FIRSTENERGY CORP, 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 333-21011    
Entity Registrant Name FIRSTENERGY CORP    
Entity Tax Identification Number 34-1843785    
Entity Incorporation, State or Country Code OH    
Entity Address, Address Line One 76 South Main Street    
Entity Address, City or Town Akron    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 44308    
City Area Code (800)    
Local Phone Number 736-3402    
Title of 12(b) Security Common Stock, $0.10 par value per share    
Trading Symbol FE    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 22,003,636,801
Entity Common Stock Shares Outstanding   576,697,425  
Documents Incorporated by Reference
Documents Incorporated By Reference
 PART OF FORM 10-K INTO WHICH
DOCUMENTDOCUMENT IS INCORPORATED
Portions of the Definitive Proxy Statement for the 2025 Annual Meeting of Shareholders of FirstEnergy Corp. to be held May 21, 2025.Part III
    
Entity Central Index Key 0001031296    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Cleveland, Ohio
Auditor Firm ID 238
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES:      
Total revenues [1] $ 13,472 $ 12,870 $ 12,459
OPERATING EXPENSES:      
Fuel 464 538 730
Purchased power 3,912 4,108 3,863
Other operating expenses 4,159 3,594 3,817
Provision for depreciation 1,581 1,461 1,375
Deferral of regulatory assets, net (231) (261) (365)
General taxes 1,212 1,164 1,129
Total operating expenses 11,097 10,604 10,549
OPERATING INCOME 2,375 2,266 1,910
OTHER INCOME (EXPENSE):      
Debt redemption costs (Note 12) (85) (36) (171)
Equity method investment earnings, net (Note 1) 58 175 168
Miscellaneous income, net 189 164 415
Pension and OPEB mark-to-market adjustments (22) (78) 72
Interest expense (1,144) (1,124) (1,039)
Capitalized financing costs 133 97 84
Total other expense (871) (802) (471)
INCOME BEFORE INCOME TAXES 1,504 1,464 1,439
INCOME TAXES 377 267 1,000
INCOME FROM CONTINUING OPERATIONS 1,127 1,197 439
Discontinued operations (Note 1) [2] 0 (21) 0
NET INCOME 1,127 1,176 439
Income attributable to noncontrolling interest (continuing operations) 149 74 33
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. 978 1,102 406
AMOUNTS ATTRIBUTABLE TO FIRSTENERGY CORP.      
Earnings from continuing operations 978 1,123 406
Earnings from discontinued operations [2] 0 (21) 0
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. $ 978 $ 1,102 $ 406
EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3)      
Basic - continuing operations (in dollars per share) $ 1.70 $ 1.96 $ 0.71
Basic - discontinued operations (in dollars per share) 0 (0.04) 0
Basic (in dollars per share) 1.70 1.92 0.71
Diluted - continuing operations (in dollars per share) 1.70 1.96 0.71
Diluted - discontinued operations (in dollars per share) 0 (0.04) 0
Diluted (in dollars per share) $ 1.70 $ 1.92 $ 0.71
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:      
Basic (in shares) 575 573 571
Diluted (in shares) 577 574 572
Distribution services and retail generation      
REVENUES:      
Total revenues $ 10,976 $ 10,405 $ 9,916
Transmission      
REVENUES:      
Total revenues 2,148 2,049 1,863
Other      
REVENUES:      
Total revenues $ 348 $ 416 $ 680
[1] Includes excise and gross receipts tax collections of $429 million, $420 million and $406 million in 2024, 2023 and 2022, respectively.
[2] Consists of income taxes of $21 million in 2023.
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CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Excise tax collections included in revenue $ 429 $ 420 $ 406
Net of income tax benefit (expense)   $ 21  
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
NET INCOME $ 1,127 $ 1,176 $ 439
OTHER COMPREHENSIVE INCOME (LOSS):      
Pension and OPEB prior service costs 1 (6) (9)
Amortized losses on derivative hedges 3 2 9
Other comprehensive income (loss) 4 (4) 0
Income tax expense (benefits) on other comprehensive loss 1 (1) (1)
Other comprehensive income (loss), net of tax 3 (3) 1
COMPREHENSIVE INCOME 1,130 1,173 440
Comprehensive income attributable to noncontrolling interest 149 74 33
COMPREHENSIVE INCOME ATTRIBUTABLE TO FIRSTENERGY CORP. $ 981 $ 1,099 $ 407
