FIRSTENERGY CORP, 10-Q filed on 4/30/2025
Quarterly Report
v3.25.1
Cover Page
 3 Months Ended
Mar. 31, 2025
shares
Document Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 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, $0.10 par value
Trading Symbol FE
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock Shares Outstanding 577,156,244
Entity Central Index Key 0001031296
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q1
Amendment Flag false
JERSEY CENTRAL POWER & LIGHT COMPANY  
Document Information [Line Items]  
Entity File Number 1-3141
Entity Registrant Name JERSEY CENTRAL POWER & LIGHT COMPANY
Entity Incorporation, State or Country Code NJ
Entity Tax Identification Number 21-0485010
Entity Address, Address Line One 300 Madison Avenue
Entity Address, City or Town Morristown
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07962
City Area Code (800)
Local Phone Number 736-3402
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Non-accelerated Filer
Entity Shell Company false
Entity Common Stock Shares Outstanding 13,628,447
v3.25.1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
REVENUES:    
Total revenues [1] $ 3,765 $ 3,287
OPERATING EXPENSES:    
Fuel 149 105
Purchased power 1,088 1,036
Other operating expenses 1,034 1,006
Provision for depreciation 411 381
Deferral of regulatory assets, net (10) (164)
General taxes 339 311
Total operating expenses 3,011 2,675
OPERATING INCOME 754 612
OTHER INCOME (EXPENSE):    
Equity method investment earnings, net (Note 1) 0 21
Miscellaneous income, net 36 44
Interest expense (288) (305)
Capitalized financing costs 38 30
Total other expense (214) (210)
INCOME BEFORE INCOME TAXES 540 402
INCOME TAXES 126 135
NET INCOME 414 267
Income attributable to noncontrolling interest 54 14
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. 360 253
COMPREHENSIVE INCOME ATTRIBUTABLE TO FIRSTENERGY CORP. $ 360 $ 253
EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3):    
Basic (in dollars per share) $ 0.62 $ 0.44
Diluted (in dollars per share) $ 0.62 $ 0.44
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:    
Basic (in shares) 577 574
Diluted (in shares) 578 576
Distribution services and retail generation    
REVENUES:    
Total revenues $ 3,081 $ 2,695
Transmission    
REVENUES:    
Total revenues 586 515
Other    
REVENUES:    
Total revenues $ 98 $ 77
[1] Includes excise and gross receipts tax collections of $123 million and $115 million during the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Excise taxes collected $ 123 $ 115
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 132 $ 111
Restricted cash 31 43
Receivables-    
Customers 1,624 1,585
Less — Allowance for uncollectible customer receivables 50 55
Receivable 1,574 1,530
Other, net of allowance for uncollectible accounts of $9 in 2025 and $6 in 2024 314 303
Materials and supplies, at average cost 567 549
Prepaid taxes and other 341 240
Total current assets 2,959 2,776
PROPERTY, PLANT AND EQUIPMENT:    
In service 53,543 52,896
Less — Accumulated provision for depreciation 14,774 14,548
Property, plant and equipment in service net of accumulated provision for depreciation 38,769 38,348
Construction work in progress 2,932 2,754
Total property, plant and equipment 41,701 41,102
INVESTMENTS AND OTHER NONCURRENT ASSETS:    
Goodwill 5,618 5,618
Investments (Note 6) 657 652
Regulatory assets 636 617
Other 1,200 1,279
Total investments and other noncurrent assets 8,111 8,166
TOTAL ASSETS 52,771 52,044
CURRENT LIABILITIES:    
Currently payable long-term debt 1,928 977
Short-term borrowings 1,635 550
Accounts payable 1,516 1,575
Accrued interest 280 269
Accrued taxes 715 727
Accrued compensation and benefits 257 205
Customer deposits 236 233
Dividends payable 257 245
Other 290 216
Total current liabilities 7,114 4,997
NONCURRENT LIABILITIES:    
Long-term debt and other long-term obligations 21,223 22,496
Accumulated deferred income taxes 5,740 5,613
Retirement benefits 1,698 1,698
Regulatory liabilities 998 995
Other 2,136 2,525
Total noncurrent liabilities 31,795 33,327
TOTAL LIABILITIES 38,909 38,324
Common stockholders’ equity-    
Common stock, $0.10 par value, authorized 700,000,000 shares - 577,156,244 and 576,612,245 shares outstanding as of March 31, 2025 and December 31, 2024, respectively. 58 58
Other paid-in capital 12,377 12,368
Accumulated other comprehensive loss (14) (14)
Retained earnings 146 43
Total common stockholders’ equity 12,567 12,455
Noncontrolling interest 1,295 1,265
TOTAL EQUITY 13,862 13,720
COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 10)
TOTAL LIABILITIES AND EQUITY 52,771 52,044
Customer    
Receivables-    
Customers 1,624 1,585
Less — Allowance for uncollectible customer receivables 50 55
Receivable $ 1,574 $ 1,530
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Receivables-    
Allowance for uncollectible accounts $ 50 $ 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) 577,156,244 576,612,245
Other    
Receivables-    
Allowance for uncollectible accounts $ 9 $ 6
v3.25.1
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 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, 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 distributions declared $ (24)           (24)
Ending balance (in shares) at Mar. 31, 2025 577,156,244   577,000,000        
Ending balance at Mar. 31, 2025 $ 13,862 $ 12,567 $ 58 $ 12,377 $ (14) $ 146 $ 1,295
v3.25.1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.445 $ 0.425
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 414 $ 267
Adjustments to reconcile net income to net cash from operating activities-    
Depreciation, amortization and impairments 408 276
Deferred income taxes and investment tax credits, net 97 112
Employee benefit costs, net (3) (17)
Transmission revenue collections, net 40 48
Changes in current assets and liabilities-    
Receivables (55) (85)
Materials and supplies (18) (26)
Prepaid taxes and other current assets (108) (172)
Accounts payable 25 (1)
Accrued taxes (157) (176)
Accrued interest 11 13
Accrued compensation and benefits (7) (178)
Other current liabilities (16) (18)
Collateral, net 37 (25)
Employee benefit plan funding and related payments (12) (20)
Other (19) (38)
Net cash provided from (used for) operating activities 637 (40)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital investments (1,005) (790)
Sales of investment securities held in trusts 27 13
Purchases of investment securities held in trusts (30) (16)
Asset removal costs (84) (78)
Other (1) 1
Net cash used for investing activities (1,093) (870)
New financing-    
Long-term debt 0 150
Short-term borrowings, net 1,085 0
Redemptions and repayments-    
Long-term debt (324) (23)
Short-term borrowings, net 0 (525)
Proceeds from FET Equity Interest Sale 0 2,300
Noncontrolling interest cash distributions (24) (8)
Common stock dividend payments (245) (235)
Debt issuance and redemption costs, and other (27) (13)
Net cash provided from financing activities 465 1,646
Net change in cash, cash equivalents, and restricted cash 9 736
Cash, cash equivalents, and restricted cash at beginning of period 154 179
Cash, cash equivalents, and restricted cash at end of period 163 915
Significant non-cash transactions:    
Accrued capital investments 285 224
McElroy Run Transfer $ 130 $ 0
v3.25.1
JCP&L STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
REVENUES [1] $ 3,765 $ 3,287
OPERATING EXPENSES:    
Purchased power 1,088 1,036
Other operating expenses 1,034 1,006
Provision for depreciation 411 381
Deferral of regulatory assets, net (10) (164)
General taxes 339 311
Total operating expenses 3,011 2,675
OPERATING INCOME 754 612
OTHER INCOME (EXPENSE):    
Miscellaneous income, net 36 44
Interest expense (288) (305)
Capitalized financing costs 38 30
Total other expense (214) (210)
INCOME BEFORE INCOME TAXES 540 402
INCOME TAXES (BENEFITS) 126 135
NET INCOME 414 267
COMPREHENSIVE INCOME (LOSS) 360 253
JERSEY CENTRAL POWER & LIGHT COMPANY    
REVENUES 566 466
OPERATING EXPENSES:    
Purchased power 298 248
Other operating expenses [2] 145 187
Provision for depreciation 65 61
Deferral of regulatory assets, net (22) (39)
General taxes 6 5
Total operating expenses 492 462
OPERATING INCOME 74 4
OTHER INCOME (EXPENSE):    
Miscellaneous income, net 12 11
Capitalized financing costs 9 7
Total other expense (9) (16)
INCOME BEFORE INCOME TAXES 65 (12)
INCOME TAXES (BENEFITS) 16 (4)
NET INCOME 49 (8)
COMPREHENSIVE INCOME (LOSS) 49 (8)
JERSEY CENTRAL POWER & LIGHT COMPANY | Nonrelated Party    
OTHER INCOME (EXPENSE):    
Interest expense (29) (30)
JERSEY CENTRAL POWER & LIGHT COMPANY | Related Party    
REVENUES 0 0
OPERATING EXPENSES:    
Other operating expenses 54 46
OTHER INCOME (EXPENSE):    
Interest expense $ (1) $ (4)
[1] Includes excise and gross receipts tax collections of $123 million and $115 million during the three months ended March 31, 2025 and 2024, respectively.
[2] During the three months ended March 31, 2025 and 2024, $54 million and $46 million, respectively, of affiliated operating expenses were incurred, a portion of which is capitalized.
v3.25.1
JCP&L STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other operating expenses $ 1,034 $ 1,006
JERSEY CENTRAL POWER & LIGHT COMPANY    
Other operating expenses [1] 145 187
Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY    
Other operating expenses $ 54 $ 46
[1] During the three months ended March 31, 2025 and 2024, $54 million and $46 million, respectively, of affiliated operating expenses were incurred, a portion of which is capitalized.
v3.25.1
JCP&L BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Receivables -    
Customers $ 1,624 $ 1,585
Less — Allowance for uncollectible customer receivables 50 55
Receivable 1,574 1,530
Prepaid taxes and other 341 240
Total current assets 2,959 2,776
PROPERTY, PLANT AND EQUIPMENT:    
In service 53,543 52,896
Less — Accumulated provision for depreciation 14,774 14,548
Property, plant and equipment in service net of accumulated provision for depreciation 38,769 38,348
Construction work in progress 2,932 2,754
Total property, plant and equipment 41,701 41,102
INVESTMENTS AND OTHER NONCURRENT ASSETS:    
Goodwill 5,618 5,618
Investments 657 652
Regulatory assets 636 617
Other 1,200 1,279
Total investments and other noncurrent assets 8,111 8,166
TOTAL ASSETS 52,771 52,044
CURRENT LIABILITIES:    
Currently payable long-term debt 1,928 977
Short-term borrowings 1,635 550
Accounts payable 1,516 1,575
Accrued compensation and benefits 257 205
Customer deposits 236 233
Accrued taxes 715 727
Accrued interest 280 269
Other 290 216
Total current liabilities 7,114 4,997
NONCURRENT LIABILITIES:    
Long-term debt and other long-term obligations 21,223 22,496
Accumulated deferred income taxes, net 5,740 5,613
Retirement benefits 1,698 1,698
Other 2,136 2,525
Total noncurrent liabilities 31,795 33,327
TOTAL LIABILITIES 38,909 38,324
COMMON STOCKHOLDER'S EQUITY:    
Common stock, $10 par value, authorized 16,000,000 shares - 13,628,447 shares outstanding 58 58
Other paid-in capital 12,377 12,368
Accumulated other comprehensive loss (14) (14)
Retained earnings 146 43
Total common stockholders’ equity 12,567 12,455
COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 10)
TOTAL LIABILITIES AND EQUITY 52,771 52,044
JERSEY CENTRAL POWER & LIGHT COMPANY    
Receivables -    
Customers 262 284
Less — Allowance for uncollectible customer receivables 5 6
Receivable 257 278
Prepaid taxes and other 31 29
Total current assets 337 379
PROPERTY, PLANT AND EQUIPMENT:    
In service 8,807 8,697
Less — Accumulated provision for depreciation 2,415 2,409
Property, plant and equipment in service net of accumulated provision for depreciation 6,392 6,288
Construction work in progress 661 620
Total property, plant and equipment 7,053 6,908
INVESTMENTS AND OTHER NONCURRENT ASSETS:    
Goodwill 1,811 1,811
Investments 283 282
Regulatory assets 292 265
Prepaid OPEB costs 219 215
Other 78 67
Total investments and other noncurrent assets 2,683 2,640
TOTAL ASSETS 10,073 9,927
CURRENT LIABILITIES:    
Currently payable long-term debt 651 1
Short-term borrowings 76 22
Accrued compensation and benefits 30 33
Customer deposits 34 34
Accrued taxes 14 21
Accrued interest 30 23
Other 59 34
Total current liabilities 1,094 345
NONCURRENT LIABILITIES:    
Long-term debt and other long-term obligations 1,687 2,339
Accumulated deferred income taxes, net 1,223 1,196
Nuclear fuel disposal costs 237 235
Retirement benefits 69 71
Other 765 764
Total noncurrent liabilities 3,981 4,605
TOTAL LIABILITIES 5,075 4,950
COMMON STOCKHOLDER'S EQUITY:    
Common stock, $10 par value, authorized 16,000,000 shares - 13,628,447 shares outstanding 136 136
Other paid-in capital 3,525 3,523
Accumulated other comprehensive loss (4) (4)
Retained earnings 1,341 1,322
Total common stockholders’ equity 4,998 4,977
COMMITMENTS, GUARANTEES AND CONTINGENCIES (NOTE 10)
TOTAL LIABILITIES AND EQUITY 10,073 9,927
JERSEY CENTRAL POWER & LIGHT COMPANY | Related Party    
Receivables -    
Receivable 8 44
CURRENT LIABILITIES:    
Accounts payable 18 1
JERSEY CENTRAL POWER & LIGHT COMPANY | Nonrelated Party    
Receivables -    
Receivable 41 28
CURRENT LIABILITIES:    
Accounts payable 182 176
Customer    
Receivables -    
Customers 1,624 1,585
Less — Allowance for uncollectible customer receivables 50 55
Receivable 1,574 1,530
Customer | JERSEY CENTRAL POWER & LIGHT COMPANY    
Receivables -    
Customers 262 284
Less — Allowance for uncollectible customer receivables 5 6
Receivable $ 257 $ 278
v3.25.1
JCP&L BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 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) 577,156,244 576,612,245
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
v3.25.1
JCP&L STATEMENTS OF COMMON STOCKHOLDER’S EQUITY - USD ($)
$ in Millions
Total
JERSEY CENTRAL POWER & LIGHT COMPANY
Common Stock
Common Stock
JERSEY CENTRAL POWER & LIGHT COMPANY
Other Paid-In Capital
Other Paid-In Capital
JERSEY CENTRAL POWER & LIGHT COMPANY
AOCI
JERSEY CENTRAL POWER & LIGHT COMPANY
Retained Earnings
Retained Earnings
JERSEY CENTRAL POWER & LIGHT COMPANY
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) $ 253 (8)             (8)
Stock-based compensation [1]   2       2      
Common stock dividends declared $ (244)       $ (88)     $ (156)  
Equity contribution from parent   140       140      
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, 2024 576,612,245 13,628,447 577,000,000 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) 360 49             49
Stock-based compensation [1]   2       2      
Common stock dividends declared $ (257) $ (30)           $ (257) (30)
Ending balance (in shares) at Mar. 31, 2025 577,156,244 13,628,447 577,000,000 13,628,447          
Ending balance at Mar. 31, 2025 $ 12,567 $ 4,998   $ 136   $ 3,525 $ (4)   $ 1,341
[1] In the form of FE common equity granted to certain JCP&L employees.
v3.25.1
JCP&L STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 414 $ 267
Adjustments to reconcile net income to net cash from operating activities-    
Depreciation, amortization and impairments 408 276
Transmission revenue collections, net 40 48
Deferred income taxes and investment tax credits, net 97 112
Employee benefit costs, net (3) (17)
Changes in current assets and liabilities-    
Receivables (55) (85)
Prepaid taxes and other current assets (108) (172)
Accounts payable 25 (1)
Accrued taxes (157) (176)
Accrued interest 11 13
Accrued compensation and benefits (7) (178)
Other current liabilities (16) (18)
Collateral, net 37 (25)
Employee benefit plan funding and related payments (12) (20)
Other (19) (38)
Net cash provided from (used for) operating activities 637 (40)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital investments (1,005) (790)
Sales of investment securities held in trusts 27 13
Purchases of investment securities held in trusts (30) (16)
Asset removal costs (84) (78)
Net cash used for investing activities (1,093) (870)
New financing-    
Short-term borrowings - affiliated companies, net 1,085 0
Redemptions and repayments-    
Common stock dividend payments (245) (235)
Other (27) (13)
Net cash provided from financing activities 465 1,646
Net change in cash, cash equivalents, and restricted cash 9 736
Cash, cash equivalents, and restricted cash at beginning of period 154 179
Cash, cash equivalents, and restricted cash at end of period 163 915
Significant non-cash transactions    
Accrued capital investments 285 224
JERSEY CENTRAL POWER & LIGHT COMPANY    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) 49 (8)
Adjustments to reconcile net income to net cash from operating activities-    
Depreciation, amortization and impairments 43 71
Transmission revenue collections, net 8 9
Deferred income taxes and investment tax credits, net 23 27
Spent nuclear fuel disposal trust income 3 3
Employee benefit costs, net (6) (7)
Changes in current assets and liabilities-    
Receivables 44 (15)
Prepaid taxes and other current assets (2) 7
Accounts payable 28 19
Accrued taxes (7) (3)
Accrued interest 7 3
Accrued compensation and benefits (5) (12)
Other current liabilities 5 (2)
Collateral, net 19 2
Employee benefit plan funding and related payments 0 (7)
Other (4) (4)
Net cash provided from (used for) operating activities 205 83
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital investments (206) (194)
Sales of investment securities held in trusts 27 13
Purchases of investment securities held in trusts (30) (16)
Asset removal costs (17) (18)
Net cash used for investing activities (226) (215)
New financing-    
Short-term borrowings - affiliated companies, net 54 192
Redemptions and repayments-    
Short-term borrowings - other, net 0 (200)
Equity contribution from parent 0 140
Common stock dividend payments (30) 0
Other (3) 0
Net cash provided from financing activities 21 132
Net change in cash, cash equivalents, and restricted cash 0 0
Cash, cash equivalents, and restricted cash at beginning of period 0 0
Cash, cash equivalents, and restricted cash at end of period 0 0
Significant non-cash transactions    
Accrued capital investments $ 79 $ 76
v3.25.1
ORGANIZATION AND BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 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 (a wholly owned subsidiary of MP), PE and KATCo. Additionally, FET is a VIE of FE, and is the parent company of ATSI, MAIT, PATH and TrAIL. 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. FET and its non-affiliated joint venture partner are completing the process of terminating the PATH corporate entities. 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 March 31, 2025, AGC and MP control 3,604 MWs of net maximum generation capacity.
In addition, FE holds all of the outstanding equity of other direct subsidiaries including FEV, which currently holds a 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations.
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.
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 March 31, 2025, and the three months ended March 31, 2025 and 2024 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.

