securities
The following table summarizes the amortized cost basis, unrealized gains, unrealized losses and fair values of investments held in spent nuclear fuel disposal trusts as of September 30, 2025, and December 31, 2024:
September 30, 2025(1)
December 31, 2024(2)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$296 $1 $(14)$283 $299 $— $(23)$276 
(1) Excludes short-term cash investments of $9 million as of September 30, 2025.
(2) Excludes short-term cash investments of $6 million as of December 31, 2024.
Schedule of Proceeds from the Sale of Investments in Available-for-sale Debt Securities
Proceeds from the sale of investments in AFS debt securities, realized gains and losses on those sales and interest and dividend income for the three and nine months ended September 30, 2025 and 2024, were as follows for the Registrants:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
(In millions)
Sale proceeds$59 87 $89 $104 
Realized gains— — — — 
Realized losses(6)(11)(9)(13)
Interest and dividend income4 3 10 9 
Schedule of Fair Value and Related Carrying Amounts of Long-term Debt The following table provides the approximate fair value and related carrying amounts of long-term debt, which excludes finance lease obligations and net unamortized debt issuance costs, unamortized fair value adjustments, premiums and discounts as of September 30, 2025, and December 31, 2024:
FirstEnergy September 30, 2025December 31, 2024
(In millions)
Carrying value$27,340 $23,594 
Fair value$26,727 $22,128 

JCP&LSeptember 30, 2025December 31, 2024
(In millions)
Carrying value$3,700 2,350 
Fair value$3,707 2,284 
Schedule of Long-term Debt Redemption and Issuance
FirstEnergy and JCP&L had the following issuances and redemptions during the nine months ended September 30, 2025:

CompanyTypeRedemption / Issuance DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions
FESenior Unsecured NotesMarch, 20252.05%2025$300FE redeemed unsecured notes that became due.
TrAILSenior Unsecured NotesMay, 20253.76%2025$75TrAIL redeemed unsecured notes that became due.
TrAILSenior Unsecured NotesJune, 20253.85%2025$550TrAIL redeemed unsecured notes that became due.
FESenior Unsecured Convertible NotesJune, 20254.00%2026$1,206
FE repurchased approximately $1,206 million of the principal amount of its 2026 Convertible Notes for $1,225 million, including a premium of approximately $19 million.
Issuances
TrAILSenior Unsecured NotesApril, 20255.00%2031$600Proceeds were used to redeem senior notes that came due in 2025, to refinance existing debt, for working capital, and for other general corporate purposes.
ATSISenior Unsecured NotesMay, 20255.00%2030$225Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
OESenior Unsecured NotesMay, 20254.95%2029$300Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
MAITSenior Unsecured NotesJune, 20255.00%2031$200Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
PEFMBsJune, 20255.00%2030$200Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
TESenior Secured NotesJune, 20255.18%2030$100Proceeds were used to refinance existing debt, to finance capital expenditures, and for other general corporate purposes.
FE Senior Unsecured Convertible NotesJune, 20253.63%2029$1,350Proceeds were used to refinance existing debt, to repurchase a portion of its 2026 Convertible Notes, and for other general corporate purposes.
FE Senior Unsecured Convertible NotesJune, 20253.88%2031$1,150Proceeds were used to refinance existing debt, to repurchase a portion of its 2026 Convertible Notes, and for other general corporate purposes.
FETSenior Unsecured NotesAugust, 20254.75%2033$450Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
JCP&LSenior Unsecured NotesSeptember, 2025 4.15%2029$350
Proceeds were used to refinance existing debt, including the repayment of all of the remaining $650 million aggregate principal amount of JCP&L’s 4.30% senior notes due 2026, to finance capital expenditures, and for other general corporate purposes.
JCP&LSenior Unsecured NotesSeptember, 20254.40%2031$500
Proceeds were used to refinance existing debt, including the repayment of all of the remaining $650 million aggregate principal amount of JCP&L’s 4.30% senior notes due 2026, to finance capital expenditures, and for other general corporate purposes.
JCP&LSenior Unsecured NotesSeptember, 20255.15%2036$500
Proceeds were used to refinance existing debt, including the repayment of all of the remaining $650 million aggregate principal amount of JCP&L’s 4.30% senior notes due 2026, to finance capital expenditures, and for other general corporate purposes.
v3.25.3
VARIABLE INTEREST ENTITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities The assets of FET can only be used to settle its obligations, and creditors of FET do not have recourse to the general credit of FE.
Assets
As of
September 30, 2025
As of
December 31, 2024
(In millions)
Cash and cash equivalents$188 $8 
Receivables9894
Materials and supplies, at average cost1 1 
Prepaid taxes and other current assets 44 21 
Total current assets 331 124 
Property, plant and equipment, net12,133 11,217 
Goodwill224 224 
Investments 19 19 
Regulatory assets7 18 
Other noncurrent assets108 334 
Total noncurrent assets 12,491 11,812 
TOTAL ASSETS$12,822 $11,936 

Liabilities
As of
September 30, 2025
As of
December 31, 2024
(In millions)
Currently payable long-term debt$75 $625 
Short-term borrowings280 300 
Accrued interest78 68 
Accrued taxes327 306 
Other current liabilities13 15 
Total current liabilities 773 1,314 
Long-term debt and other long-term obligations6,629 5,239 
Accumulated deferred income taxes1,521 1,412 
Regulatory liabilities440 442 
Other noncurrent liabilities 16 299 
Total noncurrent liabilities 8,606 7,392 
TOTAL LIABILITIES$9,379 $8,706 
v3.25.3
ASSET RETIREMENT OBLIGATIONS (Tables)
 9 Months Ended
Sep. 30, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Changes to the ARO Balances
The following table summarizes the changes to the ARO balances as of September 30, 2025, and December 31, 2024.
FirstEnergy JCP&L
(In millions)
Balance, January 1, 2024
$209 $7 
Changes in timing and amount of estimated cash flows131 — 
Liabilities incurred95 — 
Liabilities settled (4)— 
Accretion24 1 
Balance, December 31, 2024
455 8 
Liabilities incurred1 — 
Liabilities settled (1)
(153)— 
Accretion20 — 
Balance, September 30, 2025
$323 $8 
(1) FirstEnergy amounts include the transfer of the McElroy’s Run CCR impoundment facility as well as the adjacent dry landfill and related remediation obligations to a subsidiary of IDA Power, LLC.
v3.25.3
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Potential Collateral Obligations The maximum potential amount of future payments FE and its subsidiaries could be required to make under these guarantees as of September 30, 2025, was approximately $1.1 billion, as summarized below:
 Guarantees and Other AssurancesMaximum Exposure
 (In millions)
FE’s Guarantees on Behalf of its Consolidated Subsidiaries
Deferred compensation arrangements$397 
Vehicle leases75 
McElroy Run transfer129 
Other14 
615 
FE’s Guarantees on Other Assurances
Surety Bonds158 
Deferred compensation arrangements93 
LOCs185 
436 
Total Guarantees and Other Assurances$1,051 
The maximum potential amount of future payments JCP&L could be required to make under these guarantees as of September 30, 2025, was $46 million as summarized below:
Guarantees and Other AssurancesMaximum Exposure
 (In millions)
Surety Bonds$18 
LOCs28 
Total Guarantees and Other Assurances$46 
.
The following table discloses the potential additional credit rating contingent contractual collateral obligations as of September 30, 2025:
Potential Collateral Obligations
Electric Companies and Transmission Companies
FE Total
 (In millions)
Contractual obligations for additional collateral
Upon downgrade $90 $1 $91 
Surety bonds (collateralized amount)(1)
110 153 263 
Total Exposure from Contractual Obligations$200 $154 $354 
(1) Surety Bonds are not tied to a credit rating. Surety Bonds’ impact assumes maximum contractual obligations, which is ordinarily 100% of the face amount of the surety bond except with respect to $22 million of surety bond obligations for which the collateral obligation is capped at 60% of the face amount, and typical obligations require 30 days to cure.
These credit-risk-related contingent features stipulate that if JCP&L were to be downgraded or lose its investment grade credit rating (based on its senior unsecured debt rating), it would be required to provide additional collateral. The following table discloses the potential additional credit rating contingent contractual collateral obligations as of September 30, 2025:
Potential Collateral ObligationsJCP&L
(In millions)
Contractual obligations for additional collateral
Upon downgrade $58 
Surety bonds (collateralized amount)(1)
17 
Total Exposure from Contractual Obligations$75 
(1) Surety bonds are not tied to a credit rating, and their impact assumes maximum contractual obligations, which is ordinarily 100% of the face amount of the surety bond except with respect to $1 million as of September 30, 2025 of surety bond obligations for which the collateral obligation is capped at 60% of the face amount, and typical obligations require 30 days to cure.