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 111 $ 137
Restricted cash 43 42
Receivables-    
Customers 1,585 1,382
Less — Allowance for uncollectible customer receivables 55 64
Receivable 1,530 1,318
Other, net of allowance for uncollectible accounts of $6 in 2024 and $15 in 2023 303 266
Materials and supplies, at average cost 549 512
Prepaid taxes and other 240 293
Total current assets 2,776 2,568
PROPERTY, PLANT AND EQUIPMENT:    
In service 52,896 50,107
Less — Accumulated provision for depreciation 14,548 13,811
Property, plant and equipment in service net of accumulated provision for depreciation 38,348 36,296
Construction work in progress 2,754 2,116
Total 41,102 38,412
INVESTMENTS AND OTHER NONCURRENT ASSETS:    
Goodwill 5,618 5,618
Investments (Note 11) 652 663
Regulatory assets 617 369
Other 1,279 1,137
Total investments and other noncurrent assets 8,166 7,787
TOTAL ASSETS 52,044 48,767
CURRENT LIABILITIES:    
Currently payable long-term debt 977 1,250
Short-term borrowings 550 775
Accounts payable 1,575 1,362
Accrued interest 269 292
Accrued taxes 727 700
Accrued compensation and benefits 205 304
Dividends payable (Note 12) 245 235
Customer deposits 233 227
Other 216 241
Total current liabilities 4,997 5,386
NONCURRENT LIABILITIES:    
Long-term debt and other long-term obligations 22,496 22,885
Accumulated deferred income taxes 5,613 4,530
Retirement benefits 1,698 1,663
Regulatory liabilities 995 1,214
Other 2,525 2,173
Total noncurrent liabilities 33,327 32,465
TOTAL LIABILITIES 38,324 37,851
Common stockholders' equity-    
Common stock, $0.10 par value, authorized 700,000,000 shares - 576,612,245 and 574,335,396 shares outstanding as of December 31, 2024 and 2023, respectively 58 57
Other paid-in capital 12,368 10,494
Accumulated other comprehensive loss (14) (17)
Retained earnings (accumulated deficit) 43 (97)
Total common stockholders' equity 12,455 10,437
Noncontrolling interest 1,265 479
TOTAL EQUITY 13,720 10,916
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 15)
TOTAL LIABILITIES AND EQUITY 52,044 48,767
Customer    
Receivables-    
Customers 1,585 1,382
Less — Allowance for uncollectible customer receivables 55 64
Receivable $ 1,530 $ 1,318
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Receivables-    
Allowance for uncollectible accounts $ 55 $ 64
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) 576,612,245 574,335,396
Other Receivables    
Receivables-    
Allowance for uncollectible accounts $ 6 $ 15
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Brookfield II
FET
Total Common Stockholders' Equity
Common Stock
OPIC
AOCI
Retained Earnings (Accumulated Deficit)
NCI
Beginning balance (in shares) at Dec. 31, 2021       570,000,000        
Beginning balance at Dec. 31, 2021 $ 8,675   $ 8,675 $ 57 $ 10,238 $ (15) $ (1,605) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 439   406       406 33
Other comprehensive income (loss), net of tax 1   1     1    
Cash dividends declared on common stock [1] (892)   (892)   (892)      
Stock Investment Plan and share-based benefit plans (in shares)       2,000,000        
Stock Investment Plan and share-based benefit plans 98   98   98      
FET equity interest sale, net of transaction costs 2,338   1,887   1,887     451
Noncontrolling interest distributions declared (21)             (21)
Capital contribution from FET equity interest 9             9
Consolidated tax benefit allocation 0   (5)   (5)     5
Other (4)   (4)   (4)      
Ending balance (in shares) at Dec. 31, 2022       572,000,000        
Ending balance at Dec. 31, 2022 10,643   10,166 $ 57 11,322 (14) (1,199) 477
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Sale of ownership interest by parent   19.90%            
Net income 1,176   1,102       1,102 74
Other comprehensive income (loss), net of tax (3)   (3)     (3)    
Cash dividends declared on common stock [1] (917)   (917)   (917)      
Stock Investment Plan and share-based benefit plans (in shares)       2,000,000        
Stock Investment Plan and share-based benefit plans 89   89   89      
Noncontrolling interest distributions declared $ (72)             (72)