The Registrants have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. 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, respectively.

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 and Comprehensive Income.

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 uncertainty around 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 announced the imposition of 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 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 March 31, 2025 and 2024, capitalized financing costs on FirstEnergy’s Consolidated Statements of Income and Comprehensive Income include $22 million and $13 million, respectively, of allowance for equity funds used during construction and $16 million and $17 million, respectively, of capitalized interest.
JCP&L - For the three months ended March 31, 2025 and 2024, capitalized financing costs on JCP&L’s Statements of Income and Comprehensive Income include $6 million and $1 million, respectively, of allowance for equity funds used during construction and $3 million and $6 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 Statements of Income and Comprehensive Income and reflected in “Other income (expense)”.
Equity method investments, which are included within "Investments" on the FirstEnergy Consolidated Balance Sheets, were approximately $85 million and $84 million as of March 31, 2025, and December 31, 2024, respectively. JCP&L did not have any equity method investments as of March 31, 2025, or December 31, 2024.
Global Holding - FEV currently holds a 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations with coal sales primarily focused on international markets. FEV is not the primary beneficiary of the joint venture, as it does not have control over the significant activities affecting the joint venture’s economic performance. FEV's ownership interest is subject to the equity method of accounting. No income related to FEV’s ownership in Global Holding was recognized for the three months ended March 31, 2025. For the three months ended March 31, 2024, pre-tax income related to FEV’s ownership in Global Holding was $21 million. FEV’s pre-tax equity earnings and investment in Global Holding are included in Corporate/Other for segment reporting. FirstEnergy intends to exit from FEV’s equity method investment in Global Holdings.
As of March 31, 2025, and December 31, 2024, the carrying value of the equity method investment was $45 million.
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 March 31, 2025, and December 31, 2024, there were no investment balances recorded on the FirstEnergy 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-kilovolt (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 $3.0 billion with FET’s estimated share will be approximately $1.020 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 March 31, 2025 and December 31, 2024, the carrying value of the equity method investment was $17 million.
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.
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 its 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.
v3.25.1
REVENUE
 3 Months Ended
Mar. 31, 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 months ended March 31, 2025 and 2024:
Three Months Ended March 31
20252024
(In millions)
 Distribution
Retail generation and distribution services:
Residential $1,309 $1,184 
Commercial 415 374 
Industrial 152 146 
Other 19 20 
Wholesale 1 1 
Other revenue from contracts with customers17 21
Total revenues from contracts with customers1,913 1,746 
Other revenue unrelated to contracts with customers23 21
Total Distribution$1,936 $1,767 
Integrated
Retail generation and distribution services:
Residential$708 $574 
Commercial318 252 
Industrial151 138 
Other9 7 
Wholesale47 30 
Transmission 100 81
Other revenue from contracts with customers1 5 
Total revenues from contracts with customers1,334 1,087 
Other revenue unrelated to contracts with customers15 8
Total Integrated $1,349 $1,095 
Stand-Alone Transmission
ATSI $262 $243 
TrAIL 70 67 
MAIT 131 104 
KATCo23 20 
Total revenues from contracts with customers486 434 
Other revenue unrelated to contracts with customers5 4 
Total Stand-Alone Transmission $491 $438 
Corporate/Other, Eliminations and Reconciling Adjustments (1)
Wholesale$4 $3 
Eliminations and reconciling adjustments (15)(16)
Total Corporate/Other, Eliminations and Reconciling Adjustments$(11)$(13)
FirstEnergy Total Revenues $3,765 $3,287 
(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 months ended March 31, 2025 and 2024:
Three Months Ended March 31
20252024
(In millions)
 Distribution
Retail generation and distribution services:
Residential $343 $286 
Commercial 175 137 
Industrial 20 17 
Street lighting
5 4 
Wholesale 1 2 
Other revenue from contracts with customers3 5 
Total revenues from contracts with customers547 451 
Other revenue unrelated to contracts with customers1 1 
Total Distribution Segment Revenue $548 $452 
Transmission
Total Transmission Segment Revenue $61 $52 
 Reconciling Adjustments(1)
Retail generation and distribution services$(43)$(38)
JCP&L Total Revenues $566 $466 
(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 March 31, 2025, and December 31, 2024, are included below:


Customer Receivables - FirstEnergy March 31, 2025December 31, 2024
 (In millions)
Billed$1,024 $867 
Unbilled600 718 
1,624 1,585 
Less: Uncollectible Reserve 50 55 
Total FirstEnergy Customer Receivables $1,574 $1,530 

Customer Receivables - JCP&L March 31, 2025December 31, 2024
 (In millions)
Billed$163 $166 
Unbilled99 118 
262 284 
Less: Uncollectible Reserve 5 6 
Total JCP&L Customer Receivables $257 $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 three months ended March 31, 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)
24 1 
Charged to other accounts(3)
9 1 
Write-offs(38)(3)
Balance, March 31, 2025
$50 $5 
(1) Approximately $6 million and $17 million of which was deferred for future recovery for FirstEnergy in the three months ended March 31, 2025, and the year ended December 31, 2024, respectively.
(2) Approximately $1 million and $5 million of which was deferred for future recovery for JCP&L in the three months ended March 31, 2025, and the year ended December 31, 2024, respectively.
(3) Represents recoveries and reinstatements of accounts written off for uncollectible accounts.
v3.25.1
EARNINGS PER SHARE OF COMMON STOCK
 3 Months Ended
Mar. 31, 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 is computed using the if-converted method.