v3.25.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Financial Information
Financial information for FirstEnergy’s reportable segments and reconciliations to consolidated amounts is presented below:
For the Three Months Ended
DistributionIntegratedStand-Alone TransmissionTotal Reportable
Segments		Corporate/ OtherReconciling AdjustmentsFirstEnergy Consolidated
(In millions)
September 30, 2025
External revenues$2,010 $1,651 $483 $4,144 $4 $— $4,148 
Internal revenues10 2 5 17 — (17)— 
Total revenues$2,020 $1,653 $488 $4,161 $4 $(17)$4,148 
Other operating expenses(1)
570 337 75 982 (3)(3)976 
Depreciation(1)
165 141 92 398 19 — 417 
Amortization of regulatory assets, net46 42 1 89 — — 89 
Equity method investment earnings— — — — — — — 
Interest expense(1)
101 75 83 259 85 (32)312 
Income taxes (benefits)(1)
48 60 (21)87 (9)— 78 
Other expense (income) items(2)
860 815 136 1,811 (8)32 1,835 
Earnings (losses) attributable to FE230 183 122 535 (94)— 441 
Cash Flows from Investing Activities:
Capital investments$416 $508 $412 $1,336 $(20)$— $1,316 
September 30, 2024
External revenues$1,806 $1,451 $470 $3,727 $2 $— $3,729 
Internal revenues11 1 5 17 — (17)— 
Total revenues$1,817 $1,452 $475 $3,744 $2 $(17)$3,729 
Other operating expenses(1)
644 349 113 1,106 (4)(3)1,099 
Depreciation(1)
163 132 84 379 21 — 400 
Amortization (deferral) of regulatory assets, net(55)20 2 (33)— — (33)
Equity method investment earnings, net— — — — 21 — 21 
Interest expense(1)
106 62 70 238 80 (42)276 
Income taxes (benefits)(1)
34 36 40 110 (16)— 94 
Other expense (income) items(2)
732 656 94 1,482 (29)42 1,495 
Earnings (losses) attributable to FE193 197 72 462 (43)— 419 
Cash Flows from Investing Activities:
Capital investments$289 $382 $299 $970 $34 $— $1,004 
For the Nine Months Ended
September 30, 2025
External revenues$5,602 $4,259 $1,420 $11,281 $12 $— $11,293 
Internal revenues29 4 15 48 — (48)— 
Total revenues$5,631 $4,263 $1,435 $11,329 $12 $(48)$11,293 
Other operating expenses(1)
1,831 980 247 3,058 (45)(8)3,005 
Depreciation(1)
490 418 275 1,183 60 — 1,243 
Amortization (deferral) of regulatory assets, net(71)47 4 (20)— — (20)
Equity method investment earnings— — — — — — — 
Interest expense(1)
301 208 237 746 253 (100)899 
Income taxes (benefits)(1)
151 135 55 341 (49)— 292 
Other expense (income) items(2)
2,320 2,040 339 4,699 6 100 4,805 
Earnings (losses) attributable to FE609 435 278 1,322 (253)— 1,069 
Cash Flows from Investing Activities:
Capital investments$976 $1,336 $1,161 $3,473 $66 $— $3,539 
DistributionIntegratedStand-Alone TransmissionTotal Reportable
Segments		Corporate/ OtherReconciling AdjustmentsFirstEnergy Consolidated
September 30, 2024
External revenues$5,202 $3,721 $1,367 $10,290 $6 $— $10,296 
Internal revenues30 4 14 48 — (48)— 
Total revenues$5,232 $3,725 $1,381 $10,338 $6 $(48)$10,296 
Other operating expenses(1)
1,871 1,041 280 3,192 91 (8)3,275 
Depreciation(1)
486 386 249 1,121 57 — 1,178 
Amortization (deferral) of regulatory assets, net(152)(58)5 (205)— — (205)
Equity method investment earnings— — — — 64 — 64 
Interest expense(1)
331 198 201 730 281 (145)866 
Income taxes (benefits)(1)
96 107 141 344 (50)— 294 
Other expense (income) items(2)
2,174 1,664 268 4,106 (16)145 4,235 
Earnings (losses) attributable to FE426 387 237 1,050 (333)— 717 
Cash Flows from Investing Activities:
Capital investments$758 $1,045 $875 $2,678 $58 $— $2,736 
As of September 30, 2025
Total assets$20,487 $20,603 $14,543 $55,633 $2,238 $(1,987)$55,884 
Total goodwill$3,222 $1,953 $443 $5,618 $— $— $5,618 
As of December 31, 2024
Total assets$19,949 $18,637 $13,528 $52,114 $1,975 $(2,045)$52,044 
Total goodwill$3,222 $1,953 $443 $5,618 $— $— $5,618 
(1) FirstEnergy considers this line to be a significant expense.
(2) Consists of Fuel, Purchased power, General taxes, Debt redemption costs, Miscellaneous income, net, Capitalized financing costs, and Income attributable to noncontrolling interest.
Financial information for JCP&L’s reportable segments and reconciliations are presented below:
For the Three Months Ended
DistributionTransmissionTotal Reportable
Segments		Reconciling AdjustmentsJCP&L
(In millions)
September 30, 2025
External revenues$797 $67 $864 $— $864 
Internal revenues44 — 44 (44)— 
Total revenues$841 $67 $908 $(44)$864 
Other operating expenses(1)
185 17 202 (44)158 
Depreciation(1)
53 13 66 — 66 
Deferral of regulatory assets, net11 — 11 — 11 
Interest expense - other(1)
25 9 34 — 34 
Interest expense - affiliates(1)
3 — 3 — 3 
Income taxes32 9 41 — 41 
Other expense (income) items(2)
439 (7)432 — 432 
Net Income93 26 119 — 119 
Cash Flows from Investing Activities:
Capital investments$136 $169 $305 $— $305 

September 30, 2024
External revenues$708 $57 $765 $— $765 
Internal revenues39 — 39 (39)— 
Total revenues$747 $57 $804 $(39)$765 
Other operating expenses(1)
203 15 218 (39)179 
Depreciation(1)
50 12 62 — 62 
Deferral of regulatory assets, net(25)— (25)— (25)
Interest expense - other(1)
17 5 22 — 22 
Interest expense - affiliates(1)
5 — 5 — 5 
Income taxes33 8 41 — 41 
Other expense (income) items(2)
376 (4)372 — 372 
Net Income88 21 109 — 109 
Cash Flows from Investing Activities:
Capital investments$91 $121 $212 $— $212 
For the Nine Months Ended
DistributionTransmissionTotal Reportable
Segments		Reconciling AdjustmentsJCP&L
(In millions)
September 30, 2025
External revenues$1,831 $191 $2,022 $— $2,022 
Internal revenues131 — 131 (131)— 
Total revenues$1,962 $191 $2,153 $(131)$2,022 
Other operating expenses(1)
525 42 567 (131)436 
Depreciation(1)
159 37 196 — 196 
Deferral of regulatory assets, net(25)— (25)— (25)
Interest expense - other(1)
69 24 93 — 93 
Interest expense - affiliates(1)
6 — 6 — 6 
Income taxes54 25 79 — 79 
Other expense (income) items(2)
1,022 (19)1,003 — 1,003 
Net Income152 82 234 — 234 
Cash Flows from Investing Activities:
Capital investments$332 $450 $782 $— $782 
September 30, 2024
External revenues$1,613 $175 $1,788 $— $1,788 
Internal revenues115 — 115 (115)— 
Total revenues$1,728 $175 $1,903 $(115)$1,788 
Other operating expenses(1)
593 46 639 (115)524 
Depreciation(1)
151 34 185 — 185 
Deferral of regulatory assets, net(98)— (98)— (98)
Interest expense - other(1)
57 17 74 — 74 
Interest expense - affiliates(1)
15 — 15 — 15 
Income taxes36 22 58 — 58 
Other expense (income) items(2)
875 (3)872 — 872 
Net Income99 59 158 — 158 
Cash Flows from Investing Activities:
Capital investments$237 $362 $599 $— $599 
As of September 30, 2025
Total assets$8,241 $3,249 $11,490 $— $11,490 
Total goodwill$1,213 $598 $1,811 $— $1,811 
As of December 31, 2024
Total assets$7,212 $2,715 $9,927 $— $9,927 
Total goodwill$1,213 $598 $1,811 $— $1,811 
(1) JCP&L considers this line to be a significant expense.
(2) Consists of Purchased power, General taxes, Miscellaneous income, net, and Capitalized financing costs.
v3.25.3
TRANSACTIONS WITH AFFILIATES (Tables)
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Transactions with Affiliated Companies
The affiliated company transactions for JCP&L for the three and nine months ended September 30, 2025 and 2024, respectively, are as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2025202420252024
(In millions)
Revenues$— $— $1 $1 
Expenses:
FESC support services (1)
43 42 135 126 
Other affiliate support services (1)
3 14 8 22 
Interest income 1 — 1 — 
Interest expense3 5 6 15 
(1) Includes amounts capitalized of $19 million and $17 million for the three months ended September 30, 2025 and 2024, respectively, and $57 million and $52 million for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
ORGANIZATION AND BASIS OF PRESENTATION - Narrative (Details)
individual in Millions, customer in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Jul. 16, 2025
USD ($)
Mar. 24, 2025
employee
Feb. 26, 2025
USD ($)
substation
transmission_project
mi
kV
Sep. 30, 2025
USD ($)
individual
transmissionCenter
mi
MW
Mar. 31, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
customer
individual
transmissionCenter
mi
MW
Sep. 30, 2024
USD ($)
Jul. 31, 2025
Feb. 21, 2025
Dec. 31, 2024
USD ($)
Regulatory Asset [Line Items]                      
Number of customers | customer             6.0        
Number of regional transmission centers | transmissionCenter       2     2        
Net increase to income before income taxes       $ 610.0   $ 560.0 $ 1,556.0 $ 1,125.0      
Capitalized cost of equity       30.0   16.0 76.0 42.0      
Capitalized interest       21.0   19.0 55.0 52.0      
Equity method investment earnings, net (Note 1)       0.0   21.0 0.0 64.0      
Organizational Changes                      
Regulatory Asset [Line Items]                      
Expected number of employees reassigned | employee   200                  
Percentage of employees reduced from workforce   3.00%                  
Restructuring charges         $ 26.0            
Revision of Prior Period, Adjustment                      
Regulatory Asset [Line Items]                      
Net increase to income before income taxes       21.0              
Other Sundry Investments                      
Regulatory Asset [Line Items]                      
Equity method investments       38.0     38.0       $ 84.0
Global Holding                      
Regulatory Asset [Line Items]                      
Equity method investments                     45.0
Valley Link                      
Regulatory Asset [Line Items]                      
Equity method investments       0.0     0.0       0.0
Valley Link | PJM                      
Regulatory Asset [Line Items]                      
Number of transmission projects | transmission_project     2                
Valley Link | PJM | PJM 2024 RTEP Window 1                      
Regulatory Asset [Line Items]                      
Transmission solutions to the reliability issues     $ 3,000.0                
Valley Link | PJM | Putnam County, West Virginia to Frederick, Maryland                      
Regulatory Asset [Line Items]                      
Service area | mi     260                
Transmission line electrical potential (in kV) | kV     765                
Number of substations | substation     2                
Valley Link | PJM | Campbell County, Virginia and Fauquier County, Virginia                      
Regulatory Asset [Line Items]                      
Service area | mi     155                
Transmission line electrical potential (in kV) | kV     765                
Path Wv | Variable Interest Entity, Not Primary Beneficiary                      
Regulatory Asset [Line Items]                      
Equity method investments       $ 17.0     $ 17.0       17.0
Variable interest entities percentage of high voltage transmission line project owned By variable interest entity one in joint venture party one       100.00%     100.00%        
Variable interest entities percentage of high voltage transmission line project owned by variable interest entity one in joint venture party two       50.00%     50.00%        
VEPCO and Transource Energy, LLC | Valley Link                      
Regulatory Asset [Line Items]                      
Equity method investments     $ 3,000.0                
JERSEY CENTRAL POWER & LIGHT COMPANY                      
Regulatory Asset [Line Items]                      
Number of customers | customer             1.2        
Transmission services available area populations | individual       2.8     2.8        
Net increase to income before income taxes       $ 160.0   150.0 $ 313.0 216.0      
Capitalized cost of equity       8.0   1.0 21.0 3.0      