Ending balance (in shares) at Dec. 31, 2023 574,335,396     574,000,000        
Ending balance at Dec. 31, 2023 $ 10,916   10,437 $ 57 10,494 (17) (97) 479
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 1,127   978       978 149
Other comprehensive income (loss), net of tax 3   3     3    
Cash dividends declared on common stock [1] (979)   (979)   (141)   (838)  
Stock Investment Plan and share-based benefit plans (in shares)       3,000,000        
Stock Investment Plan and share-based benefit plans 74   74 $ 1 73      
FET equity interest sale, net of transaction costs 2,665   1,934   1,934     731
Noncontrolling interest distributions declared (86)             (86)
Other $ 0   8   8     (8)
Ending balance (in shares) at Dec. 31, 2024 576,612,245     577,000,000        
Ending balance at Dec. 31, 2024 $ 13,720   $ 12,455 $ 58 $ 12,368 $ (14) $ 43 $ 1,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Sale of ownership interest by parent   19.90%            
[1] Dividends declared for each share of common stock totaled $1.70, $1.60 and $1.56 during 2024, 2023 and 2022, respectively.
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mar. 25, 2024
May 31, 2022
Dividends declared (in dollars per share) $ 0.425 $ 0.850 $ 0 $ 0.425 $ 0.410 $ 0.410 $ 0.390 $ 0.390 $ 1.700 $ 1.60 $ 1.56    
Brookfield II | FET                          
Sale of ownership interest by parent 19.90%     19.90%         19.90%   19.90% 49.90% 19.90%
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,127 $ 1,176 $ 439
Adjustments to reconcile net income to net cash from operating activities-      
Depreciation, amortization and impairments 1,588 1,280 1,317
Charges associated with change in ARO (Note 10) 200 0 0
Employee benefit costs, net (32) (9) (279)
Pension and OPEB mark-to-market adjustments 22 78 (72)
Deferred income taxes and investment tax credits, net 316 252 989
Transmission revenue collections, net 113 (180) 79
Pension trust contribution 0 (750) 0
Loss (gain) on disposal, net of tax (Note 17) 0 21 0
Changes in current assets and liabilities-      
Receivables (249) (13) (292)
Materials and supplies (37) (91) (161)
Prepaid taxes and other current assets (33) (43) (28)
Accounts payable 124 (141) 560
Accrued taxes (126) 32 22
Accrued interest (23) 38 (29)
Other current liabilities (141) 41 21
Cash collateral, net 90 (218) 111
Employee benefit plan funding and related payments (59) (50) (49)
Other 11 (36) 55
Net cash provided from operating activities 2,891 1,387 2,683
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital investments (4,030) (3,356) (2,848)
Sales of investment securities held in trusts 121 38 48
Purchases of investment securities held in trusts (134) (50) (59)
Asset removal costs (305) (274) (213)
Other (2) (10) (4)
Net cash used for investing activities (4,350) (3,652) (3,076)
New financing-      
Long-term debt 2,100 3,150 700
Short-term borrowings, net 0 675 100
Redemptions and repayments-      
Long-term debt (2,760) (537) (3,005)
Short-term borrowings, net (225) 0 0
Proceeds from FET Equity Interest Sale (Note 1) 3,500 0 0
Proceeds from 19.9% FET equity interest sale, net of transaction costs 0 0 2,348
Noncontrolling interest cash distributions (86) (72) (21)
Capital contributions from noncontrolling interest 0 0 9
Common stock dividend payments (970) (906) (891)
Debt issuance and redemption costs, and other (125) (72) (152)
Net cash provided from (used for) financing activities 1,434 2,238 (912)
Net change in cash, cash equivalents and restricted cash (25) (27) (1,305)
Cash, cash equivalents, and restricted cash at beginning of period 179 206 1,511
Cash, cash equivalents, and restricted cash at end of period 154 179 206
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest (net of amounts capitalized) 1,062 1,002 1,021
Income taxes, net of refunds 161 58 21
Significant non-cash transactions:      
Accrued capital investments $ 315 $ 252 $ 207
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ORGANIZATION AND BASIS OF PRESENTATION
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION
Unless otherwise indicated, defined terms and abbreviations used herein have the meanings set forth in the accompanying Glossary of Terms.