The following table reconciles basic and diluted EPS attributable to FE:
For the Three Months Ended March 31,
Reconciliation of Basic and Diluted EPS20252024
(In millions, except per share amounts)
Earnings Attributable to FE$360 $253 
Share count information:
Weighted average number of basic shares outstanding577 574 
Assumed exercise of dilutive share-based awards1 2 
Weighted average number of diluted shares outstanding578 576 
EPS Attributable to FE:
Basic EPS $0.62 $0.44 
Diluted EPS $0.62 $0.44 
For the three months ended March 31, 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 2026 Convertible Notes is limited to the conversion obligation in excess of the aggregate principal amount of the 2026 Convertible Notes being converted. For the three months ended March 31, 2025 and 2024, there was no dilutive effect resulting from the 2026 Convertible Notes as the average market price of FE shares of common stock was below the initial conversion price of $46.81 per share.
v3.25.1
PENSION AND OTHER POST-EMPLOYMENT BENEFITS
 3 Months Ended
Mar. 31, 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.
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.
FirstEnergy cash flows from operating activities for the three months ended March 31, 2025 and 2024, includes approximately $12 million and $20 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.

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 March 31, 2025202420252024
 (In millions)
Service costs $33 $35 $1 $1 
Interest costs 93 99 5 5 
Expected return on plan assets(115)(133)$(10)(8)
Amortization of prior service costs (credits)— 1 — (1)
Net periodic benefit costs (credits)$11 $2 $(4)$(3)
Net periodic benefit credits, net of amounts capitalized $(6)$(15)$(4)$(4)
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 three months ended March 31, 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
For the Three Months Ended March 31, 2025202420252024
(In millions)
JCP&L's share of net periodic benefit credits(1)
$(1)$(1)$(4)$(3)
(1) Includes amounts capitalized
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. JCP&L was allocated from affiliates $2 million of net periodic pension costs for both the three months ended March 31, 2025 and 2024. Net periodic OPEB costs allocated from affiliates for the three months ended March 31, 2025 and 2024, were immaterial.
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 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 months ended March 31, 2025 and 2024:
FirstEnergyFor the Three Months Ended March 31,
20252024
(In millions)
Income before income taxes$540 $402 
Federal income tax expense at the 21% statutory rate$113 $84 
Increases (reductions) in tax expense resulting from:
State and municipal income taxes, net of federal tax benefit31 23 
AFUDC equity and other flow-through(9)(7)
Taxes related to the combined sale of 49.9% of the equity interests of FET
— 7 
Excess deferred tax amortization(13)(13)
Valuation allowances — 39 
Other, net4 2 
Total income taxes$126 $135 
Effective income tax rate23.3 %33.6 %
The following table reconciles the JCP&L effective income tax rate to the federal income tax statutory rate for the three months ended March 31, 2025 and 2024:
JCP&LFor the Three Months Ended March 31,
20252024
(In millions)
Income (loss) before income taxes (benefits)$65 $(12)
Federal income tax expense (benefit) at the 21% statutory rate$14 $(3)
Increases (reductions) in tax expense resulting from:
State income taxes, net of federal tax benefit5 (1)
AFUDC equity and other flow-through(2)— 
Excess deferred tax amortization(1)(1)
Other, net— 1 
Total income taxes (benefits)$16 $(4)
Effective income tax rate24.6 %33.3 %

The IRA of 2022, among other things, imposes a new 15% corporate AMT based on AFSI applicable to corporations with a three-year average AFSI over $1 billion. The AMT is effective for the 2023 tax year and, if applicable, corporations must pay the greater of the regular corporate income tax or the AMT. The IRA of 2022 requires the U.S. Treasury to provide regulations and other guidance necessary to administer the AMT, including further defining allowable adjustments to determine AFSI, which directly impacts the amount of AMT to be paid. On September 12, 2024, the U.S. Treasury issued proposed regulations for the AMT for comments. FirstEnergy is assessing the proposed regulations but continues to believe that it is more likely than not that it will be subject to AMT, however, the completion of the U.S. Treasury’s rulemaking process and the future issuance of final regulations, as well as potential future federal tax legislation or presidential executive orders, could significantly change FirstEnergy’s AMT estimates or its conclusion as to whether it is an AMT payer at all. JCP&L is party to an intercompany income tax allocation agreement with FirstEnergy and, accordingly, may be allocated a share of any AMT paid by the FirstEnergy consolidated group. As further discussed below, FirstEnergy expects to pay regular federal corporate income tax for the 2024 tax year, due in large part to the gain realized from closing the FET Equity Interest Sale. The regulatory treatment of the IRA of 2022 may also be subject to regulation by FERC and/or applicable state regulatory authorities. Any adverse development in the IRA of 2022, including guidance from the U.S. Treasury and/or the IRS or unfavorable regulatory treatment, could negatively impact FirstEnergy’s cash flows, results of operations and financial condition.
As discussed above, 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 Tax Act, approximately $1.6 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.
v3.25.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 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 minimizes the use of unobservable inputs. There were no changes in valuation methodologies used as of March 31, 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:
March 31, 2025December 31, 2024
FirstEnergyLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$— $— $1 $1 $— $— $7 $7 
Equity securities2 — — 2 2 — — 2 
 Debt securities(2)
— 272 — 272 — 276 — 276 
Cash, cash equivalents and restricted cash(3)
163 — — 163 154 — — 154 
Other(4)
— 52 — 52 — 45 — 45 
Total assets$165 $324 $1 $490 $156 $321 $7 $484 
Liabilities
Derivative liabilities FTRs(1)
$— $— $(1)$(1)$— $— $— $— 
Total liabilities$— $— $(1)$(1)$— $— $— $— 
Net assets$165 $324 $— $489 $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 $31 million and $43 million as of March 31, 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 $11 million and $6 million as of March 31, 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, the JCP&L 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, 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 March 31, 2025, and December 31, 2024:
March 31, 2025(1)
December 31, 2024(2)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$295 $— $(23)$272 $299 $— $(23)$276 
(1) Excludes short-term cash investments of $11 million as of March 31, 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 months ended March 31, 2025 and 2024, were as follows for the Registrants:
For the Three Months Ended March 31,
20252024
(In millions)
Sale proceeds$27 13 
Realized gains— — 
Realized losses(2)(1)
Interest and dividend income3 3 

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 $374 million and $370 million as of March 31, 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 March 31, 2025 and 2024, pre-tax income related to corporate-owned life insurance policies was $2 million and $9 million, respectively. 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 March 31, 2025, and December 31, 2024:

FirstEnergy March 31, 2025December 31, 2024
(In millions)
Carrying value$23,270 $23,594 
Fair value$22,097 $22,128 

JCP&LMarch 31, 2025December 31, 2024
(In millions)
Carrying value$2,350 2,350 
Fair value$2,308 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 March 31, 2025, and December 31, 2024.

FirstEnergy had the following issuances and redemptions during the three months ended March 31, 2025 (JCP&L had no issuances or redemptions):

CompanyTypeRedemption / Issuance DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions
FEUnsecured NotesMarch, 20252.050%2025$300FE redeemed unsecured notes that became due.

On April 16, 2025, TrAIL issued $600 million of senior notes due 2031 at 5.00%. Proceeds are expected to be used to redeem senior notes that will be coming due in 2025 and repay short-term borrowings, as well as to fund capital investments, working capital and other corporate purposes.

On December 5, 2024, JCP&L issued $700 million of unsecured senior 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.
v3.25.1
VARIABLE INTEREST ENTITIES
 3 Months Ended
Mar. 31, 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 billion of consolidated VIE assets, as of March 31, 2025, and December 31, 2024, that can only be used to settle the liabilities of the applicable VIE. Total liabilities include approximately $9 billion as of March 31, 2025, and December 31, 2024, of consolidated VIE liabilities for which the VIE's creditors do not have recourse to FirstEnergy. JCP&L does not have any consolidated VIE’s.

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 March 31, 2025, and December 31, 2024, $167 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 March 31, 2025, and December 31, 2024, $172 million and $188 million of environmental control bonds were outstanding, respectively.

Cash of $27 million and $40 million, respectively, as of March 31, 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 March 31, 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 March 31, 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
March 31, 2025
As of December 31, 2024
(In millions)
Cash and cash equivalents$7 $8 
Receivables9794
Materials and supplies, at average cost1 1 
Prepaid taxes and other current assets 20 21 
Total current assets 125 124 
Property, plant and equipment, net11,422 11,217 
Goodwill224 224 
Investments 19 19 
Regulatory assets24 18 
Other noncurrent assets257 334 
Total noncurrent assets 11,946 11,812 
TOTAL ASSETS$12,071 $11,936 
Liabilities
As of
March 31, 2025
As of
December 31, 2024
(In millions)
Currently payable long-term debt$625 $625 
Short-term borrowings385 300 
Accrued interest70 68 
Accrued taxes314 306 
Other current liabilities15 15 
Total current liabilities 1,409 1,314 
Long-term debt and other long-term obligations5,240 5,239 
Accumulated deferred income taxes1,436 1,412 
Regulatory liabilities463 442 
Other noncurrent liabilities 150 299 
Total noncurrent liabilities 7,289 7,392 
TOTAL LIABILITIES$8,698 $8,706 

Unconsolidated VIEs

FirstEnergy is not the primary beneficiary of its equity method investments in Global Holding and PATH WV, as further discussed above, or its PPAs.

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 March 31, 2025, FirstEnergy maintains four, one at JCP&L, long-term PPAs 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, its maximum exposure to loss relates primarily to the above-market costs incurred for power, which are expected to be recovered from customers.
v3.25.1
ASSET RETIREMENT OBLIGATIONS
 3 Months Ended
Mar. 31, 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 March 31, 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 settled (1)
(151)— 
Accretion7 — 
Balance, March 31, 2025
$311 $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 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 made a $15 million cash payment to the escrow account, 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.

As further discussed below, 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.
v3.25.1
REGULATORY MATTERS
 3 Months Ended
Mar. 31, 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” and “Industrial Energy Consumers of America, et al. v. Avista Corporation, et al.” 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 a December 29, 2022, order by the MDPSC 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. Legal memoranda were filed in December 2024 through February 2025 and a hearing was held on March 7, 2025.

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 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. These cancellations do not directly affect JCP&L’s awarded projects, and JCP&L remains under an obligation to begin construction in 2025 based on current NJBPU direction. JCP&L continues to monitor the situation and is engaging state officials about impacts of these announcements to its transmission projects.

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 of 2022. 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 has initiated a due diligence review of the application, which is ongoing. 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. While this conditional commitment represents a significant milestone and demonstrates the DOE’s intent to finance the project, certain technical, legal, environmental and financial conditions, including negotiation of definitive financing documents, must be satisfied before funding of the loan.

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 would begin on July 1, 2025, and continue through December 31, 2028, and JCP&L has agreed to file a base rate case no later than January 1, 2030.

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 March 14, 2025, the Ohio Companies filed with the PUCO a request to commence its quadrennial review of ESP IV and establish the proposed schedule. The request remains pending before the PUCO. On April 7, 2025, certain intervenors filed an appeal to the Supreme Court of Ohio challenging the Ohio Companies’ return to ESP IV.
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 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. 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 are scheduled to begin May 5, 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. 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 are scheduled to begin June 10, 2025.

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 thousand. 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 thousand 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.