Capitalized interest       4.0   5.0 10.0 16.0      
JERSEY CENTRAL POWER & LIGHT COMPANY | Organizational Changes                      
Regulatory Asset [Line Items]                      
Restructuring charges         $ 5.0            
JERSEY CENTRAL POWER & LIGHT COMPANY | Revision of Prior Period, Adjustment                      
Regulatory Asset [Line Items]                      
Net increase to income before income taxes       4.0              
JERSEY CENTRAL POWER & LIGHT COMPANY | Other Sundry Investments                      
Regulatory Asset [Line Items]                      
Equity method investments       $ 0.0     $ 0.0       $ 0.0
Brookfield | FET | North American Transmission Company II LLC                      
Regulatory Asset [Line Items]                      
Equity method investment, ownership percentage       49.90%     49.90%        
FET | Valley Link                      
Regulatory Asset [Line Items]                      
Equity method investment, ownership percentage                   34.00%  
FET | Valley Link | PJM | PJM 2024 RTEP Window 1                      
Regulatory Asset [Line Items]                      
Transmission solutions to the reliability issues     $ 1,000.0                
FEV | Global Holding                      
Regulatory Asset [Line Items]                      
Equity method investments       $ 47.5     $ 47.5        
Investment ownership percentage 33.33%               33.33%    
Ownership percentage sold 0.3333                    
Proceeds from investments sold $ 47.5                    
FEV | Global Holding | Variable Interest Entity, Not Primary Beneficiary                      
Regulatory Asset [Line Items]                      
Proceeds from dividends received               60.0      
Dominion HV | Valley Link                      
Regulatory Asset [Line Items]                      
Equity method investment, ownership percentage                   30.00%  
Transource | Valley Link                      
Regulatory Asset [Line Items]                      
Equity method investment, ownership percentage                   36.00%  
Regulated Transmission                      
Regulatory Asset [Line Items]                      
Service area | mi       24,000     24,000        
Integrated Segment                      
Regulatory Asset [Line Items]                      
Number of customers | customer             2.0        
Plant capacity (in MW's) | MW       3,610     3,610        
Corporate and Other | FEV | Global Holding | Other Nonoperating Income (Expense)                      
Regulatory Asset [Line Items]                      
Equity method investment earnings, net (Note 1)           $ 21.0   $ 63.0      
v3.25.3
ORGANIZATION AND BASIS OF PRESENTATION - Schedule of Goodwill (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Goodwill $ 5,618 $ 5,618
JERSEY CENTRAL POWER & LIGHT COMPANY    
Property, Plant and Equipment [Line Items]    
Goodwill 1,811 $ 1,811
Distribution Segment    
Property, Plant and Equipment [Line Items]    
Goodwill 3,222  
Integrated Segment    
Property, Plant and Equipment [Line Items]    
Goodwill 1,953  
Stand-Alone Transmission Segment    
Property, Plant and Equipment [Line Items]    
Goodwill $ 443  
v3.25.3
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenues [1] $ 4,148 $ 3,729 $ 11,293 $ 10,296
JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues 864 765 2,022 1,788
Operating Segments        
Disaggregation of Revenue [Line Items]        
Total revenues 4,161 3,744 11,329 10,338
Operating Segments | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues 908 804 2,153 1,903
Operating Segments | Distribution        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 2,000 1,798 5,568 5,173
Total revenues 2,020 1,817 5,631 5,232
Operating Segments | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 840 746 1,959 1,726
Total revenues 841 747 1,962 1,728
Operating Segments | Distribution | Wholesale        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 6 2 10 4
Operating Segments | Distribution | Wholesale | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 2 2 3 4
Operating Segments | Distribution | Other revenue from contracts with customers        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 23 23 60 63
Operating Segments | Distribution | Other revenue from contracts with customers | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 3 4 10 14
Operating Segments | Distribution | Other revenue unrelated to contracts with customers        
Disaggregation of Revenue [Line Items]        
Total revenues 20 19 63 59
Operating Segments | Distribution | Other revenue unrelated to contracts with customers | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues 1 1 3 2
Operating Segments | Integrated        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 1,642 1,437 4,235 3,694
Total revenues 1,653 1,452 4,263 3,725
Operating Segments | Integrated | Wholesale        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 129 50 254 118
Operating Segments | Integrated | Transmission        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 109 86 320 283
Operating Segments | Integrated | Other revenue from contracts with customers        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 2 5 7 18
Operating Segments | Integrated | Other revenue unrelated to contracts with customers        
Disaggregation of Revenue [Line Items]        
Total revenues 11 15 28 31
Operating Segments | Stand-Alone Transmission        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 483 470 1,420 1,367
Total revenues 488 475 1,435 1,381
Operating Segments | Stand-Alone Transmission | Other revenue unrelated to contracts with customers        
Disaggregation of Revenue [Line Items]        
Total revenues 5 5 15 14
Operating Segments | Transmission Segment | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues 67 57 191 175
Operating Segments | Residential | Distribution        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 1,333 1,222 3,685 3,460
Operating Segments | Residential | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 606 533 1,318 1,168
Operating Segments | Residential | Integrated        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 880 802 2,186 1,954
Operating Segments | Commercial | Distribution        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 450 395 1,274 1,153
Operating Segments | Commercial | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 204 183 554 473
Operating Segments | Commercial | Integrated        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 356 335 981 863
Operating Segments | Industrial | Distribution        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 170 138 484 437
Operating Segments | Industrial | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 19 18 57 52
Operating Segments | Industrial | Integrated        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 158 151 461 436
Operating Segments | Other | Distribution        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 18 18 55 56
Operating Segments | Other | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 6 6 17 15
Operating Segments | Other | Integrated        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 8 8 26 22
Operating Segments | ATSI | Stand-Alone Transmission        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 273 262 791 766
Operating Segments | TrAIL | Stand-Alone Transmission        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 66 68 197 206
Operating Segments | MAIT | Stand-Alone Transmission        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 121 116 365 330
Operating Segments | KATCo | Stand-Alone Transmission        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 23 24 67 67
Operating Segments | Other | Stand-Alone Transmission        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 0 0 0 (2)
Corporate/Other and Reconciling Adjustments        
Disaggregation of Revenue [Line Items]        
Total revenues (13) (15) (36) (42)
Corporate/Other and Reconciling Adjustments | Wholesale        
Disaggregation of Revenue [Line Items]        
Total revenues from contracts with customers 4 2 12 6
Corporate/Other and Reconciling Adjustments | Eliminations and reconciling adjustments        
Disaggregation of Revenue [Line Items]        
Total revenues (17) (17) (48) (48)
Reconciling Adjustments        
Disaggregation of Revenue [Line Items]        
Total revenues (17) (17) (48) (48)
Reconciling Adjustments | JERSEY CENTRAL POWER & LIGHT COMPANY        
Disaggregation of Revenue [Line Items]        
Total revenues $ (44) $ (39) $ (131) $ (115)
[1] Includes excise and gross receipts tax collections of $126 million and $116 million during the three months ended September 30, 2025 and 2024, respectively, and $349 million and $329 million during the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
REVENUE - Schedule of Receivables from Customers (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers $ 1,574 $ 1,585
Less: Uncollectible Reserve 55 55
Receivables 1,519 1,530
JERSEY CENTRAL POWER & LIGHT COMPANY    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers 323 284
Less: Uncollectible Reserve 6 6
Receivables 317 278
Billed    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers 950 867
Billed | JERSEY CENTRAL POWER & LIGHT COMPANY    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers 197 166
Unbilled    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers 624 718
Unbilled | JERSEY CENTRAL POWER & LIGHT COMPANY    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers $ 126 $ 118
v3.25.3
REVENUE - Schedule of Activity in the Allowance for Uncollectible Accounts on Customer Receivables (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 55 $ 64
Provision for expected credit losses 64 73
Charged to other accounts 28 39
Write-offs (92) (121)
Ending balance 55 55
Deferred refunded to customer 25 17
JERSEY CENTRAL POWER & LIGHT COMPANY    
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance 6 9
Provision for expected credit losses 6 5
Charged to other accounts 2 4
Write-offs (8) (12)
Ending balance 6 6
Deferred refunded to customer $ 6 $ 5
v3.25.3
EARNINGS PER SHARE OF COMMON STOCK - Schedule of Reconciles Basic and Diluted Eps Attributable to FE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Earnings Attributable to FE $ 441 $ 419 $ 1,069 $ 717
Share count information:        
Weighted average number of basic shares outstanding (in shares) 577 576 577 575
Assumed exercise of dilutive share-based awards (in shares) 1 1 1 1
Weighted average number of diluted shares outstanding (in shares) 578 577 578 576
EPS Attributable to FE:        
Basic EPS (in dollars per share) $ 0.76 $ 0.73 $ 1.85 $ 1.25
Diluted EPS (in dollars per share) $ 0.76 $ 0.73 $ 1.85 $ 1.24
v3.25.3
EARNINGS PER SHARE OF COMMON STOCK - Narrative (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Notes Maturity 2029 & 2031 | Senior Unsecured Convertible Notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Debt instrument, conversion price (in dollars per share) $ 47.78   $ 47.78  
Convertible Notes 2026 | Senior Unsecured Convertible Notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Debt instrument, conversion price (in dollars per share) $ 46.48   $ 46.48  
Stock Options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of EPS (in shares) 0 0 0 0
v3.25.3
PENSION AND OTHER POST-EMPLOYMENT BENEFITS - Narrative (Details)