FE was incorporated under Ohio law in 1996. FE’s principal business is the holding, directly or indirectly, of all of the outstanding equity of its principal subsidiaries as of December 31, 2024: 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.

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.

On January 1, 2024, FirstEnergy consolidated the Pennsylvania Companies into FE PA, rendering FE PA a new, single operating entity and the successor-in-interest to all assets and liabilities of the Pennsylvania Companies. As of January 1, 2024, FE PA is FE’s only regulated distribution power company in Pennsylvania encompassing the operations previously conducted individually by the Pennsylvania Companies. FirstEnergy continues to evaluate the legal, financial, operational and branding benefits of consolidating the Ohio Companies into a single Ohio power company.

Also on January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo, and PN and ME contributed their respective Class B equity interests of MAIT to FE, which were ultimately contributed to FET in exchange for a special purpose membership interest in FET. So long as FE holds the FET special purpose membership interests, it will receive 100% of any Class B distributions made by MAIT.

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, 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.

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 six million customers in the Midwest and Mid-Atlantic regions. FirstEnergy’s transmission operations include more than 24,000 miles of transmission lines and two regional transmission operation centers. As of December 31, 2024, MP and AGC control 3,604 MWs of total capacity.
The accompanying consolidated financial statements have been prepared in accordance with GAAP and the rules and regulations of the SEC. FE and its subsidiaries 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 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. FE and its subsidiaries have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

FE and its subsidiaries 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. As further discussed below, FE and its subsidiaries consolidate a VIE when it is determined that it is the primary beneficiary. Investments in affiliates over which FE and its subsidiaries 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 in the Consolidated Balance Sheets and the percentage of FE's ownership share of the entity’s earnings is reported in the Consolidated Statements of Income and Comprehensive Income.

Certain prior year amounts have been reclassified to conform to the current year presentation. During the first quarter of 2024, FirstEnergy’s segment reporting structure was modified to increase transparency for leadership and investors, simplify the presentation to corresponding legal entities, and align FirstEnergy’s earnings, cash flows and balance sheets at the business unit level. The modification to the segments resulted in a reallocation of goodwill between the segments based on the relative fair value of the reporting units, as described further below. Disclosures for FirstEnergy's reportable operating segments for 2023 and
2022 have been reclassified to conform to the current presentation reflecting the new reportable segments. In addition, on January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo and for comparability, prior year results in the Stand-Alone Transmission segment reflect the earnings and results of those WP transmission assets.

Economic Conditions

Economic conditions have stabilized across numerous material categories, but not all lead times have returned to pre-pandemic levels. Several key suppliers have seen improvements with capacity, but FirstEnergy continues to monitor the situation as demand increases across the industry, including due to data center usage. Inflationary pressures have moderated, which has improved the cost of materials, but certain categories have remained elevated. 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 FirstEnergy’s results of operations, cash flow and financial condition.

In February 2025, the new U.S. presidential administration announced the imposition of widespread and substantial tariffs on imports, with plans for additional tariffs to potentially be adopted in the future. Although certain of these tariffs were subsequently temporarily stayed, the situation is dynamic and subject to rapid change. The imposition of these or any other new or increased tariffs or resultant trade wars could have an adverse effect on FirstEnergy's results of operations, cash flow and financial condition.