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 will be addressed at a later time. 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 are scheduled to begin June 10, 2025.

On September 22, 2023, OCC filed an application for rehearing challenging the PUCO’s August 23, 2023, order to stay the pending HB 6 related matters above, which the PUCO denied on October 18, 2023. On November 17, 2023, OCC filed an application for rehearing challenging the October 18, 2023, entry to the extent the PUCO decided not to stay pending
proceedings regarding ESP V as well as phases one and two of the Ohio Companies’ distribution grid modernization plans. On November 27, 2023, the Ohio Companies filed a memorandum contra OCC’s application for rehearing. As the PUCO did not rule on OCC’s November 17, 2023, application for rehearing within 30 days of filing, the application for rehearing was denied by operation of law.

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 are further required by HB 6 to remit all the OVEC-related charges they collect to non-FE Ohio electric distribution utilities. 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 through 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 will file their next ENEC filing on or before September 1, 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, and two of the five solar generation sites went into service in 2024. 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.

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 $99 million of certain corporate support costs allocated to distribution capital assets as of March 31, 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 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 affiliates and American Electric Power Service Corporation, and Duke Energy Ohio, LLC 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, but granted it as to AEP. AEP 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 rates, but not from the Duke 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 Consolidated Statements of Income and Comprehensive 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 and AEP 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. The deadline to file for review at the Supreme Court of the U.S. is June 25, 2025.

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 Supplement 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 has intervened and plans to submit comments 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 $3.0 billion of the transmission solutions proposed by Valley Link for construction through PJM’s “baseline” RTEP process. On March 14, 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 construction work in progress rate incentive, the RTO participation adder incentive, the hypothetical capital structure incentive, and the 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. FERC is expected to issue an initial order by May 13, 2025.
v3.25.1
COMMITMENTS, GUARANTEES AND CONTINGENCIES
 3 Months Ended
Mar. 31, 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 March 31, 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$403 
Vehicle leases75 
McElroy Run transfer144 
Other29 
651 
FE’s Guarantees on Other Assurances
Surety Bonds167 
Deferred compensation arrangements96 
LOCs177 
440 
Total Guarantees and Other Assurances$1,091 
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 March 31, 2025, was $48 million as summarized below:

Guarantees and Other AssurancesMaximum Exposure
 (In millions)
Surety Bonds$20 
LOCs28 
Total Guarantees and Other Assurances$48 
.
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 March 31, 2025, $177 million of collateral, in the form of LOCs, has been posted by FE or its subsidiaries. FE or its subsidiaries are holding $66 million of net cash collateral as of March 31, 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 March 31, 2025:

Potential Collateral Obligations
Electric Companies and Transmission Companies
FE Total
 (In millions)
Contractual obligations for additional collateral
Upon downgrade $71 $1 $72 
Surety bonds (collateralized amount)(1)
102 193 295 
Total Exposure from Contractual Obligations$173 $194 $367 
(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 $38 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 March 31, 2025. JCP&L is holding $21 million of net cash collateral as of March 31, 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 March 31, 2025:

Potential Collateral ObligationsJCP&L
(In millions)
Contractual obligations for additional collateral
Upon downgrade $38 
Surety bonds (collateralized amount)(1)
20 
Total Exposure from Contractual Obligations$58 
(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 March 31, 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 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 following disclosures 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 February 21, 2025, the D.C. Circuit denied the EPA’s motion and scheduled oral argument on the merits for April 25, 2025. 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 rule making 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 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 EPA evaluates the rule and determines how it wishes to proceed On February 19, 2025, the D.C. Circuit granted EPA’s motion.

Most recently, among other deregulatory actions, Executive Order 14514 directs the Administrator of the EPA to make recommendations on the “legality and continuing applicability” of the 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. 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. 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 Court. On October 10, 2024, 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 D.C. 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, the D.C. Circuit granted EPA’s motion. On March 12, 2025, the EPA announced a series of planned deregulatory actions, including reconsideration of 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 made a $15 million cash payment to the escrow account, 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.

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 new CCR rule.

FE or its subsidiaries 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 March 31, 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 $98 million have been accrued through March 31, 2025, of which approximately $69 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. 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 the 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 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). Unless otherwise indicated, no contingency has been reflected in FirstEnergy’s consolidated financial statements with respect to these lawsuits as a loss is neither probable, nor is a loss or range of a loss reasonably estimable.

•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; the Sixth Circuit granted FE’s petition on November 16, 2023, and heard oral argument on July 17, 2024. On November 30, 2023, FE filed a motion with the S.D. Ohio to stay all proceedings pending that circuit court appeal. Discovery was stayed during the pendency of that motion to stay all proceedings and on August 20, 2024, the S.D. Ohio denied FE’s motion and lifted the stay as to fact discovery. 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 district court to deny plaintiffs’ motion to compel disclosure of FE’s privileged internal investigation materials. On September 11, 2024, FE filed in the U.S. Court of Appeals for the Sixth Circuit a motion to stay discovery of the privileged internal investigation materials pending resolution of the Petition for Writ of Mandamus. 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 and audit 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.
v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 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 3,604 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 two solar generation sites were completed and placed in service in 2024, representing 24 MWs of net maximum generation capacity. The remaining three sites are expected to provide 26 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. 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 March 31, 2025, Corporate/Other had approximately $6.5 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)
March 31, 2025
External revenues$1,927 $1,348 $486 $3,761 $4 $— $3,765 
Internal revenues9 1 5 15 — (15)— 
Total revenues$1,936 $1,349 $491 $3,776 $4 $(15)$3,765 
Other operating expenses(1)
627 337 98 1,062 (25)(3)1,034 
Depreciation(1)
162 138 91 391 20 — 411 
Amortization (deferral) of regulatory assets, net(19)8 1 (10)— — (10)
Interest expense(1)
99 65 73 237 79 (28)288 
Income taxes (benefits)(1)
60 40 40 140 (14)— 126 
Other expense (income) items(2)
789 625 107 1,521 7 28 1,556 
Earnings attributable to FE218 136 81 435 (75)— 360 
Cash Flows from Investing Activities:
Capital investments$265 $395 $314 $974 $31 $— $1,005 
March 31, 2024
External revenues$1,756 $1,094 $434 $3,284 $3 $— $3,287 
Internal revenues11 1 4 16 — (16)— 
Total revenues$1,767 $1,095 $438 $3,300 $3 $(16)$3,287 
Other operating expenses(1)
587 354 76 1,017 (8)(3)1,006 
Depreciation(1)
161 122 81 364 17 — 381 
Amortization (deferral) of regulatory assets, net(88)(78)2 (164)— — (164)
Equity method investment earnings, net— — — — 21 — 21 
Interest expense(1)
116 71 65 252 117 (64)305 
Income taxes (benefits)(1)
41 35 60 136 (1)— 135 
Other expense (income) items(2)
785 509 70 1,364 (36)64 1,392 
Earnings attributable to FE165 82 84 331 (78)— 253 
Cash Flows from Investing Activities:
Capital investments$215 $313 $258 $786 $4 $— $790 
As of March 31, 2025
Total assets$20,372 $18,812 $13,665 $52,849 $1,837 $(1,915)$52,771 
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, 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)
March 31, 2025
External revenues$505 $61 $566 $— $566 
Internal revenues43 — 43 (43)— 
Total revenues$548 $61 $609 $(43)$566 
Other operating expenses(1)
174 14 188 (43)145 
Depreciation(1)
53 12 65 — 65 
Deferral of regulatory assets, net(22)— (22)— (22)
Interest expense - other(1)
22 7 29 — 29 
Interest expense - affiliates(1)
1 — 1 — 1 
Income taxes7 9 16 — 16 
Other expense (income) items(2)
289 (6)283 — 283 
Net Income24 25 49 — 49 
Cash Flows from Investing Activities:
Capital investments$74 $132 $206 $— $206 
March 31, 2024
External revenues$414 $52 $466 $— $466 
Internal revenues38 — 38 (38)— 
Total revenues$452 $52 $504 $(38)$466 
Other operating expenses(1)
211 14 225 (38)187 
Depreciation(1)
50 11 61 — 61 
Deferral of regulatory assets, net(39)— (39)— (39)
Interest expense - other(1)
23 7 30 — 30 
Interest expense - affiliates(1)
4 — 4 — 4 
Income taxes (benefits)(11)7 (4)— (4)
Other expense (income) items(2)
240 (5)235 — 235 
Net Income (Loss)(26)18 (8)— (8)
Cash Flows from Investing Activities:
Capital investments$71 $123 $194 $— $194 
As of March 31, 2025
Total assets$7,271 $2,802 $10,073 $— $10,073 
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 $— $1,811 
(1) JCP&L considers this line to be a significant expense.
(2) Consists of Purchased power, General taxes, Miscellaneous income, net, Interest income from affiliates, and Capitalized financing costs.
v3.25.1
TRANSACTIONS WITH AFFILIATES
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
TRANSACTIONS WITH AFFILIATES TRANSACTIONS WITH AFFILIATES
The disclosures in this note apply to JCP&L only.
The affiliated company transactions for JCP&L for the three months ended March 31, 2025 and 2024 are as follows:
Three Months Ended March 31
20252024
(In millions)
Revenues$— $— 
Expenses:
   FESC support services (1)
50 43 
Other affiliate support services (1)
4 4 
Interest income — — 
Interest expense1 4 
(1) Includes amounts capitalized.

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.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) $ 360 $ 253
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 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
v3.25.1
ORGANIZATION AND BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting
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 March 31, 2025, and the three months ended March 31, 2025 and 2024 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.

The Registrants have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. 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, respectively.
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 and Comprehensive 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 Statements of Income and Comprehensive Income and reflected in “Other income (expense)”.
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 its 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.
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 is 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, the JCP&L 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.
v3.25.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 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 months ended March 31, 2025 and 2024:
Three Months Ended March 31
20252024
(In millions)
 Distribution
Retail generation and distribution services:
Residential $1,309 $1,184 
Commercial 415 374 
Industrial 152 146 
Other 19 20 
Wholesale 1 1 
Other revenue from contracts with customers17 21
Total revenues from contracts with customers1,913 1,746 
Other revenue unrelated to contracts with customers23 21
Total Distribution$1,936 $1,767 
Integrated
Retail generation and distribution services:
Residential$708 $574 
Commercial318 252 
Industrial151 138 
Other9 7 
Wholesale47 30 
Transmission 100 81
Other revenue from contracts with customers1 5 
Total revenues from contracts with customers1,334 1,087 
Other revenue unrelated to contracts with customers15 8
Total Integrated $1,349 $1,095 
Stand-Alone Transmission
ATSI $262 $243 
TrAIL 70 67 
MAIT 131 104 
KATCo23 20 
Total revenues from contracts with customers486 434 
Other revenue unrelated to contracts with customers5 4 
Total Stand-Alone Transmission $491 $438 
Corporate/Other, Eliminations and Reconciling Adjustments (1)
Wholesale$4 $3 
Eliminations and reconciling adjustments (15)(16)
Total Corporate/Other, Eliminations and Reconciling Adjustments$(11)$(13)
FirstEnergy Total Revenues $3,765 $3,287 
(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 months ended March 31, 2025 and 2024:
Three Months Ended March 31
20252024
(In millions)
 Distribution
Retail generation and distribution services:
Residential $343 $286 
Commercial 175 137 
Industrial 20 17 
Street lighting
5 4 
Wholesale 1 2 
Other revenue from contracts with customers3 5 
Total revenues from contracts with customers547 451 
Other revenue unrelated to contracts with customers1 1 
Total Distribution Segment Revenue $548 $452 
Transmission
Total Transmission Segment Revenue $61 $52 
 Reconciling Adjustments(1)
Retail generation and distribution services$(43)$(38)
JCP&L Total Revenues $566 $466 
(1) Includes eliminations and reconciling adjustments of inter-segment revenues.
Schedule of Receivables from Customers Billed and unbilled customer receivables as of March 31, 2025, and December 31, 2024, are included below:
Customer Receivables - FirstEnergy March 31, 2025December 31, 2024
 (In millions)
Billed$1,024 $867 
Unbilled600 718 
1,624 1,585 
Less: Uncollectible Reserve 50 55 
Total FirstEnergy Customer Receivables $1,574 $1,530 