employee in Thousands, $ in Millions
 1 Months Ended 9 Months Ended
Jan. 31, 2025
USD ($)
employee
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Employee benefit plan funding and related payments   $ 38 $ 44
JERSEY CENTRAL POWER & LIGHT COMPANY      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Employee benefit plan funding and related payments   $ 0 $ 7
Pension      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate   8.50%  
Expected future contributions   $ 300  
Pension | MetLife      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Transfer of plan assets $ 640    
Transfer of benefit obligations $ 652    
Defined benefit plan, number of covered employees by plan | employee 2    
Pension | JERSEY CENTRAL POWER & LIGHT COMPANY      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Expected future contributions   $ 0  
v3.25.3
PENSION AND OTHER POST-EMPLOYMENT BENEFITS - Schedule of Components of Net Periodic Benefit Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pension        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service costs $ 33 $ 35 $ 98 $ 105
Interest costs 93 99 280 298
Expected return on plan assets (115) (132) (345) (397)
Amortization of prior service costs (credits) 1 0 1 1
Net periodic benefit costs (credits) 12 2 34 7
Net periodic benefit credits, net of amounts capitalized (6) (15) (19) (45)
Pension | JERSEY CENTRAL POWER & LIGHT COMPANY        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Net periodic benefit costs (credits) (1) (1) (3) (4)
Allocated net periodic benefit costs from affiliates 2 2 7 6
OPEB        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service costs 1 1 2 2
Interest costs 5 5 15 15
Expected return on plan assets (9) (9) (28) (26)
Amortization of prior service costs (credits) (1) 0 (1) (1)
Net periodic benefit costs (credits) (4) (3) (12) (10)
Net periodic benefit credits, net of amounts capitalized (4) (4) (13) (11)
OPEB | JERSEY CENTRAL POWER & LIGHT COMPANY        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Net periodic benefit costs (credits) (4) (3) (11) (10)
Allocated net periodic benefit costs from affiliates $ 0 $ 0 $ 0 $ 0
v3.25.3
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Mar. 31, 2024
Mar. 25, 2024
Effective Income Tax Rate Reconciliation [Line Items]            
Income before income taxes $ 610 $ 560 $ 1,556 $ 1,125    
Federal income tax expense at the 21% statutory rate 128 118 327 236    
Increases (reductions) in tax expense resulting from:            
State and municipal income taxes, net of federal tax benefit 34 33 90 76    
AFUDC equity and other flow-through (15) (6) (34) (19)    
Deductions associated with certain equity method investments 0 (14) 0 (14)    
Tax related to FE’s equity interest earnings from FET 4 4 12 13    
Excess deferred tax amortization (8) (13) (33) (40)    
Nondeductible SEC and OAG settlements 0 0 0 27    
Remeasurement of excess deferred income taxes (70) (21) (70) (21)    
Valuation allowances 0 (3) 0 33    
Other, net 5 (4) 0 3    
Total income taxes $ 78 $ 94 $ 292 $ 294    
Effective income tax rate 12.80% 16.80% 18.80% 26.10%    
FET | North American Transmission Company II LLC            
Increases (reductions) in tax expense resulting from:            
Sale of ownership interest by parent         19.90% 49.90%
JERSEY CENTRAL POWER & LIGHT COMPANY            
Effective Income Tax Rate Reconciliation [Line Items]            
Income before income taxes $ 160 $ 150 $ 313 $ 216    
Federal income tax expense at the 21% statutory rate 34 32 66 45    
Increases (reductions) in tax expense resulting from:            
State and municipal income taxes, net of federal tax benefit 11 11 22 15    
AFUDC equity and other flow-through (2) 0 (5) 0    
Excess deferred tax amortization (1) (1) (3) (4)    
Other, net (1) (1) (1) 2    
Total income taxes $ 41 $ 41 $ 79 $ 58    
Effective income tax rate 25.60% 27.30% 25.20% 26.90%    
v3.25.3
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Mar. 31, 2024
Mar. 25, 2024
Dec. 31, 2023
Provision For Income Tax [Line Items]        
Operating loss carryforwards       $ 8,100
Deferred tax liabilities, net   $ 46    
Reduction to OPIC   $ 803    
Forecast        
Provision For Income Tax [Line Items]        
Operating loss carryforwards, subject to expiration $ 1,700      
North American Transmission Company II LLC | FET        
Provision For Income Tax [Line Items]        
Tax gain from combined sale     $ 7,000  
Sale of ownership interest by parent   19.90% 49.90%  
v3.25.3
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Liabilities    
Restricted cash $ 27 $ 43
Short-term cash investments 9 6
Recurring    
Assets    
Derivative assets FTRs 9 7
Equity securities 2 2
Debt securities 283 276
Cash, cash equivalents and restricted cash 1,431 154
Other 48 45
Total assets 1,773 484
Liabilities    
Derivative liabilities FTRs (6) 0
Total liabilities (6) 0
Net assets 1,767 484
Level 1 | Recurring    
Assets    
Derivative assets FTRs 0 0
Equity securities 2 2
Debt securities 0 0
Cash, cash equivalents and restricted cash 1,431 154
Other 0 0
Total assets 1,433 156
Liabilities    
Derivative liabilities FTRs 0 0
Total liabilities 0 0
Net assets 1,433 156
Level 2 | Recurring    
Assets    
Derivative assets FTRs 0 0
Equity securities 0 0
Debt securities 283 276
Cash, cash equivalents and restricted cash 0 0
Other 48 45
Total assets 331 321
Liabilities    
Derivative liabilities FTRs 0 0
Total liabilities 0 0
Net assets 331 321
Level 3 | Recurring    
Assets    
Derivative assets FTRs 9 7
Equity securities 0 0
Debt securities 0 0
Cash, cash equivalents and restricted cash 0 0
Other 0 0
Total assets 9 7
Liabilities    
Derivative liabilities FTRs (6) 0
Total liabilities (6) 0
Net assets $ 3 $ 7
v3.25.3
FAIR VALUE MEASUREMENTS - Schedule of Amortized Cost Basis, Unrealized Gains and Losses and Fair Values of Investments in Available-for-sale Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Short-term cash investments $ 9 $ 6
Debt securities    
Debt Securities, Available-for-sale [Line Items]    
Cost Basis 296 299
Unrealized Gains 1 0
Unrealized Losses (14) (23)
Fair Value $ 283 $ 276
v3.25.3
FAIR VALUE MEASUREMENTS - Schedule of Proceeds from the Sale of Investments in Available-for-sale Debt Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Proceeds from the sale of investments in available-for-sale securities, realized gains and losses on those sales, and interest and dividend income        
Sale proceeds $ 59 $ 87 $ 89 $ 104
Realized gains 0 0 0 0
Realized losses (6) (11) (9) (13)
Interest and dividend income $ 4 $ 3 $ 10 $ 9
v3.25.3
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 16, 2025
USD ($)
Jun. 12, 2025
USD ($)
tradingDay
consecutiveTradingDay
$ / shares
Jun. 30, 2025
USD ($)
Sep. 30, 2025
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
Sep. 04, 2025
USD ($)
Aug. 13, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 05, 2024
USD ($)
Fair Value of Financial Instruments [Line Items]                      
Investments not required to be disclosed       $ 342   $ 342       $ 370  
Repayments of debt           2,179 $ 1,710        
Long-term debt           5,925 1,200        
JERSEY CENTRAL POWER & LIGHT COMPANY                      
Fair Value of Financial Instruments [Line Items]                      
Repayments of debt           0 500        
Long-term debt           $ 1,350 0        
Senior Unsecured Convertible Notes | 3.625%, Convertible Notes Maturity 2029                      
Fair Value of Financial Instruments [Line Items]                      
Face amount of debt   $ 1,350                  
Senior Unsecured Convertible Notes | 3.875%, Convertible Notes Maturity 2031                      
Fair Value of Financial Instruments [Line Items]                      
Face amount of debt   $ 1,150                  
Senior Unsecured Convertible Notes | Convertible Notes Maturity 2029                      
Fair Value of Financial Instruments [Line Items]                      
Issuance interest rate   3.625%                  
Senior Unsecured Convertible Notes | Convertible Notes Maturity 2031                      
Fair Value of Financial Instruments [Line Items]                      
Issuance interest rate   3.875%                  
Senior Unsecured Convertible Notes | Convertible Notes Maturity 2029 & 2031                      
Fair Value of Financial Instruments [Line Items]                      
Proceeds from issuance of debt   $ 2,470                  
Debt instrument, convertible, conversion ratio   0.0209275                  
Debt instrument, conversion price (in dollars per share) | $ / shares   $ 47.78                  
Debt instrument convertible premium   20.00%                  
Redemption price, percentage   100.00%                  
Senior Unsecured Convertible Notes | Convertible Notes Maturity 2029 & 2031 | Debt Conversion Terms One                      
Fair Value of Financial Instruments [Line Items]                      
Debt instrument, convertible, threshold trading days | tradingDay   20                  
Debt instrument, convertible, threshold consecutive trading days | tradingDay   30                  
Debt instrument, convertible, threshold percentage of stock price trigger   130.00%                  
Senior Unsecured Convertible Notes | Convertible Notes Maturity 2029 & 2031 | Debt Conversion Terms Two                      
Fair Value of Financial Instruments [Line Items]                      
Debt instrument, convertible, threshold trading days | consecutiveTradingDay   5                  
Debt instrument, convertible, threshold consecutive trading days | consecutiveTradingDay   10                  
Threshold trading days measurement period | tradingDay   10                  
Debt instrument, measurement period percentage   98.00%                  
Senior Unsecured Convertible Notes | Convertible Notes 2026                      
Fair Value of Financial Instruments [Line Items]                      
Debt instrument, conversion price (in dollars per share) | $ / shares       $ 46.48   $ 46.48          
Repayments of debt     $ 1,200                
Unsecured Debt | 4.75%, $450 Million Notes Maturity 2033                      
Fair Value of Financial Instruments [Line Items]                      
Face amount of debt                 $ 450    
Unsecured Debt | JERSEY CENTRAL POWER & LIGHT COMPANY | Senior Notes Maturity 2035                      
Fair Value of Financial Instruments [Line Items]                      
Face amount of debt                     $ 700
Unsecured Debt | JERSEY CENTRAL POWER & LIGHT COMPANY | Unsecured Senior Notes Due 2029                      
Fair Value of Financial Instruments [Line Items]                      
Face amount of debt               $ 350      
Unsecured Debt | JERSEY CENTRAL POWER & LIGHT COMPANY | Unsecured Senior Notes Due 2031                      
Fair Value of Financial Instruments [Line Items]                      
Face amount of debt               500      
Unsecured Debt | JERSEY CENTRAL POWER & LIGHT COMPANY | Unsecured Senior Notes Due 2036                      
Fair Value of Financial Instruments [Line Items]                      
Face amount of debt               $ 500      
Unsecured Debt | JERSEY CENTRAL POWER & LIGHT COMPANY | Unsecured Senior Notes Due 2026 | Subsequent Event                      
Fair Value of Financial Instruments [Line Items]                      
Issuance interest rate 4.30%                    