Facility Optimization

FirstEnergy continues implementing its facility optimization plans, which will result in exiting the general office in Akron, Ohio, and other corporate facilities in Greensburg, Pennsylvania, and Morristown, New Jersey. In December 2023, FirstEnergy purchased the general office building with the intention to sell it in the future. During the third quarter of 2024, the Akron general office building was classified as held-for-sale. Upon classification as held-for-sale, FirstEnergy recognized a $62 million pre-tax impairment charge within “Other operating expenses” on the Consolidated Statements of Income. Of the $62 million, $17 million is included with Integrated, $31 million is included within Distribution, $11 million is included within Stand-Alone Transmission and $3 million at Corporate/Other for segment reporting. The remaining carrying value of the held-for-sale asset is immaterial, and therefore has not been presented separately on the Consolidated Balance Sheets. The corporate headquarters will remain in Akron, Ohio, moving to FirstEnergy’s campus located in west Akron, Ohio, and FirstEnergy continues to explore real estate options and relocation opportunities for the other corporate facilities. As FirstEnergy continues to transform the business and implement initiatives to reduce costs, including the facility optimization plan, the impact of such actions may result in future impairments or other charges that may be significant. The aim of these combined efforts will be to help build a stronger, more sustainable company for the near and long term.

Sale of Equity Interests in FirstEnergy Transmission, LLC

On May 31, 2022, Brookfield acquired 19.9% of the issued and outstanding membership interests of FET. On February 2, 2023, FE, along with FET, entered into the FET P&SA II with Brookfield and the Brookfield Guarantors, pursuant to which FE agreed to sell to Brookfield at the closing, and Brookfield agreed to purchase from FE, an incremental 30% equity interest in FET for a purchase price of $3.5 billion. The FET Equity Interest Sale closed on March 25, 2024 and FET continues to be consolidated in FirstEnergy’s financial statements. The purchase price was paid in part by the issuance of two promissory notes at closing having an aggregate principal amount of $1.2 billion with: (i) one promissory note having an aggregate principal amount of $750 million, at an interest rate of 5.75% per annum, with a maturity date of September 25, 2025 and (ii) one promissory note having an aggregate principal amount of $450 million, at an interest rate of 7.75% per annum, with a maturity date of December 31, 2024. The remaining $2.3 billion of the purchase price was paid in cash at closing. On July 17, 2024, Brookfield paid FE approximately $1.2 billion in full satisfaction of the promissory notes. Interest income associated with the promissory notes was $24 million for the year ended December 31, 2024 and is reported within “Miscellaneous income, net” on FirstEnergy’s Consolidated Statements of Income. As a result of the consummation of the transaction, Brookfield’s interest in FET increased from 19.9% to 49.9%, while FE retained the remaining 50.1% ownership interests of FET. The difference between the purchase price, net of transaction costs and taxes of approximately $32 million and $803 million, respectively, and the carrying value of the NCI of $731 million, was recorded as an increase to OPIC by $1.9 billion.

Pursuant to the terms of the FET P&SA II, in connection with the closing, Brookfield, FET and FE entered into the A&R FET LLC Agreement, which amended and restated in its entirety the Third Amended and Restated Limited Liability Company Agreement of FET. The A&R FET LLC Agreement, among other things, provides for the governance, exit, capital and distribution, and other arrangements for FET from and following the closing. Under the A&R FET LLC Agreement, as of the closing, the FET Board consists of five directors, two of whom are appointed by Brookfield and three of whom are appointed by FE.
Discontinued operations

On February 27, 2020, the FES Debtors emerged from bankruptcy and were deconsolidated from FirstEnergy’s consolidated federal income tax group. The bankruptcy, emergence and deconsolidation resulted in FirstEnergy recognizing certain income tax benefits and charges, which were classified as discontinued operations. During the third quarter of 2023, FirstEnergy recognized a $21 million tax-effected charge to income tax expense as a result of identifying an out of period adjustment related to the allocation of certain deferred income tax liabilities associated with the FES Debtors and their tax return deconsolidation in 2020. This adjustment was immaterial to the 2023 and prior period financial statements.