Customer Receivables - JCP&L March 31, 2025December 31, 2024
 (In millions)
Billed$163 $166 
Unbilled99 118 
262 284 
Less: Uncollectible Reserve 5 6 
Total JCP&L Customer Receivables $257 $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 three months ended March 31, 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)
24 1 
Charged to other accounts(3)
9 1 
Write-offs(38)(3)
Balance, March 31, 2025
$50 $5 
(1) Approximately $6 million and $17 million of which was deferred for future recovery for FirstEnergy in the three months ended March 31, 2025, and the year ended December 31, 2024, respectively.
(2) Approximately $1 million and $5 million of which was deferred for future recovery for JCP&L in the three months ended March 31, 2025, and the year ended December 31, 2024, respectively.
(3) Represents recoveries and reinstatements of accounts written off for uncollectible accounts.
v3.25.1
EARNINGS PER SHARE OF COMMON STOCK (Tables)
 3 Months Ended
Mar. 31, 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 March 31,
Reconciliation of Basic and Diluted EPS20252024
(In millions, except per share amounts)
Earnings Attributable to FE$360 $253 
Share count information:
Weighted average number of basic shares outstanding577 574 
Assumed exercise of dilutive share-based awards1 2 
Weighted average number of diluted shares outstanding578 576 
EPS Attributable to FE:
Basic EPS $0.62 $0.44 
Diluted EPS $0.62 $0.44 
v3.25.1
PENSION AND OTHER POST-EMPLOYMENT BENEFITS (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2025202420252024
 (In millions)
Service costs $33 $35 $1 $1 
Interest costs 93 99 5 5 
Expected return on plan assets(115)(133)$(10)(8)
Amortization of prior service costs (credits)— 1 — (1)
Net periodic benefit costs (credits)$11 $2 $(4)$(3)
Net periodic benefit credits, net of amounts capitalized $(6)$(15)$(4)$(4)
JCP&L’s net periodic benefit costs (credits) for pension and OPEB were as follows:
PensionOPEB
For the Three Months Ended March 31, 2025202420252024
(In millions)
JCP&L's share of net periodic benefit credits(1)
$(1)$(1)$(4)$(3)
(1) Includes amounts capitalized
v3.25.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 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 months ended March 31, 2025 and 2024:
FirstEnergyFor the Three Months Ended March 31,
20252024
(In millions)
Income before income taxes$540 $402 
Federal income tax expense at the 21% statutory rate$113 $84 
Increases (reductions) in tax expense resulting from:
State and municipal income taxes, net of federal tax benefit31 23 
AFUDC equity and other flow-through(9)(7)
Taxes related to the combined sale of 49.9% of the equity interests of FET
— 7 
Excess deferred tax amortization(13)(13)
Valuation allowances — 39 
Other, net4 2 
Total income taxes$126 $135 
Effective income tax rate23.3 %33.6 %
The following table reconciles the JCP&L effective income tax rate to the federal income tax statutory rate for the three months ended March 31, 2025 and 2024:
JCP&LFor the Three Months Ended March 31,
20252024
(In millions)
Income (loss) before income taxes (benefits)$65 $(12)
Federal income tax expense (benefit) at the 21% statutory rate$14 $(3)
Increases (reductions) in tax expense resulting from:
State income taxes, net of federal tax benefit5 (1)
AFUDC equity and other flow-through(2)— 
Excess deferred tax amortization(1)(1)
Other, net— 1 
Total income taxes (benefits)$16 $(4)
Effective income tax rate24.6 %33.3 %
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 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:
March 31, 2025December 31, 2024
FirstEnergyLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$— $— $1 $1 $— $— $7 $7 
Equity securities2 — — 2 2 — — 2 
 Debt securities(2)
— 272 — 272 — 276 — 276 
Cash, cash equivalents and restricted cash(3)
163 — — 163 154 — — 154 
Other(4)
— 52 — 52 — 45 — 45 
Total assets$165 $324 $1 $490 $156 $321 $7 $484 
Liabilities
Derivative liabilities FTRs(1)
$— $— $(1)$(1)$— $— $— $— 
Total liabilities$— $— $(1)$(1)$— $— $— $— 
Net assets$165 $324 $— $489 $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 $31 million and $43 million as of March 31, 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 $11 million and $6 million as of March 31, 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 March 31, 2025, and December 31, 2024:
March 31, 2025(1)
December 31, 2024(2)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$295 $— $(23)$272 $299 $— $(23)$276 
(1) Excludes short-term cash investments of $11 million as of March 31, 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 months ended March 31, 2025 and 2024, were as follows for the Registrants:
For the Three Months Ended March 31,
20252024
(In millions)
Sale proceeds$27 13 
Realized gains— — 
Realized losses(2)(1)
Interest and dividend income3 3 
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 March 31, 2025, and December 31, 2024:
FirstEnergy March 31, 2025December 31, 2024
(In millions)
Carrying value$23,270 $23,594 
Fair value$22,097 $22,128 

JCP&LMarch 31, 2025December 31, 2024
(In millions)
Carrying value$2,350 2,350 
Fair value$2,308 2,284 
Schedule of Long-term Debt Redemption and Issuance
FirstEnergy had the following issuances and redemptions during the three months ended March 31, 2025 (JCP&L had no issuances or redemptions):

CompanyTypeRedemption / Issuance DateInterest RateMaturity
Amount
(In millions)
Description
Redemptions
FEUnsecured NotesMarch, 20252.050%2025$300FE redeemed unsecured notes that became due.
v3.25.1
VARIABLE INTEREST ENTITIES (Tables)
 3 Months Ended
Mar. 31, 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
March 31, 2025
As of December 31, 2024
(In millions)
Cash and cash equivalents$7 $8 
Receivables9794
Materials and supplies, at average cost1 1 
Prepaid taxes and other current assets 20 21 
Total current assets 125 124 
Property, plant and equipment, net11,422 11,217 
Goodwill224 224 
Investments 19 19 
Regulatory assets24 18 
Other noncurrent assets257 334 
Total noncurrent assets 11,946 11,812 
TOTAL ASSETS$12,071 $11,936 
Liabilities
As of
March 31, 2025
As of
December 31, 2024
(In millions)
Currently payable long-term debt$625 $625 
Short-term borrowings385 300 
Accrued interest70 68 
Accrued taxes314 306 
Other current liabilities15 15 
Total current liabilities 1,409 1,314 
Long-term debt and other long-term obligations5,240 5,239 
Accumulated deferred income taxes1,436 1,412 
Regulatory liabilities463 442 
Other noncurrent liabilities 150 299 
Total noncurrent liabilities 7,289 7,392 
TOTAL LIABILITIES$8,698 $8,706 
v3.25.1
ASSET RETIREMENT OBLIGATIONS (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 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 settled (1)
(151)— 
Accretion7 — 
Balance, March 31, 2025
$311 $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 subsidiary of IDA Power, LLC.
v3.25.1
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 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$403 
Vehicle leases75 
McElroy Run transfer144 
Other29 
651 
FE’s Guarantees on Other Assurances
Surety Bonds167 
Deferred compensation arrangements96 
LOCs177 
440 
Total Guarantees and Other Assurances$1,091 
Guarantees and Other AssurancesMaximum Exposure
 (In millions)
Surety Bonds$20 
LOCs28 
Total Guarantees and Other Assurances$48 
.
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 March 31, 2025:

Potential Collateral Obligations
Electric Companies and Transmission Companies
FE Total
 (In millions)
Contractual obligations for additional collateral
Upon downgrade $71 $1 $72 
Surety bonds (collateralized amount)(1)
102 193 295 
Total Exposure from Contractual Obligations$173 $194 $367 
(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 $38 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 March 31, 2025:

Potential Collateral ObligationsJCP&L
(In millions)
Contractual obligations for additional collateral
Upon downgrade $38 
Surety bonds (collateralized amount)(1)
20 
Total Exposure from Contractual Obligations$58 
(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 March 31, 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.
v3.25.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 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)
March 31, 2025
External revenues$1,927 $1,348 $486 $3,761 $4 $— $3,765 
Internal revenues9 1 5 15 — (15)— 
Total revenues$1,936 $1,349 $491 $3,776 $4 $(15)$3,765 
Other operating expenses(1)
627 337 98 1,062 (25)(3)1,034 
Depreciation(1)
162 138 91 391 20 — 411 
Amortization (deferral) of regulatory assets, net(19)8 1 (10)— — (10)
Interest expense(1)
99 65 73 237 79 (28)288 
Income taxes (benefits)(1)
60 40 40 140 (14)— 126 
Other expense (income) items(2)
789 625 107 1,521 7 28 1,556 
Earnings attributable to FE218 136 81 435 (75)— 360 
Cash Flows from Investing Activities:
Capital investments$265 $395 $314 $974 $31 $— $1,005 
March 31, 2024
External revenues$1,756 $1,094 $434 $3,284 $3 $— $3,287 
Internal revenues11 1 4 16 — (16)— 
Total revenues$1,767 $1,095 $438 $3,300 $3 $(16)$3,287 
Other operating expenses(1)
587 354 76 1,017 (8)(3)1,006 
Depreciation(1)
161 122 81 364 17 — 381 
Amortization (deferral) of regulatory assets, net(88)(78)2 (164)— — (164)
Equity method investment earnings, net— — — — 21 — 21 
Interest expense(1)
116 71 65 252 117 (64)305 
Income taxes (benefits)(1)
41 35 60 136 (1)— 135 
Other expense (income) items(2)
785 509 70 1,364 (36)64 1,392 
Earnings attributable to FE165 82 84 331 (78)— 253 
Cash Flows from Investing Activities:
Capital investments$215 $313 $258 $786 $4 $— $790 
As of March 31, 2025
Total assets$20,372 $18,812 $13,665 $52,849 $1,837 $(1,915)$52,771 
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, 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)
March 31, 2025
External revenues$505 $61 $566 $— $566 
Internal revenues43 — 43 (43)— 
Total revenues$548 $61 $609 $(43)$566 
Other operating expenses(1)
174 14 188 (43)145 
Depreciation(1)
53 12 65 — 65 
Deferral of regulatory assets, net(22)— (22)— (22)
Interest expense - other(1)
22 7 29 — 29 
Interest expense - affiliates(1)
1 — 1 — 1 
Income taxes7 9 16 — 16 
Other expense (income) items(2)
289 (6)283 — 283 
Net Income24 25 49 — 49 
Cash Flows from Investing Activities:
Capital investments$74 $132 $206 $— $206 
March 31, 2024
External revenues$414 $52 $466 $— $466 
Internal revenues38 — 38 (38)— 
Total revenues$452 $52 $504 $(38)$466 
Other operating expenses(1)
211 14 225 (38)187 
Depreciation(1)
50 11 61 — 61 
Deferral of regulatory assets, net(39)— (39)— (39)
Interest expense - other(1)
23 7 30 — 30 
Interest expense - affiliates(1)
4 — 4 — 4 
Income taxes (benefits)(11)7 (4)— (4)
Other expense (income) items(2)
240 (5)235 — 235 
Net Income (Loss)(26)18 (8)— (8)
Cash Flows from Investing Activities:
Capital investments$71 $123 $194 $— $194 
As of March 31, 2025
Total assets$7,271 $2,802 $10,073 $— $10,073 
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 $— $1,811 
(1) JCP&L considers this line to be a significant expense.
(2) Consists of Purchased power, General taxes, Miscellaneous income, net, Interest income from affiliates, and Capitalized financing costs.
v3.25.1
TRANSACTIONS WITH AFFILIATES (Tables)
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Transactions with Affiliated Companies
The affiliated company transactions for JCP&L for the three months ended March 31, 2025 and 2024 are as follows:
Three Months Ended March 31
20252024
(In millions)
Revenues$— $— 
Expenses:
   FESC support services (1)
50 43 
Other affiliate support services (1)
4 4 
Interest income — — 
Interest expense1 4 
(1) Includes amounts capitalized.
v3.25.1
ORGANIZATION AND BASIS OF PRESENTATION (Details)
individual in Millions, customer in Millions, $ in Millions
 3 Months Ended
Mar. 24, 2025
USD ($)
employee
Feb. 26, 2025
USD ($)
transmission_project
substation
mi
kV
Mar. 31, 2025
USD ($)
customer
individual
transmissionCenter
mi
MW
Mar. 31, 2024
USD ($)
Feb. 21, 2025
Dec. 31, 2024
USD ($)
Regulatory Asset [Line Items]            
Number of customers | customer     6.0      
Number of regional transmission centers | transmissionCenter     2      
Capitalized cost of equity     $ 22 $ 13    
Capitalized interest     16 17    
Equity method investment earnings, net (Note 1)     0 21    
Organizational Changes            
Regulatory Asset [Line Items]            
Expected number of employees reassigned | employee 200          
Percentage of employees reduced from workforce 3.00%          
Restructuring charges $ 26          
Valley Link            
Regulatory Asset [Line Items]            
Equity method investments     0     $ 0
Valley Link | PJM            
Regulatory Asset [Line Items]            
Number of transmission projects | transmission_project   2        
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        
Valley Link | PJM 2024 RTEP Window 1 | PJM            
Regulatory Asset [Line Items]            
Transmission solutions to the reliability issues   $ 3,000        
Global Holding            
Regulatory Asset [Line Items]            
Equity method investments     45     45
Path Wv | Variable Interest Entity, Not Primary Beneficiary            
Regulatory Asset [Line Items]            
Equity method investments     $ 17     17
Variable interest entities percentage of high voltage transmission line project owned By variable interest entity one in joint venture party one     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%      
Other Sundry Investments            
Regulatory Asset [Line Items]            
Equity method investments     $ 85     84
Regulated Transmission            
Regulatory Asset [Line Items]            
Service area | mi     24,000      
Integrated Segment            
Regulatory Asset [Line Items]            
Plant capacity (in MW's) | MW     3,604      
VEPCO and Transource Energy, LLC | Valley Link            
Regulatory Asset [Line Items]            
Equity method investments   3,000        
JERSEY CENTRAL POWER & LIGHT COMPANY            
Regulatory Asset [Line Items]            
Number of customers | customer     1.2      
Transmission services available area populations | individual     2.8      
Capitalized cost of equity     $ 6 1    
Capitalized interest     3 6    
JERSEY CENTRAL POWER & LIGHT COMPANY | Organizational Changes            
Regulatory Asset [Line Items]            
Restructuring charges     5      
JERSEY CENTRAL POWER & LIGHT COMPANY | Other Sundry Investments            
Regulatory Asset [Line Items]            
Equity method investments     $ 0     $ 0
Brookfield | FET | North American Transmission Company II LLC            
Regulatory Asset [Line Items]            
Equity method investment, ownership percentage     49.90%      
FEV | Global Holding            
Regulatory Asset [Line Items]            
Investment ownership percentage     33.33%      
FEV | Corporate and Other | Global Holding | Other Nonoperating Income (Expense)            
Regulatory Asset [Line Items]            
Equity method investment earnings, net (Note 1)       $ 21    
FET | Valley Link            
Regulatory Asset [Line Items]            
Equity method investment, ownership percentage         34.00%  
FET | Valley Link | PJM 2024 RTEP Window 1 | PJM            
Regulatory Asset [Line Items]            
Transmission solutions to the reliability issues   $ 1,020        
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%  
v3.25.1
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Total revenues [1] $ 3,765 $ 3,287
JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues 566 466
Operating Segments    
Disaggregation of Revenue [Line Items]    
Total revenues 3,776 3,300
Operating Segments | JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues 609 504
Operating Segments | Distribution    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 1,913 1,746
Total revenues 1,936 1,767
Operating Segments | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 547 451
Total revenues 548 452
Operating Segments | Distribution | Wholesale    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 1 1
Operating Segments | Distribution | Wholesale | JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 1 2
Operating Segments | Distribution | Other revenue from contracts with customers    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 17 21
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 5
Operating Segments | Distribution | Other revenue unrelated to contracts with customers    
Disaggregation of Revenue [Line Items]    
Total revenues 23 21
Operating Segments | Distribution | Other revenue unrelated to contracts with customers | JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues 1 1
Operating Segments | Integrated    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 1,334 1,087
Total revenues 1,349 1,095
Operating Segments | Integrated | Wholesale    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 47 30
Operating Segments | Integrated | Transmission    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 100 81
Operating Segments | Integrated | Other revenue from contracts with customers    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 1 5
Operating Segments | Integrated | Other revenue unrelated to contracts with customers    
Disaggregation of Revenue [Line Items]    
Total revenues 15 8
Operating Segments | Stand-Alone Transmission    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 486 434
Total revenues 491 438
Operating Segments | Stand-Alone Transmission | Other revenue unrelated to contracts with customers    
Disaggregation of Revenue [Line Items]    
Total revenues 5 4
Operating Segments | Transmission Segment | JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues 61 52
Operating Segments | Residential | Distribution    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 1,309 1,184
Operating Segments | Residential | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 343 286
Operating Segments | Residential | Integrated    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 708 574
Operating Segments | Commercial | Distribution    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 415 374
Operating Segments | Commercial | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 175 137
Operating Segments | Commercial | Integrated    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 318 252
Operating Segments | Industrial | Distribution    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 152 146
Operating Segments | Industrial | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 20 17
Operating Segments | Industrial | Integrated    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 151 138
Operating Segments | Other | Distribution    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 19 20
Operating Segments | Other | Integrated    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 9 7
Operating Segments | Street lighting | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 5 4
Operating Segments | ATSI | Stand-Alone Transmission    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 262 243
Operating Segments | TrAIL | Stand-Alone Transmission    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 70 67
Operating Segments | MAIT | Stand-Alone Transmission    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 131 104
Operating Segments | KATCo | Stand-Alone Transmission    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 23 20
Corporate/Other and Reconciling Adjustments    
Disaggregation of Revenue [Line Items]    
Total revenues (11) (13)
Corporate/Other and Reconciling Adjustments | Wholesale    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 4 3
Corporate/Other and Reconciling Adjustments | Eliminations and reconciling adjustments    
Disaggregation of Revenue [Line Items]    
Total revenues (15) (16)
Reconciling Adjustments    
Disaggregation of Revenue [Line Items]    
Total revenues (15) (16)
Reconciling Adjustments | JERSEY CENTRAL POWER & LIGHT COMPANY    
Disaggregation of Revenue [Line Items]    
Total revenues $ (43) $ (38)
[1] Includes excise and gross receipts tax collections of $123 million and $115 million during the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
REVENUE - Schedule of Receivables from Customers (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers $ 1,624 $ 1,585
Less: Uncollectible Reserve 50 55
Receivable 1,574 1,530
JERSEY CENTRAL POWER & LIGHT COMPANY    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers 262 284
Less: Uncollectible Reserve 5 6
Receivable 257 278
Billed    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers 1,024 867
Billed | JERSEY CENTRAL POWER & LIGHT COMPANY    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers 163 166
Unbilled    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers 600 718
Unbilled | JERSEY CENTRAL POWER & LIGHT COMPANY    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers $ 99 $ 118
v3.25.1
REVENUE - Schedule of Activity in the Allowance for Uncollectible Accounts on Customer Receivables (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 55 $ 64
Provision for expected credit losses 24 73
Charged to other accounts 9 39
Write-offs (38) (121)
Ending balance 50 55
Deferred refunded to customer 6 17
JERSEY CENTRAL POWER & LIGHT COMPANY    
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance 6 9
Provision for expected credit losses 1 5
Charged to other accounts 1 4
Write-offs (3) (12)
Ending balance 5 6
Deferred refunded to customer $ 1 $ 5
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Earnings Attributable to FE $ 360 $ 253
Share count information:    
Weighted average number of basic shares outstanding (in shares) 577 574
Assumed exercise of dilutive share-based awards (in shares) 1 2
Weighted average number of diluted shares outstanding (in shares) 578 576
EPS Attributable to FE:    
Basic EPS (in dollars per share) $ 0.62 $ 0.44
Diluted EPS (in dollars per share) $ 0.62 $ 0.44
v3.25.1
EARNINGS PER SHARE OF COMMON STOCK - Narrative (Details) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
4.00%, 1,300 Million Notes Maturity 2026 | Promissory Notes | FE    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Debt instrument, conversion price (in dollars per share) $ 46.81  
Stock Options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of EPS (in shares) 0 0
v3.25.1
PENSION AND OTHER POST-EMPLOYMENT BENEFITS - Narrative (Details)
employee in Thousands, $ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2025
USD ($)
employee
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Employee benefit plan funding and related payments   $ 12 $ 20
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
JERSEY CENTRAL POWER & LIGHT COMPANY | Related Party      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined benefit plan, plan assets, other pension and OPEB net periodic costs (credits)   $ 2 2
Pension      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate   8.50%  