Repayments of debt $ 650                    
Corporate-Owned Life Insurance                      
Fair Value of Financial Instruments [Line Items]                      
Gain on investments       $ 8 $ 10 $ 17 $ 20        
v3.25.3
FAIR VALUE MEASUREMENTS - Schedule of Fair Value and Related Carrying Amounts of Long-term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Carrying value    
Fair value and related carrying amounts of long-term debt and other long-term obligations    
Long-term debt $ 27,340 $ 23,594
Carrying value | JERSEY CENTRAL POWER & LIGHT COMPANY    
Fair value and related carrying amounts of long-term debt and other long-term obligations    
Long-term debt 3,700 2,350
Fair value    
Fair value and related carrying amounts of long-term debt and other long-term obligations    
Long-term debt 26,727 22,128
Fair value | JERSEY CENTRAL POWER & LIGHT COMPANY    
Fair value and related carrying amounts of long-term debt and other long-term obligations    
Long-term debt $ 3,707 $ 2,284
v3.25.3
FAIR VALUE MEASUREMENTS - Schedule of Long-term Debt Redemption and Issuance (Details) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Sep. 30, 2025
Aug. 31, 2025
Jun. 30, 2025
May 31, 2025
Apr. 30, 2025
Mar. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]                
Repayments of debt             $ 2,179 $ 1,710
Debt issuances             5,925 1,200
JCP&L                
Debt Instrument [Line Items]                
Repayments of debt             0 500
Debt issuances             $ 1,350 $ 0
2.05% Unsecured Senior Notes Maturity 2025 | Senior Unsecured Notes | FE                
Debt Instrument [Line Items]                
Issuance interest rate           2.05%    
Repayments of debt           $ 300    
3.76% Unsecured Senior Notes Maturing 2025 | Senior Unsecured Notes | TrAIL                
Debt Instrument [Line Items]                
Issuance interest rate       3.76%        
Repayments of debt       $ 75        
3.85% Unsecured Senior Notes Maturing 2025 | Senior Unsecured Notes | TrAIL                
Debt Instrument [Line Items]                
Issuance interest rate     3.85%          
Repayments of debt     $ 550          
4.00% Unsecured Senior Notes Maturing 2026 | Senior Unsecured Convertible Notes | FE                
Debt Instrument [Line Items]                
Issuance interest rate     4.00%          
Repayments of debt     $ 1,206          
Repayments of long-term debt including premium     1,225          
Make-whole premium     $ 19          
5.00%, $600 Million Notes Maturity 2031 | Senior Unsecured Notes | TrAIL                
Debt Instrument [Line Items]                
Issuance interest rate         5.00%      
Debt issuances         $ 600      
5.00% Unsecured Senior Notes Maturing 2030 | Senior Unsecured Notes | ATSI                
Debt Instrument [Line Items]                
Issuance interest rate       5.00%        
Debt issuances       $ 225        
4.95% Unsecured Senior Notes Maturing 2029 | Senior Unsecured Notes | OE                
Debt Instrument [Line Items]                
Issuance interest rate       4.95%        
Debt issuances       $ 300        
5.00% Secured Senior Notes Maturing 2031 | Senior Unsecured Notes | MAIT                
Debt Instrument [Line Items]                
Issuance interest rate     5.00%          
Debt issuances     $ 200          
5.00%, 200 Million Notes Maturing 2030 | FMBs | PE                
Debt Instrument [Line Items]                
Issuance interest rate     5.00%          
Debt issuances     $ 200          
5.18%, $100 Million Notes Maturity 2030 | Senior Secured Notes | TE                
Debt Instrument [Line Items]                
Issuance interest rate     5.18%          
Debt issuances     $ 100          
3.63%, $1,350 Million Notes Maturity 2029 | Senior Unsecured Convertible Notes | FE                
Debt Instrument [Line Items]                
Issuance interest rate     3.63%          
Debt issuances     $ 1,350          
3.88%, $1,150 Million Notes Maturity 2031 | Senior Unsecured Convertible Notes | FE                
Debt Instrument [Line Items]                
Issuance interest rate     3.88%          
Debt issuances     $ 1,150          
4.75%, $450 Million Notes Maturity 2033 | Senior Unsecured Notes | FET                
Debt Instrument [Line Items]                
Issuance interest rate   4.75%            
Debt issuances   $ 450            
4.15%, $350 Million Notes Maturity 2029 | Senior Unsecured Notes | JCP&L                
Debt Instrument [Line Items]                
Issuance interest rate 4.15%           4.15%  
Debt issuances $ 350              
4.40%, $500 Million Notes Maturity 2031 | Senior Unsecured Notes | JCP&L                
Debt Instrument [Line Items]                
Issuance interest rate 4.40%           4.40%  
Debt issuances $ 500              
5.15%, $500 Million Notes Maturity 2036 | Senior Unsecured Notes | JCP&L                
Debt Instrument [Line Items]                
Issuance interest rate 5.15%           5.15%  
Debt issuances $ 500              
4.30%, 650 Million Senior Notes Due 2026 | Senior Unsecured Notes | JCP&L | Revolving Credit Facility                
Debt Instrument [Line Items]                
Issuance interest rate 4.30%           4.30%  
Face amount of debt $ 650           $ 650  
v3.25.3
VARIABLE INTEREST ENTITIES - Narrative (Details)
$ in Millions
Sep. 30, 2025
USD ($)
subsidiary
agreement
Jul. 31, 2025
Jul. 16, 2025
Dec. 31, 2024
USD ($)
Jun. 30, 2013
USD ($)
Variable Interest Entity [Line Items]          
Assets $ 55,884     $ 52,044  
Liabilities $ 41,700     38,324  
Number of subsidiaries that issued environmental control bonds | subsidiary 2        
Long-term pollution control bond $ 156     188  
Restricted cash $ 27     43  
Number of long-term purchase power agreements | agreement 6        
FET          
Variable Interest Entity [Line Items]          
Noncontrolling interest, ownership percentage by noncontrolling owners 49.90%        
Phase In Recovery Bonds          
Variable Interest Entity [Line Items]          
Long-term debt $ 159     175  
FE | FET          
Variable Interest Entity [Line Items]          
Ownership percentage by parent 50.10%        
Ohio Funding Companies | Phase In Recovery Bonds          
Variable Interest Entity [Line Items]          
Face amount of debt         $ 445
MP, PE and the Ohio Companies          
Variable Interest Entity [Line Items]          
Restricted cash $ 25     40  
JERSEY CENTRAL POWER & LIGHT COMPANY          
Variable Interest Entity [Line Items]          
Assets 11,490     9,927  
Liabilities $ 6,394     4,950  
Number of long-term purchase power agreements | agreement 1        
FEV | Global Holding          
Variable Interest Entity [Line Items]          
Investment ownership percentage   33.33% 33.33%    
Variable Interest Entity, Primary Beneficiary          
Variable Interest Entity [Line Items]          
Assets $ 12,822     11,936  
Liabilities 9,379     8,706  
Variable Interest Entity, Primary Beneficiary | FE          
Variable Interest Entity [Line Items]          
Assets 12,800     12,000  
Liabilities $ 9,700     $ 9,100  
v3.25.3
VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 1,404 $ 111
Receivables 1,519 1,530
Materials and supplies, at average cost 578 549
Prepaid taxes and other current assets 337 240
Total current assets 4,211 2,776
Goodwill 5,618 5,618
Investments 634 652
Regulatory assets 793 617
Other noncurrent assets 924 1,279
TOTAL ASSETS 55,884 52,044
CURRENT LIABILITIES:    
Currently payable long-term debt 1,669 977
Short-term borrowings 291 550
Accrued interest 298 269
Accrued taxes 731 727
Other current liabilities 253 216
Total current liabilities 5,634 4,997
Long-term debt and other long-term obligations 25,510 22,496
Accumulated deferred income taxes 6,019 5,613
Regulatory liabilities 971 995
Other noncurrent liabilities 1,865 2,525
Total noncurrent liabilities 36,066 33,327
TOTAL LIABILITIES 41,700 38,324
Variable Interest Entity, Primary Beneficiary    
CURRENT ASSETS:    
Cash and cash equivalents 188 8
Receivables 98 94
Materials and supplies, at average cost 1 1
Prepaid taxes and other current assets 44 21
Total current assets 331 124
Property, plant and equipment, net 12,133 11,217
Goodwill 224 224
Investments 19 19
Regulatory assets 7 18
Other noncurrent assets 108 334
Total noncurrent assets 12,491 11,812
TOTAL ASSETS 12,822 11,936
CURRENT LIABILITIES:    
Currently payable long-term debt 75 625
Short-term borrowings 280 300
Accrued interest 78 68
Accrued taxes 327 306
Other current liabilities 13 15
Total current liabilities 773 1,314
Long-term debt and other long-term obligations 6,629 5,239
Accumulated deferred income taxes 1,521 1,412
Regulatory liabilities 440 442
Other noncurrent liabilities 16 299
Total noncurrent liabilities 8,606 7,392
TOTAL LIABILITIES $ 9,379 $ 8,706
v3.25.3
ASSET RETIREMENT OBLIGATIONS - Schedule of Changes to the ARO Balances (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
Beginning balance $ 455 $ 209
Changes in timing and amount of estimated cash flows   131
Liabilities incurred 1 95
Liabilities settled (153) (4)
Accretion 20 24
Ending balance 323 455
JERSEY CENTRAL POWER & LIGHT COMPANY    
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
Beginning balance 8 7
Changes in timing and amount of estimated cash flows   0
Liabilities incurred 0 0
Liabilities settled 0 0
Accretion 0 1
Ending balance $ 8 $ 8
v3.25.3
ASSET RETIREMENT OBLIGATIONS - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Mar. 04, 2025
Feb. 03, 2025
Sep. 30, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows       $ 131
Cash payments to escrow deposit     $ 46  
JERSEY CENTRAL POWER & LIGHT COMPANY        
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows       0
Environmental Liability        
Segment Reporting Information [Line Items]        
Asset retirement obligation, escrow deposit $ 130 $ 160 $ 46 $ 160
Agreed funding period 5 years 5 years   5 years
Recognition period 5 years      
Asset retirement obligation, discount rate 4.80%      
Environmental Liability | Weighted Average        
Segment Reporting Information [Line Items]        
Asset retirement obligation, discount rate 4.80%      
Regulation of Waste Disposal        
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows       $ 139
Regulation of Waste Disposal | JERSEY CENTRAL POWER & LIGHT COMPANY        
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows       0
Corporate Non Segment        
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows       $ 87
v3.25.3
REGULATORY MATTERS - Maryland (Details) - Maryland - PE
$ in Millions
 9 Months Ended
Aug. 15, 2024
USD ($)
Jul. 01, 2024
USD ($)
Mar. 21, 2024
Dec. 29, 2023
USD ($)
Aug. 01, 2023
USD ($)
scenario
Sep. 30, 2025
Per Year 2022 Through 2024            
Regulatory Matters [Line Items]            
Incremental energy savings goal thereafter (percent)     2.00%      
Per Year 2025            
Regulatory Matters [Line Items]            
Incremental energy savings goal thereafter (percent)     2.25%      
Per Year 2027            
Regulatory Matters [Line Items]            
Incremental energy savings goal thereafter (percent)     2.50%      
2024-2026 EmPOWER Program Cycle            
Regulatory Matters [Line Items]            
Number of scenarios with projected costs submitted for cost recovery program | scenario         3  
Recovery period for expenditures for cost recovery program         3 years  
Public utilities, requested year one         $ 311  
Public utilities, requested year two         354  
Public utilities, requested year three         $ 510  
Approved amount of annual increase       $ 311    
Public utilities, GHG reduction targets $ 314          
Amortization period           5 years
Public utilities, requested cost percentage, year one         0.67  
Public utilities, requested cost percentage, year two         1  
2024-2030 EmPOWER Program Cycle | Minimum            
Regulatory Matters [Line Items]            
Expected reduction to pre-tax return on programs   $ 25        
2024-2030 EmPOWER Program Cycle | Maximum            
Regulatory Matters [Line Items]            
Expected reduction to pre-tax return on programs   $ 30        
v3.25.3
REGULATORY MATTERS - New Jersey (Details) - New Jersey
Aug. 13, 2025
Jun. 04, 2025
GW
Apr. 23, 2025
USD ($)
Nov. 09, 2023
USD ($)
Oct. 31, 2023
windFarm
MW
Apr. 17, 2023
Oct. 26, 2022
USD ($)
Sep. 30, 2025
USD ($)
Jul. 16, 2025
recommendation
Jun. 18, 2025
USD ($)
Jan. 16, 2025
USD ($)
JCP And L                      
Regulatory Matters [Line Items]                      
Total number of recommendations | recommendation                 105    
Number of recommendations to be implemented | recommendation                 100    
Approved amount of annual increase             $ 723,000,000        
Approved ROE             10.20%        
Public utility, offshore development, percent             20.00%        
Recovery of transmission incentive rates, percentage           100.00%          
Recovery of transmission incentive rates prior to approval date           50.00%          
Public utilities, number of offshore wind projects that development ceased | windFarm         2            
Plant capacity (in MW's)   1.5     2,248            
Approved loan guarantee of maximum amount                     $ 716,000,000
NJBPU | JCP And L                      
Regulatory Matters [Line Items]                      
Transmission investment plan period 2 years 6 months                    
EnergizeNJ | NJBPU | Distribution Segment | Jcp And L                      
Regulatory Matters [Line Items]                      
Approved amount of annual increase     $ 339,000,000                
Amount of requested increase (decrease)       $ 935,000,000              
Implementation period       5 years              
Public utilities, requested rate increase (decrease), amount, capital commitments       $ 906,000,000              
Public utilities, requested rate increase (decrease), amount, operating and maintenance expense       $ 29,000,000              
Approved capital commitments     203,000,000                
Approved matching capital commitments     132,000,000                
Approved O&M expense     $ 4,000,000                
Approved temporary electric rate                   $ 30.00  
Deferred regulatory asset and recovered rate                   $ 10.00  
Temporary rate credit regulatory asset balance               $ 50,000,000      
v3.25.3
REGULATORY MATTERS - Ohio (Details) - PUCO
$ in Thousands
 1 Months Ended
Feb. 21, 2025
USD ($)
Dec. 18, 2024
USD ($)
Sep. 30, 2024
USD ($)
payment
Jul. 31, 2024
USD ($)
May 31, 2024
USD ($)
Apr. 05, 2023
Jan. 31, 2025
USD ($)
May 15, 2024
USD ($)
Sep. 13, 2021
requirement
Aug. 06, 2021
USD ($)
Regulatory Matters [Line Items]                    
Commitment to spend             $ 6,500      
OHIO                    
Regulatory Matters [Line Items]                    
Proposed goal to reduce CO2 pollution (percent)   90.00%                
Delivery Capital Recovery Rider | OHIO                    
Regulatory Matters [Line Items]                    
Annual revenue cap for DCR rider   $ 390,000                
Requested increase in revenue cap   15,000                
Energy Conservation, Economic Development and Job Retention | OHIO                    
Regulatory Matters [Line Items]                    
Contribution amount   $ 6,390                
The Ohio Companies | ESP V                    
Regulatory Matters [Line Items]                    
Approved bill assistance contribution amount               $ 32,500    
The Ohio Companies | Rider DCR Audit Report | OHIO                    
Regulatory Matters [Line Items]                    
Refund to customer of pole attachment sates     $ 15             $ 15
Public utilities, number of audit examined payments | payment     53              
Public utilities, audit examined payment amount     $ 75,000              
Number of requirements with minor non-compliance | requirement                 8  
Number of requirements | requirement                 23  
CEI | Delivery Capital Recovery Rider | OHIO | Distribution Segment                    
Regulatory Matters [Line Items]                    
Approved ROE 9.63%       10.80%          
Capital structure, debt 48.80%       44.00%          
Capital structure, equity 51.20%       56.00%          
CEI | Energy Efficiency and Peak Demand Reduction Stipulation Settlement | OHIO | Distribution Segment                    
Regulatory Matters [Line Items]                    
Increase base distribution rate $ 8,000       $ 94,000          
Public utilities, adjusted rate increase base distribution       $ 190,000            
OE | Delivery Capital Recovery Rider | OHIO | Distribution Segment                    
Regulatory Matters [Line Items]                    
Capital structure, debt         46.00%          
Capital structure, equity         54.00%          
TE | Delivery Capital Recovery Rider | OHIO | Distribution Segment                    
Regulatory Matters [Line Items]                    
Capital structure, debt         45.00%          
Capital structure, equity         55.00%          
Minimum                    
Regulatory Matters [Line Items]                    
Amount of revenue increase             37,000      
Minimum | The Ohio Companies                    
Regulatory Matters [Line Items]                    
Approved period of rate plan           8 years        
Maximum                    
Regulatory Matters [Line Items]                    
Amount of revenue increase             $ 43,000      
Maximum | The Ohio Companies | Rider DCR Audit Report | OHIO                    
Regulatory Matters [Line Items]                    
Loss contingency, payment audit, payments in support of passage of house bill allocated to defendants     $ 5,000              
v3.25.3
REGULATORY MATTERS - Pennsylvania and West Virginia (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Oct. 01, 2025
USD ($)
MW
Aug. 29, 2025
USD ($)
Jul. 11, 2025
Mar. 14, 2025
Feb. 26, 2025
USD ($)
Jan. 17, 2025
Jul. 22, 2024
USD ($)
Dec. 08, 2023
auditMatter
Apr. 24, 2023
site
MW
May 01, 2022
MW
Feb. 24, 2022
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2022
USD ($)
Transmission Related Vegetation Management Programs | FERC | FE                            
Regulatory Matters [Line Items]                            
Utilities reclassification to operating expense                           $ 105.0
Amount of treatment of corporate support costs                       $ 97.0    
Public utilities, number of unresolved audit matters | auditMatter               2            
Utilities, transmission owning utilities join an RTO                     0.00500000      
Transmission Related Vegetation Management Programs | FERC | JERSEY CENTRAL POWER & LIGHT COMPANY | FE                            
Regulatory Matters [Line Items]                            
Utilities reclassification to operating expense                           $ 13.0
Transmission ROE Incentive | FERC                            
Regulatory Matters [Line Items]                            
Utilities, transmission owing utilities join an RTO           0.00500000                
Public utilities, amount awarded from other party                         $ 46.0  
Transmission ROE Incentive | FERC | Miscellaneous Income                            
Regulatory Matters [Line Items]                            
Public utilities, amount awarded from other party                         4.0  
Transmission ROE Incentive | FERC | Transmission | Transmission Revenues                            
Regulatory Matters [Line Items]                            
Public utilities, amount awarded from other party                         $ 42.0  
PJM 2024 RTEP Window 1 | Valley Link Transmission Rate                            
Regulatory Matters [Line Items]                            
Transmission solutions to the reliability issues         $ 3,000.0                  
Capital structure, percentage       40.00%                    
Equity ratio, percentage       60.00%                    
Transmission rate, base ROE       10.90%                    
Recovery of project abandonment costs (percent)     50.00%                      
Recovery of project abandonment costs incurred thereafter (percent)     100.00%                      
Pennsylvania | EE&C Phase IV | PPUC                            
Regulatory Matters [Line Items]                            
Public utilities, approved energy consumption reduction targets, cost recovery                       $ 390.0    
Pennsylvania | EE&C Phase IV | PPUC | ME                            
Regulatory Matters [Line Items]                            
Demand reduction targets                       2.90%    
Energy consumption reduction targets                       3.10%    
Pennsylvania | EE&C Phase IV | PPUC | PN                            
Regulatory Matters [Line Items]                            
Demand reduction targets                       3.30%    
Energy consumption reduction targets                       3.00%    
Pennsylvania | EE&C Phase IV | PPUC | Penn                            
Regulatory Matters [Line Items]                            
Demand reduction targets                       2.00%    
Energy consumption reduction targets                       2.70%    
Pennsylvania | EE&C Phase IV | PPUC | WP                            
Regulatory Matters [Line Items]                            
Demand reduction targets                       2.50%    
Energy consumption reduction targets                       2.40%    
Pennsylvania | New LTIIPs | PPUC | Pennsylvania Companies                            
Regulatory Matters [Line Items]                            
Proposed investment amount             $ 1,600.0              
Pennsylvania | 2025-2029 LTIIP | PPUC | Pennsylvania Companies                            
Regulatory Matters [Line Items]                            
Proposed investment amount             $ 1,400.0              
West Virginia | WVPSC | MP and PE                            
Regulatory Matters [Line Items]                            
Utilities requested rate increase amount   $ 14.0                        
Public utilities, increase of total revenues, percentage   0.80%                        
West Virginia | WVPSC | MP and PE | Solar Generation Project                            
Regulatory Matters [Line Items]                            
Percent of subscriptions required prior to commencement of construction                   85.00%        
Plant capacity (in MW's) | MW                 30 50        
Number of approved solar sites | site                 3          
Utilities number of overall solar sites | site                 5          
Amount of requested increase (decrease)   $ (3.2)                        
West Virginia | WVPSC | MP and PE | Solar Generation Project | Subsequent Event                            
Regulatory Matters [Line Items]                            