Expected future contributions   $ 300  
Defined benefit plan, plan assets, other pension and OPEB net periodic costs (credits)   11 2
Pension | JERSEY CENTRAL POWER & LIGHT COMPANY      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Expected future contributions   0  
Defined benefit plan, plan assets, other pension and OPEB net periodic costs (credits)   $ (1) $ (1)
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    
v3.25.1
PENSION AND OTHER POST-EMPLOYMENT BENEFITS - Schedule of Components of Net Periodic Benefit Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pension    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service costs $ 33 $ 35
Interest costs 93 99
Expected return on plan assets (115) (133)
Amortization of prior service costs (credits) 0 1
Net periodic benefit costs (credits) 11 2
Net periodic benefit credits, net of amounts capitalized (6) (15)
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)
OPEB    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Service costs 1 1
Interest costs 5 5
Expected return on plan assets (10) (8)
Amortization of prior service costs (credits) 0 (1)
Net periodic benefit costs (credits) (4) (3)
Net periodic benefit credits, net of amounts capitalized (4) (4)
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)
v3.25.1
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 25, 2024
Effective Income Tax Rate Reconciliation [Line Items]      
Income (loss) before income taxes (benefits) $ 540 $ 402  
Federal income tax expense at the 21% statutory rate 113 84  
Increases (reductions) in tax expense resulting from:      
State and municipal income taxes, net of federal tax benefit 31 23  
AFUDC equity and other flow-through (9) (7)  
Taxes related to the combined sale of 49.9% of the equity interests of FET 0 7  
Excess deferred tax amortization (13) (13)  
Valuation allowances 0 39  
Other, net 4 2  
Total income taxes (benefits) $ 126 $ 135  
Effective income tax rate 23.30% 33.60%  
JERSEY CENTRAL POWER & LIGHT COMPANY      
Effective Income Tax Rate Reconciliation [Line Items]      
Income (loss) before income taxes (benefits) $ 65 $ (12)  
Federal income tax expense at the 21% statutory rate 14 (3)  
Increases (reductions) in tax expense resulting from:      
State and municipal income taxes, net of federal tax benefit 5 (1)  
AFUDC equity and other flow-through (2) 0  
Excess deferred tax amortization (1) (1)  
Other, net 0 1  
Total income taxes (benefits) $ 16 $ (4)  
Effective income tax rate 24.60% 33.30%  
FET | North American Transmission Company II LLC      
Increases (reductions) in tax expense resulting from:      
Sale of ownership interest by parent   19.90% 49.90%
v3.25.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Mar. 31, 2024
Mar. 25, 2024
Dec. 31, 2023
Aug. 16, 2022
Provision For Income Tax [Line Items]          
Operating loss carryforwards, not subject to expiration, net of tax         $ 1,000
Deferred tax liabilities, net   $ 46      
Reduction to OPIC   $ 803      
Operating Loss Carryforwards       $ 8,100  
Forecast          
Provision For Income Tax [Line Items]          
Operating loss carryforwards, subject to expiration $ 1,600        
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%    
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Liabilities    
Restricted cash $ 31 $ 43
Short-term cash investments 11 6
Recurring    
Assets    
Derivative assets FTRs 1 7
Equity securities 2 2
Debt securities 272 276
Cash, cash equivalents and restricted cash 163 154
Other 52 45
Total assets 490 484
Liabilities    
Derivative liabilities FTRs 1 0
Total liabilities (1) 0
Net assets 489 484
Level 1 | Recurring    
Assets    
Derivative assets FTRs 0 0
Equity securities 2 2
Debt securities 0 0
Cash, cash equivalents and restricted cash 163 154
Other 0 0
Total assets 165 156
Liabilities    
Derivative liabilities FTRs 0 0
Total liabilities 0 0
Net assets 165 156
Level 2 | Recurring    
Assets    
Derivative assets FTRs 0 0
Equity securities 0 0
Debt securities 272 276
Cash, cash equivalents and restricted cash 0 0
Other 52 45
Total assets 324 321
Liabilities    
Derivative liabilities FTRs 0 0
Total liabilities 0 0
Net assets 324 321
Level 3 | Recurring    
Assets    
Derivative assets FTRs 1 7
Equity securities 0 0
Debt securities 0 0
Cash, cash equivalents and restricted cash 0 0
Other 0 0
Total assets 1 7
Liabilities    
Derivative liabilities FTRs 1 0
Total liabilities (1) 0
Net assets $ 0 $ 7
v3.25.1
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
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Short-term cash investments $ 11 $ 6
Debt securities    
Debt Securities, Available-for-sale [Line Items]    
Cost Basis 295 299
Unrealized Gains 0 0
Unrealized Losses (23) (23)
Fair Value $ 272 $ 276
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Proceeds from the Sale of Investments in Available-for-sale Debt Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 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 $ 27 $ 13
Realized gains 0 0
Realized losses (2) (1)
Interest and dividend income $ 3 $ 3
v3.25.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Apr. 16, 2025
Dec. 31, 2024
Dec. 05, 2024
Fair Value of Financial Instruments [Line Items]          
Investments not required to be disclosed $ 374     $ 370  
Senior Notes | TrAIL | Subsequent Event | 5.00%, $600 Million Senior Notes          
Fair Value of Financial Instruments [Line Items]          
Face amount of debt     $ 600    
Issuance interest rate     5.00%    
Senior Notes | JERSEY CENTRAL POWER & LIGHT COMPANY | Unsecured Senior Notes Due 2035          
Fair Value of Financial Instruments [Line Items]          
Face amount of debt         $ 700
Corporate-Owned Life Insurance          
Fair Value of Financial Instruments [Line Items]          
Gain on investments $ 2 $ 9      
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Fair Value and Related Carrying Amounts of Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Carrying value    
Fair value and related carrying amounts of long-term debt and other long-term obligations    
Long-term debt and other long-term obligations $ 23,270 $ 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 and other long-term obligations 2,350 2,350
Fair value    
Fair value and related carrying amounts of long-term debt and other long-term obligations    
Long-term debt and other long-term obligations 22,097 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 and other long-term obligations $ 2,308 $ 2,284
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Long-term Debt Redemption and Issuance (Details) - 2.050% Unsecured Senior Notes Maturity 2025 - Unsecured Notes
$ in Millions
Mar. 31, 2025
USD ($)
Debt Instrument [Line Items]  
Issuance interest rate 2.05%
Repurchased face amount of debt $ 300
v3.25.1
VARIABLE INTEREST ENTITIES - Narrative (Details)
$ in Millions
Mar. 31, 2025
USD ($)
subsidiary
agreement
Dec. 31, 2024
USD ($)
Jun. 30, 2013
USD ($)
Variable Interest Entity [Line Items]      
Assets $ 52,771 $ 52,044  
Liabilities $ 38,909 38,324  
Number of subsidiaries that issued environmental control bonds | subsidiary 2    
Long-term pollution control bond $ 172 188  
Restricted cash $ 31 43  
Number of long-term purchase power agreements | agreement 4    
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 and other long-term obligations $ 167 175  
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 $ 27 40  
JERSEY CENTRAL POWER & LIGHT COMPANY      
Variable Interest Entity [Line Items]      
Assets 10,073 9,927  
Liabilities $ 5,075 4,950  
Number of long-term purchase power agreements | agreement 1    
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Assets $ 12,071 11,936  
Liabilities 8,698 8,706  
Variable Interest Entity, Primary Beneficiary | FE      
Variable Interest Entity [Line Items]      
Assets 12,000 12,000  
Liabilities $ 9,000 $ 9,000  
v3.25.1
VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 132 $ 111
Receivables 1,574 1,530
Materials and supplies, at average cost 567 549
Prepaid taxes and other current assets 341 240
Total current assets 2,959 2,776
Goodwill 5,618 5,618
Investments 657 652
Regulatory assets 636 617
Other noncurrent assets 1,200 1,279
TOTAL ASSETS 52,771 52,044
CURRENT LIABILITIES:    
Currently payable long-term debt 1,928 977
Short-term borrowings 1,635 550
Accrued interest 280 269
Accrued taxes 715 727
Other current liabilities 290 216
Total current liabilities 7,114 4,997
Long-term debt and other long-term obligations 21,223 22,496
Accumulated deferred income taxes 5,740 5,613
Regulatory liabilities 998 995
Other noncurrent liabilities 2,136 2,525
Total noncurrent liabilities 31,795 33,327
TOTAL LIABILITIES 38,909 38,324
Variable Interest Entity, Primary Beneficiary    
CURRENT ASSETS:    
Cash and cash equivalents 7 8
Receivables 97 94
Materials and supplies, at average cost 1 1
Prepaid taxes and other current assets 20 21
Total current assets 125 124
Property, plant and equipment, net 11,422 11,217
Goodwill 224 224
Investments 19 19
Regulatory assets 24 18
Other noncurrent assets 257 334
Total noncurrent assets 11,946 11,812
TOTAL ASSETS 12,071 11,936
CURRENT LIABILITIES:    
Currently payable long-term debt 625 625
Short-term borrowings 385 300
Accrued interest 70 68
Accrued taxes 314 306
Other current liabilities 15 15
Total current liabilities 1,409 1,314
Long-term debt and other long-term obligations 5,240 5,239
Accumulated deferred income taxes 1,436 1,412
Regulatory liabilities 463 442
Other noncurrent liabilities 150 299
Total noncurrent liabilities 7,289 7,392
TOTAL LIABILITIES $ 8,698 $ 8,706
v3.25.1
ASSET RETIREMENT OBLIGATIONS - Schedule of Changes to the ARO Balances (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 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   95
Liabilities settled (151) (4)
Accretion 7 24
Ending balance 311 455
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
Liabilities settled 0 0
Accretion 0 1
Ending balance $ 8 $ 8
v3.25.1
ASSET RETIREMENT OBLIGATIONS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 04, 2025
Dec. 31, 2024
Feb. 03, 2025
Segment Reporting Information [Line Items]      
Changes in timing and amount of estimated cash flows   $ 131  
Asset retirement obligation, derecognized amount $ 15    
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 $ 160
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  
v3.25.1
REGULATORY MATTERS - Maryland (Details) - Maryland - PE
$ in Millions
 3 Months Ended
Aug. 15, 2024
USD ($)
Jul. 01, 2024
USD ($)
Mar. 21, 2024
Dec. 29, 2023
USD ($)
Aug. 01, 2023
USD ($)
scenario
Mar. 31, 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        
v3.25.1
REGULATORY MATTERS - New Jersey (Details) - New Jersey
Apr. 23, 2025
USD ($)
Nov. 09, 2023
USD ($)
Oct. 31, 2023
windFarm
MW
Apr. 17, 2023
Oct. 26, 2022
USD ($)
Jan. 16, 2025
USD ($)
JCP And L            
Regulatory Matters [Line Items]            
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) | MW     2,248      
Approved loan guarantee of maximum amount           $ 716,000,000
EnergizeNJ | NJBPU | Distribution Segment | Jcp And L            
Regulatory Matters [Line Items]            
Amount of requested rate increase   $ 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        
EnergizeNJ | NJBPU | Distribution Segment | Jcp And L | Subsequent Event            
Regulatory Matters [Line Items]            
Approved amount of annual increase $ 339,000,000          
Approved capital commitments 203,000,000          
Approved matching capital commitments 132,000,000          
Approved O&M expense $ 4,000,000          
v3.25.1
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              
v3.25.1
REGULATORY MATTERS - Pennsylvania and West Virginia (Details)
$ in Millions
 3 Months Ended 12 Months Ended
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
Mar. 31, 2025
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2024
USD ($)
Transmission Related Vegetation Management Programs | FERC | FE                      
Regulatory Matters [Line Items]                      
Utilities reclassification to operating expense                   $ 105  
Utilities cooperate support                 $ 99    
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  
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
Transmission ROE Incentive | FERC | Miscellaneous Income                      
Regulatory Matters [Line Items]                      
Public utilities, amount awarded from other party                     4
Transmission ROE Incentive | FERC | Transmission | Transmission Revenues                      
Regulatory Matters [Line Items]                      
Public utilities, amount awarded from other party                     $ 42
PJM 2024 RTEP Window 1 | Valley Link Transmission Rate                      
Regulatory Matters [Line Items]                      
Transmission solutions to the reliability issues   $ 3,000                  
Capital structure, percentage 40.00%                    
Equity ratio, percentage 60.00%                    
Transmission rate, base ROE 10.90%                    
Pennsylvania | EE&C Phase IV | PPUC                      
Regulatory Matters [Line Items]                      
Public utilities, approved energy consumption reduction targets, cost recovery                 $ 390    
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              
Pennsylvania | 2025-2029 LTIIP | PPUC | Pennsylvania Companies                      
Regulatory Matters [Line Items]                      
Proposed investment amount       $ 1,400              
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          
v3.25.1
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 04, 2025
Feb. 03, 2025
Jul. 21, 2021
Dec. 31, 2024
Mar. 31, 2025
Guarantor Obligations [Line Items]          
Guarantor obligations, current carrying value         $ 1,100
Company posted collateral related to net liability positions         177
Collateral received         66
Liabilities incurred       $ 95  
JERSEY CENTRAL POWER & LIGHT COMPANY          
Guarantor Obligations [Line Items]          
Guarantor obligations, current carrying value         48
Company posted collateral related to net liability positions         28
Collateral received         21
Liabilities incurred       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    
Regulation of Waste Disposal          
Guarantor Obligations [Line Items]          
Changes in timing and amount of estimated cash flows       139  
Accrual for environmental loss contingencies         98
Environmental liabilities former gas facilities         $ 69
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   $ 160  
Agreed funding period 5 years 5 years   5 years  
Asset retirement obligation, discount rate 4.80%        
Environmental Liability | AE Supply          
Guarantor Obligations [Line Items]          
Asset retirement obligation, escrow deposit $ 15        
v3.25.1
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Schedule of Potential Amount of Future Payments (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Guarantor Obligations [Line Items]  