Public utilities, near-term market capacity purchases (in MV's) | MW 70                          
West Virginia | WVPSC | MP and PE | Natural Gas Generation Project | Subsequent Event                            
Regulatory Matters [Line Items]                            
Public utilities, near-term market capacity purchases (in MV's) | MW 1,200                          
Estimated initial investment $ 2,500.0                          
v3.25.3
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Mar. 04, 2025
Feb. 03, 2025
Jul. 21, 2021
Sep. 30, 2025
Dec. 31, 2024
Guarantor Obligations [Line Items]          
Guarantor obligations, current carrying value       $ 1,100  
Company posted collateral related to net liability positions       185  
Collateral received       32  
Liabilities incurred       1 $ 95
JERSEY CENTRAL POWER & LIGHT COMPANY          
Guarantor Obligations [Line Items]          
Guarantor obligations, current carrying value       46  
Company posted collateral related to net liability positions       28  
Collateral received       7  
Liabilities incurred       0 0
United States v. Householder, et al. | U.S. Attorney's Office          
Guarantor Obligations [Line Items]          
Term of DPA     3 years    
Loss in period     $ 230    
Term of payments     60 days    
United States v. Householder, et al. | United States Treasury          
Guarantor Obligations [Line Items]          
Amount of refunds announced     $ 115    
United States v. Householder, et al. | Ohio Development Service          
Guarantor Obligations [Line Items]          
Amount of refunds announced     115    
Amount that won't be recovered in rates or charged to customers     $ 230    
Regulation of Waste Disposal          
Guarantor Obligations [Line Items]          
Changes in timing and amount of estimated cash flows         139
Accrual for environmental loss contingencies       93  
Environmental liabilities former gas facilities       67  
Regulation of Waste Disposal | JERSEY CENTRAL POWER & LIGHT COMPANY          
Guarantor Obligations [Line Items]          
Changes in timing and amount of estimated cash flows         0
Regulation of Waste Disposal | Corporate Non Segment          
Guarantor Obligations [Line Items]          
Liabilities incurred $ 130       87
Environmental Liability          
Guarantor Obligations [Line Items]          
Asset retirement obligation, escrow deposit $ 130 $ 160   $ 46 $ 160
Agreed funding period 5 years 5 years     5 years
Asset retirement obligation, discount rate 4.80%        
v3.25.3
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Schedule of Potential Amount of Future Payments (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Guarantor Obligations [Line Items]  
Guarantor obligations $ 1,051
JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Guarantor obligations 46
FE’s Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Guarantor obligations 615
FE’s Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Guarantor obligations 436
Deferred compensation arrangements | FE’s Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Guarantor obligations 397
Deferred compensation arrangements | FE’s Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Guarantor obligations 93
Vehicle leases | FE’s Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Guarantor obligations 75
McElroy Run transfer | FE’s Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Guarantor obligations 129
Other | FE’s Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Guarantor obligations 14
Surety Bonds | FE’s Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Guarantor obligations 158
Surety Bonds | FE’s Guarantees on Other Assurances | JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Guarantor obligations 18
LOCs | FE’s Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Guarantor obligations 185
LOCs | FE’s Guarantees on Other Assurances | JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Guarantor obligations $ 28
v3.25.3
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Schedule of Potential Collateral Obligations (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Guarantor Obligations [Line Items]  
Percent of face amount of debt 100.00%
Curing period 30 days
JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Percent of face amount of debt 100.00%
Curing period 30 days
Total Exposure from Contractual Obligations  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations $ 354
Total Exposure from Contractual Obligations | JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 75
Total Exposure from Contractual Obligations | FE  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 154
Total Exposure from Contractual Obligations | Electric Companies and Transmission Companies  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 200
Upon downgrade  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 91
Upon downgrade | JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 58
Upon downgrade | FE  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 1
Upon downgrade | Electric Companies and Transmission Companies  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 90
Surety bonds (collateralized amount)  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations $ 263
Percent of face amount of debt 60.00%
Capped portion of surety bond obligations $ 22
Surety bonds (collateralized amount) | JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations $ 17
Percent of face amount of debt 60.00%
Capped portion of surety bond obligations $ 1
Surety bonds (collateralized amount) | FE  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 153
Surety bonds (collateralized amount) | Electric Companies and Transmission Companies  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations $ 110
v3.25.3
SEGMENT INFORMATION - Narrative (Details)
customer in Millions, $ in Millions
 9 Months Ended 12 Months Ended
Jul. 16, 2025
USD ($)
Sep. 30, 2025
USD ($)
customer
site
MW
Dec. 31, 2025
site
MW
Dec. 31, 2024
USD ($)
site
MW
Jul. 31, 2025
Segment Reporting Information [Line Items]          
Number of customers | customer   6.0      
Global Holding          
Segment Reporting Information [Line Items]          
Equity method investments | $       $ 45.0  
FEV | Global Holding          
Segment Reporting Information [Line Items]          
Investment ownership percentage 33.33%       33.33%
Ownership percentage sold 0.3333        
Equity method investments | $   $ 47.5      
Proceeds from investments sold | $ $ 47.5        
JERSEY CENTRAL POWER & LIGHT COMPANY          
Segment Reporting Information [Line Items]          
Number of customers | customer   1.2      
Distribution Segment          
Segment Reporting Information [Line Items]          
Number of customers | customer   4.3      
Distribution Segment | JERSEY CENTRAL POWER & LIGHT COMPANY          
Segment Reporting Information [Line Items]          
Number of customers | customer   1.2      
Integrated Segment          
Segment Reporting Information [Line Items]          
Number of customers | customer   2.0      
Plant capacity (in MW's) | MW   3,610      
Other Business Operations | FE          
Segment Reporting Information [Line Items]          
Long-term debt | $   $ 7,100.0      
Other Business Operations | OVEC          
Segment Reporting Information [Line Items]          
Plant capacity (in MW's) | MW   67      
Integrated | MP and PE | Solar Generation Project          
Segment Reporting Information [Line Items]          
Plant capacity (in MW's) | MW   50      
Number of approved solar sites | site   5      
Number of completed solar sites | site   3   3  
Integrated | MP and PE | Solar Generation Project | Forecast          
Segment Reporting Information [Line Items]          
Plant capacity (in MW's) | MW     20    
Number of sites expected to be completed | site     2    
Integrated | MP and PE | Solar Generation Project | West Virginia          
Segment Reporting Information [Line Items]          
Plant capacity (in MW's) | MW       30  
v3.25.3
SEGMENT INFORMATION - Schedule of Segment Financial Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Financial Information                  
Revenues [1] $ 4,148     $ 3,729     $ 11,293 $ 10,296  
Other operating expense 976     1,099     3,005 3,275  
Depreciation 417     400     1,243 1,178  
Amortization (deferral) of regulatory assets, net 89     (33)     (20) (205)  
Equity method investment earnings, net 0     21     0 64  
Interest expense 312     276     899 866  
Income taxes (benefits) 78     94     292 294  
Other expense (income) items 1,835     1,495     4,805 4,235  
Earnings (losses) attributable to FE/Net income 441     419     1,069 717  
Cash Flows from Investing Activities:                  
Capital investments 1,316     1,004     3,539 2,736  
Total assets 55,884           55,884   $ 52,044
Total goodwill 5,618           5,618   5,618
JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 864     765     2,022 1,788  
Other operating expense 158     179     436 524  
Depreciation 66     62     196 185  
Amortization (deferral) of regulatory assets, net 11     (25)     (25) (98)  
Income taxes (benefits) 41     41     79 58  
Other expense (income) items 432     372     1,003 872  
Earnings (losses) attributable to FE/Net income 119 $ 66 $ 49 109 $ 57 $ (8) 234 158  
Cash Flows from Investing Activities:                  
Capital investments 305     212     782 599  
Total assets 11,490           11,490   9,927
Total goodwill 1,811           1,811   1,811
Nonrelated Party | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Interest expense 34     22     93 74  
Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 0     0     1 1  
Interest expense 3     5     6 15  
Distribution                  
Cash Flows from Investing Activities:                  
Total goodwill 3,222           3,222    
External revenues                  
Segment Financial Information                  
Revenues 4,148     3,729     11,293 10,296  
External revenues | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 864     765     2,022 1,788  
Internal revenues                  
Segment Financial Information                  
Revenues 0     0     0 0  
Internal revenues | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 0     0     0 0  
Operating Segments                  
Segment Financial Information                  
Revenues 4,161     3,744     11,329 10,338  
Other operating expense 982     1,106     3,058 3,192  
Depreciation 398     379     1,183 1,121  
Amortization (deferral) of regulatory assets, net 89     (33)     (20) (205)  
Equity method investment earnings, net 0     0     0 0  
Interest expense 259     238     746 730  
Income taxes (benefits) 87     110     341 344  
Other expense (income) items 1,811     1,482     4,699 4,106  
Earnings (losses) attributable to FE/Net income 535     462     1,322 1,050  
Cash Flows from Investing Activities:                  
Capital investments 1,336     970     3,473 2,678  
Total assets 55,633           55,633   52,114
Total goodwill 5,618           5,618   5,618
Operating Segments | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 908     804     2,153 1,903  
Other operating expense 202     218     567 639  
Depreciation 66     62     196 185  
Amortization (deferral) of regulatory assets, net 11     (25)     (25) (98)  
Income taxes (benefits) 41     41     79 58  
Other expense (income) items 432     372     1,003 872  
Earnings (losses) attributable to FE/Net income 119     109     234 158  
Cash Flows from Investing Activities:                  
Capital investments 305     212     782 599  
Total assets 11,490           11,490   9,927
Total goodwill 1,811           1,811   1,811
Operating Segments | Nonrelated Party | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Interest expense 34     22     93 74  
Operating Segments | Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Interest expense 3     5     6 15  
Operating Segments | Distribution                  
Segment Financial Information                  
Revenues 2,020     1,817     5,631 5,232  
Other operating expense 570     644     1,831 1,871  
Depreciation 165     163     490 486  
Amortization (deferral) of regulatory assets, net 46     (55)     (71) (152)  
Equity method investment earnings, net 0     0     0 0  
Interest expense 101     106     301 331  
Income taxes (benefits) 48     34     151 96  
Other expense (income) items 860     732     2,320 2,174  
Earnings (losses) attributable to FE/Net income 230     193     609 426  
Cash Flows from Investing Activities:                  
Capital investments 416     289     976 758  
Total assets 20,487           20,487   19,949
Total goodwill 3,222           3,222   3,222
Operating Segments | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 841     747     1,962 1,728  
Other operating expense 185     203     525 593  
Depreciation 53     50     159 151  
Amortization (deferral) of regulatory assets, net 11     (25)     (25) (98)  
Income taxes (benefits) 32     33     54 36  
Other expense (income) items 439     376     1,022 875  
Earnings (losses) attributable to FE/Net income 93     88     152 99  
Cash Flows from Investing Activities:                  
Capital investments 136     91     332 237  
Total assets 8,241           8,241   7,212
Total goodwill 1,213           1,213   1,213
Operating Segments | Distribution | Nonrelated Party | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Interest expense 25     17     69 57  
Operating Segments | Distribution | Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Interest expense 3     5     6 15  
Operating Segments | Integrated                  
Segment Financial Information                  
Revenues 1,653     1,452     4,263 3,725  
Other operating expense 337     349     980 1,041  
Depreciation 141     132     418 386  
Amortization (deferral) of regulatory assets, net 42     20     47 (58)  
Equity method investment earnings, net 0     0     0 0  
Interest expense 75     62     208 198  
Income taxes (benefits) 60     36     135 107  
Other expense (income) items 815     656     2,040 1,664  
Earnings (losses) attributable to FE/Net income 183     197     435 387  
Cash Flows from Investing Activities:                  
Capital investments 508     382     1,336 1,045  
Total assets 20,603           20,603   18,637
Total goodwill 1,953           1,953   1,953
Operating Segments | Stand-Alone Transmission                  
Segment Financial Information                  
Revenues 488     475     1,435 1,381  
Other operating expense 75     113     247 280  
Depreciation 92     84     275 249  
Amortization (deferral) of regulatory assets, net 1     2     4 5  
Equity method investment earnings, net 0     0     0 0  
Interest expense 83     70     237 201  
Income taxes (benefits) (21)     40     55 141  
Other expense (income) items 136     94     339 268  
Earnings (losses) attributable to FE/Net income 122     72     278 237  
Cash Flows from Investing Activities:                  
Capital investments 412     299     1,161 875  
Total assets 14,543           14,543   13,528
Total goodwill 443           443   443
Operating Segments | Transmission | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 67     57     191 175  
Other operating expense 17     15     42 46  
Depreciation 13     12     37 34  
Amortization (deferral) of regulatory assets, net 0     0     0 0  
Income taxes (benefits) 9     8     25 22  
Other expense (income) items (7)     (4)     (19) (3)  
Earnings (losses) attributable to FE/Net income 26     21     82 59  
Cash Flows from Investing Activities:                  
Capital investments 169     121     450 362  
Total assets 3,249           3,249   2,715
Total goodwill 598           598   598
Operating Segments | Transmission | Nonrelated Party | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Interest expense 9     5     24 17  
Operating Segments | Transmission | Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Interest expense 0     0     0 0  
Operating Segments | External revenues                  
Segment Financial Information                  
Revenues 4,144     3,727     11,281 10,290  
Operating Segments | External revenues | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 864     765     2,022 1,788  
Operating Segments | External revenues | Distribution                  
Segment Financial Information                  
Revenues 2,010     1,806     5,602 5,202  
Operating Segments | External revenues | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 797     708     1,831 1,613  
Operating Segments | External revenues | Integrated                  
Segment Financial Information                  
Revenues 1,651     1,451     4,259 3,721  
Operating Segments | External revenues | Stand-Alone Transmission                  
Segment Financial Information                  
Revenues 483     470     1,420 1,367  
Operating Segments | External revenues | Transmission | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 67     57     191 175  
Operating Segments | Internal revenues                  
Segment Financial Information                  
Revenues 17     17     48 48  
Operating Segments | Internal revenues | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 44     39     131 115  
Operating Segments | Internal revenues | Distribution                  
Segment Financial Information                  
Revenues 10     11     29 30  
Operating Segments | Internal revenues | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 44     39     131 115  
Operating Segments | Internal revenues | Integrated                  
Segment Financial Information                  
Revenues 2     1     4 4  
Operating Segments | Internal revenues | Stand-Alone Transmission                  
Segment Financial Information                  
Revenues 5     5     15 14  
Operating Segments | Internal revenues | Transmission | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 0     0     0 0  
Corporate/ Other                  
Segment Financial Information                  
Revenues 4     2     12 6  
Other operating expense (3)     (4)     (45) 91  
Depreciation 19     21     60 57  
Amortization (deferral) of regulatory assets, net 0     0     0 0  
Equity method investment earnings, net 0     21     0 64  
Interest expense 85     80     253 281  
Income taxes (benefits) (9)     (16)     (49) (50)  
Other expense (income) items (8)     (29)     6 (16)  
Earnings (losses) attributable to FE/Net income (94)     (43)     (253) (333)  
Cash Flows from Investing Activities:                  
Capital investments (20)     34     66 58  
Total assets 2,238           2,238   1,975
Total goodwill 0           0   0
Corporate/ Other | External revenues                  
Segment Financial Information                  
Revenues 4     2     12 6  
Corporate/ Other | Internal revenues                  
Segment Financial Information                  
Revenues 0     0     0 0  
Reconciling Adjustments                  
Segment Financial Information                  
Revenues (17)     (17)     (48) (48)  
Other operating expense (3)     (3)     (8) (8)  
Depreciation 0     0     0 0  
Amortization (deferral) of regulatory assets, net 0     0     0 0  
Equity method investment earnings, net 0     0     0 0  
Interest expense (32)     (42)     (100) (145)  
Income taxes (benefits) 0     0     0 0  
Other expense (income) items 32     42     100 145  
Earnings (losses) attributable to FE/Net income 0     0     0 0  
Cash Flows from Investing Activities:                  
Capital investments 0     0     0 0  
Total assets (1,987)           (1,987)   (2,045)
Total goodwill 0           0   0
Reconciling Adjustments | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues (44)     (39)     (131) (115)  
Other operating expense (44)     (39)     (131) (115)  
Depreciation 0     0     0 0  
Amortization (deferral) of regulatory assets, net 0     0     0 0  
Income taxes (benefits) 0     0     0 0  
Other expense (income) items 0     0     0 0  
Earnings (losses) attributable to FE/Net income 0     0     0 0  
Cash Flows from Investing Activities:                  
Capital investments 0     0     0 0  
Total assets 0           0   0
Total goodwill 0           0   $ 0
Reconciling Adjustments | Nonrelated Party | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Interest expense 0     0     0 0  
Reconciling Adjustments | Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Interest expense 0     0     0 0  
Reconciling Adjustments | External revenues                  
Segment Financial Information                  
Revenues 0     0     0 0  
Reconciling Adjustments | External revenues | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues 0     0     0 0  
Reconciling Adjustments | Internal revenues                  
Segment Financial Information                  
Revenues (17)     (17)     (48) (48)  
Reconciling Adjustments | Internal revenues | JERSEY CENTRAL POWER & LIGHT COMPANY                  
Segment Financial Information                  
Revenues $ (44)     $ (39)     $ (131) $ (115)  
[1] Includes excise and gross receipts tax collections of $126 million and $116 million during the three months ended September 30, 2025 and 2024, respectively, and $349 million and $329 million during the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
TRANSACTIONS WITH AFFILIATES (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Related Party Transaction [Line Items]        
Revenues [1] $ 4,148 $ 3,729 $ 11,293 $ 10,296
Other operating expenses 976 1,099 3,005 3,275
Interest expense 312 276 899 866
JERSEY CENTRAL POWER & LIGHT COMPANY        
Related Party Transaction [Line Items]        
Revenues 864 765 2,022 1,788
Other operating expenses [2] 158 179 436 524
JERSEY CENTRAL POWER & LIGHT COMPANY | Related Party        
Related Party Transaction [Line Items]        
Revenues 0 0 1 1
Other operating expenses 27 39 86 96
Interest income 1 0 1 0
Interest expense 3 5 6 15
Operating expenses capitalized 19 17 57 52
JERSEY CENTRAL POWER & LIGHT COMPANY | FESC support services | Related Party        
Related Party Transaction [Line Items]        
Other operating expenses 43 42 135 126
JERSEY CENTRAL POWER & LIGHT COMPANY | Other affiliate support services | Related Party        
Related Party Transaction [Line Items]        
Other operating expenses $ 3 $ 14 $ 8 $ 22
[1] Includes excise and gross receipts tax collections of $126 million and $116 million during the three months ended September 30, 2025 and 2024, respectively, and $349 million and $329 million during the nine months ended September 30, 2025 and 2024, respectively.
[2] Includes affiliated operating expenses of $27 million and $39 million for the three months ended September 30, 2025 and 2024, respectively, and $86 million and $96 million for the nine months ended September 30, 2025 and 2024, respectively.