Guarantor obligations $ 1,091
JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Guarantor obligations 48
FE's Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Guarantor obligations 651
FE’s Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Guarantor obligations 440
Deferred compensation arrangements | FE's Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Guarantor obligations 403
Deferred compensation arrangements | FE’s Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Guarantor obligations 96
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 144
Other | FE's Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Guarantor obligations 29
Surety Bonds | FE’s Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Guarantor obligations 167
Surety Bonds | FE’s Guarantees on Other Assurances | JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Guarantor obligations 20
LOCs | FE’s Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Guarantor obligations 177
LOCs | FE’s Guarantees on Other Assurances | JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Guarantor obligations $ 28
v3.25.1
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Schedule of Potential Collateral Obligations (Details)
$ in Millions
 3 Months Ended
Mar. 31, 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
Credit Rating Contractual Obligations  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations $ 367
Credit Rating Contractual Obligations | JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 58
Credit Rating Contractual Obligations | FE  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 194
Credit Rating Contractual Obligations | Electric Companies and Transmission Companies  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 173
Upon downgrade  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 72
Upon downgrade | JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 38
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 71
Surety Bond (Collateralized Amount)  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations $ 295
Percent of face amount of debt 60.00%
Capped portion of surety bond obligations $ 38
Surety Bond (Collateralized Amount) | JERSEY CENTRAL POWER & LIGHT COMPANY  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations $ 20
Percent of face amount of debt 60.00%
Capped portion of surety bond obligations $ 1
Surety Bond (Collateralized Amount) | FE  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations 193
Surety Bond (Collateralized Amount) | Electric Companies and Transmission Companies  
Guarantor Obligations [Line Items]  
Potential Collateral Obligations $ 102
v3.25.1
SEGMENT INFORMATION - Narrative (Details)
customer in Millions, $ in Billions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
customer
site
MW
Dec. 31, 2025
site
MW
Dec. 31, 2024
site
MW
Segment Reporting Information [Line Items]      
Number of customers | customer 6.0    
FEV | Global Holding      
Segment Reporting Information [Line Items]      
Investment ownership percentage 33.33%    
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]      
Plant capacity (in MW's) 3,604    
Other Business Operations | FE      
Segment Reporting Information [Line Items]      
Long-term debt and other long-term obligations | $ $ 6.5    
Other Business Operations | OVEC      
Segment Reporting Information [Line Items]      
Plant capacity (in MW's) 67    
Integrated | MP and PE | Solar Generation Project      
Segment Reporting Information [Line Items]      
Plant capacity (in MW's) 50    
Number of approved solar sites | site 5    
Number of completed solar sites | site     2
Integrated | MP and PE | Solar Generation Project | Forecast      
Segment Reporting Information [Line Items]      
Plant capacity (in MW's)   26  
Number of sites expected to be completed | site   3  
Integrated | MP and PE | Solar Generation Project | West Virginia      
Segment Reporting Information [Line Items]      
Plant capacity (in MW's)     24
v3.25.1
SEGMENT INFORMATION - Schedule of Segment Financial Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Segment Financial Information      
Total revenues [1] $ 3,765 $ 3,287  
Other operating expense 1,034 1,006  
Depreciation 411 381  
Amortization (deferral) of regulatory assets, net (10) (164)  
Equity method investment earnings, net 0 21  
Interest expense 288 305  
Income taxes (benefits) 126 135  
Other expense (income) 1,556 1,392  
Earnings attributable to FE/ Net income (loss) 360 253  
Cash Flows from Investing Activities:      
Capital investments 1,005 790  
Total assets 52,771   $ 52,044
Total goodwill 5,618   5,618
JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 566 466  
Other operating expense 145 187  
Depreciation 65 61  
Amortization (deferral) of regulatory assets, net (22) (39)  
Income taxes (benefits) 16 (4)  
Other expense (income) 283 235  
Earnings attributable to FE/ Net income (loss) 49 (8)  
Cash Flows from Investing Activities:      
Capital investments 206 194  
Total assets 10,073   9,927
Total goodwill 1,811   1,811
Nonrelated Party | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Interest expense 29 30  
Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 0 0  
Interest expense 1 4  
External revenues      
Segment Financial Information      
Total revenues 3,765 3,287  
External revenues | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 566 466  
Internal revenues      
Segment Financial Information      
Total revenues 0 0  
Internal revenues | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 0 0  
Operating Segments      
Segment Financial Information      
Total revenues 3,776 3,300  
Other operating expense 1,062 1,017  
Depreciation 391 364  
Amortization (deferral) of regulatory assets, net (10) (164)  
Equity method investment earnings, net   0  
Interest expense 237 252  
Income taxes (benefits) 140 136  
Other expense (income) 1,521 1,364  
Earnings attributable to FE/ Net income (loss) 435 331  
Cash Flows from Investing Activities:      
Capital investments 974 786  
Total assets 52,849   52,114
Total goodwill 5,618   5,618
Operating Segments | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 609 504  
Other operating expense 188 225  
Depreciation 65 61  
Amortization (deferral) of regulatory assets, net (22) (39)  
Income taxes (benefits) 16 (4)  
Other expense (income) 283 235  
Earnings attributable to FE/ Net income (loss) 49 (8)  
Cash Flows from Investing Activities:      
Capital investments 206 194  
Total assets 10,073   9,927
Total goodwill 1,811   1,811
Operating Segments | Nonrelated Party | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Interest expense 29 30  
Operating Segments | Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Interest expense 1 4  
Operating Segments | Distribution      
Segment Financial Information      
Total revenues 1,936 1,767  
Other operating expense 627 587  
Depreciation 162 161  
Amortization (deferral) of regulatory assets, net (19) (88)  
Equity method investment earnings, net   0  
Interest expense 99 116  
Income taxes (benefits) 60 41  
Other expense (income) 789 785  
Earnings attributable to FE/ Net income (loss) 218 165  
Cash Flows from Investing Activities:      
Capital investments 265 215  
Total assets 20,372   19,949
Total goodwill 3,222   3,222
Operating Segments | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 548 452  
Other operating expense 174 211  
Depreciation 53 50  
Amortization (deferral) of regulatory assets, net (22) (39)  
Income taxes (benefits) 7 (11)  
Other expense (income) 289 240  
Earnings attributable to FE/ Net income (loss) 24 (26)  
Cash Flows from Investing Activities:      
Capital investments 74 71  
Total assets 7,271   7,212
Total goodwill 1,213   1,213
Operating Segments | Distribution | Nonrelated Party | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Interest expense 22 23  
Operating Segments | Distribution | Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Interest expense 1 4  
Operating Segments | Integrated      
Segment Financial Information      
Total revenues 1,349 1,095  
Other operating expense 337 354  
Depreciation 138 122  
Amortization (deferral) of regulatory assets, net 8 (78)  
Equity method investment earnings, net   0  
Interest expense 65 71  
Income taxes (benefits) 40 35  
Other expense (income) 625 509  
Earnings attributable to FE/ Net income (loss) 136 82  
Cash Flows from Investing Activities:      
Capital investments 395 313  
Total assets 18,812   18,637
Total goodwill 1,953   1,953
Operating Segments | Transmission | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 61 52  
Other operating expense 14 14  
Depreciation 12 11  
Amortization (deferral) of regulatory assets, net 0 0  
Income taxes (benefits) 9 7  
Other expense (income) (6) (5)  
Earnings attributable to FE/ Net income (loss) 25 18  
Cash Flows from Investing Activities:      
Capital investments 132 123  
Total assets 2,802   2,715
Total goodwill 598   598
Operating Segments | Transmission | Nonrelated Party | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Interest expense 7 7  
Operating Segments | Transmission | Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Interest expense 0 0  
Operating Segments | Stand-Alone Transmission      
Segment Financial Information      
Total revenues 491 438  
Other operating expense 98 76  
Depreciation 91 81  
Amortization (deferral) of regulatory assets, net 1 2  
Equity method investment earnings, net   0  
Interest expense 73 65  
Income taxes (benefits) 40 60  
Other expense (income) 107 70  
Earnings attributable to FE/ Net income (loss) 81 84  
Cash Flows from Investing Activities:      
Capital investments 314 258  
Total assets 13,665   13,528
Total goodwill 443   443
Operating Segments | External revenues      
Segment Financial Information      
Total revenues 3,761 3,284  
Operating Segments | External revenues | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 566 466  
Operating Segments | External revenues | Distribution      
Segment Financial Information      
Total revenues 1,927 1,756  
Operating Segments | External revenues | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 505 414  
Operating Segments | External revenues | Integrated      
Segment Financial Information      
Total revenues 1,348 1,094  
Operating Segments | External revenues | Transmission | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 61 52  
Operating Segments | External revenues | Stand-Alone Transmission      
Segment Financial Information      
Total revenues 486 434  
Operating Segments | Internal revenues      
Segment Financial Information      
Total revenues 15 16  
Operating Segments | Internal revenues | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 43 38  
Operating Segments | Internal revenues | Distribution      
Segment Financial Information      
Total revenues 9 11  
Operating Segments | Internal revenues | Distribution | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 43 38  
Operating Segments | Internal revenues | Integrated      
Segment Financial Information      
Total revenues 1 1  
Operating Segments | Internal revenues | Transmission | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 0 0  
Operating Segments | Internal revenues | Stand-Alone Transmission      
Segment Financial Information      
Total revenues 5 4  
Corporate/Other      
Segment Financial Information      
Total revenues 4 3  
Other operating expense (25) (8)  
Depreciation 20 17  
Amortization (deferral) of regulatory assets, net 0 0  
Equity method investment earnings, net   21  
Interest expense 79 117  
Income taxes (benefits) (14) (1)  
Other expense (income) 7 (36)  
Earnings attributable to FE/ Net income (loss) (75) (78)  
Cash Flows from Investing Activities:      
Capital investments 31 4  
Total assets 1,837   1,975
Total goodwill 0   0
Corporate/Other | External revenues      
Segment Financial Information      
Total revenues 4 3  
Corporate/Other | Internal revenues      
Segment Financial Information      
Total revenues 0 0  
Reconciling Adjustments      
Segment Financial Information      
Total revenues (15) (16)  
Other operating expense (3) (3)  
Depreciation 0 0  
Amortization (deferral) of regulatory assets, net 0 0  
Equity method investment earnings, net   0  
Interest expense (28) (64)  
Income taxes (benefits) 0 0  
Other expense (income) 28 64  
Earnings attributable to FE/ Net income (loss) 0 0  
Cash Flows from Investing Activities:      
Capital investments 0 0  
Total assets (1,915)   (2,045)
Total goodwill 0   0
Reconciling Adjustments | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues (43) (38)  
Other operating expense (43) (38)  
Depreciation 0 0  
Amortization (deferral) of regulatory assets, net 0 0  
Income taxes (benefits) 0 0  
Other expense (income) 0 0  
Earnings attributable to FE/ Net income (loss) 0 0  
Cash Flows from Investing Activities:      
Capital investments 0 0  
Total assets 0   0
Total goodwill 0   $ 0
Reconciling Adjustments | Nonrelated Party | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Interest expense 0 0  
Reconciling Adjustments | Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Interest expense 0 0  
Reconciling Adjustments | External revenues      
Segment Financial Information      
Total revenues 0 0  
Reconciling Adjustments | External revenues | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues 0 0  
Reconciling Adjustments | Internal revenues      
Segment Financial Information      
Total revenues (15) (16)  
Reconciling Adjustments | Internal revenues | JERSEY CENTRAL POWER & LIGHT COMPANY      
Segment Financial Information      
Total revenues $ (43) $ (38)  
[1] Includes excise and gross receipts tax collections of $123 million and $115 million during the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
TRANSACTIONS WITH AFFILIATES - Schedule of Transactions with Affiliated Companies (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Related Party Transaction [Line Items]    
Total revenues [1] $ 3,765 $ 3,287
Other operating expenses 1,034 1,006
Interest expense 288 305
JERSEY CENTRAL POWER & LIGHT COMPANY    
Related Party Transaction [Line Items]    
Total revenues 566 466
Other operating expenses [2] 145 187
Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY    
Related Party Transaction [Line Items]    
Total revenues 0 0
Other operating expenses 54 46
Interest income 0 0
Interest expense 1 4
FESC support services | Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY    
Related Party Transaction [Line Items]    
Other operating expenses 50 43
Other affiliate support services | Related Party | JERSEY CENTRAL POWER & LIGHT COMPANY    
Related Party Transaction [Line Items]    
Other operating expenses $ 4 $ 4
[1] Includes excise and gross receipts tax collections of $123 million and $115 million during the three months ended March 31, 2025 and 2024, respectively.
[2] During the three months ended March 31, 2025 and 2024, $54 million and $46 million, respectively, of affiliated operating expenses were incurred, a portion of which is capitalized.