Discontinued operations are reflected at Corporate/Other for segment reporting and within “Discontinued Operations” on the Consolidated Statements of Income and Comprehensive Income and “Loss on disposal, net of tax” on the Consolidated Statements of Cash Flow.
ACCOUNTING FOR THE EFFECTS OF REGULATION

FirstEnergy’s operating segments are subject to regulation that sets the prices (rates) the Electric Companies and the Transmission Companies are permitted to charge customers based on costs that the regulatory agencies determine are permitted to be recovered. At times, regulatory agencies permit the future recovery of costs that would be currently charged to expense by an unregulated company. The ratemaking process results in the recording of regulatory assets and liabilities based on anticipated future cash inflows and outflows.

FirstEnergy reviews the probability of recovery of regulatory assets, and settlement of regulatory liabilities, at each balance sheet date and whenever new events occur. Factors that may affect probability include changes in the regulatory environment, issuance of a regulatory commission order, or passage of new legislation. Upon material changes to these factors, where applicable, FirstEnergy will record new regulatory assets or liabilities and will assess whether it is probable that currently recorded regulatory assets and liabilities will be recovered or settled in future rates. If recovery of a regulatory asset is no longer probable, FirstEnergy will write off that regulatory asset as a charge against earnings. FirstEnergy considers the entire regulatory asset balance as the unit of account for the purposes of balance sheet classification rather than the next years recovery and as such net regulatory assets and liabilities are presented in the non-current section on the FirstEnergy Consolidated Balance Sheets. See Note 14, "Regulatory Matters," of the Notes to Consolidated Financial Statements for additional information.

The following table provides information about the composition of net regulatory assets and liabilities as of December 31, 2024 and 2023, and the changes during the year 2024:
As of December 31,
Net Regulatory Assets (Liabilities) by Source20242023Change
 (In millions)
Customer payables for future income taxes$(2,234)$(2,382)$148 
Spent nuclear fuel disposal costs(72)(83)11 
Asset removal costs(681)(652)(29)
Deferred transmission costs190 286 (96)
Deferred generation costs481 572 (91)
Deferred distribution costs287 247 40 
Storm-related costs1,015 799 216 
Energy efficiency program costs349 198 151 
New Jersey societal benefit costs87 79 8 
Vegetation management125 102 23 
Other75 (11)86 
Net Regulatory Liabilities included on the Consolidated Balance Sheets$(378)$(845)$467 

The following table provides information about the composition of net regulatory assets that do not earn a current return as of December 31, 2024 and 2023, of which approximately $698 million and $371 million, respectively, are currently being recovered through rates over varying periods, through 2068, depending on the nature of the deferral and the jurisdiction:
Regulatory Assets by Source Not Earning aAs of December 31,
Current Return20242023Change
(In millions)
Deferred transmission costs$8 $6 $2 
Deferred generation costs314 432 (118)
Deferred distribution costs153 68 85 
Storm-related costs694 602 92 
Vegetation management16 21 (5)
Other58 68 (10)
Regulatory Assets Not Earning a Current Return$1,243 $1,197 $46 
DERIVATIVES

FirstEnergy uses various market risk sensitive instruments, including derivative contracts, primarily to manage the risk of price and interest rate fluctuations. FirstEnergy’s Enterprise Risk Management Committee, comprised of members of senior management, provides general oversight for risk management activities throughout FirstEnergy, including market risk.
FirstEnergy accounts for derivative instruments on its Consolidated Balance Sheets at fair value unless they meet the normal purchases and normal sales criteria. Derivative instruments meeting the normal purchases and normal sales criteria are accounted for under the accrual method of accounting with their effects included in earnings at the time of contract performance.
EQUITY METHOD INVESTMENTS
Investments in affiliates over which FE and its subsidiaries 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 in the Consolidated Balance Sheets and reflected in "Investments". The percentage of FE's ownership share of the entity’s earnings is reported in the Consolidated Statements of Income and Comprehensive Income and reflected in “Other Income (Expense)”. Equity method investments are assessed for impairment annually or whenever events and changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the decline in value is considered to be other than temporary, the investment is written down to its estimated fair value, which establishes a new cost basis in the investment.
Equity method investments included within "Investments" on the Consolidated Balance Sheets were $84 million and $104 million as of December 31, 2024 and 2023, respectively.
Global Holdings - 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. For the years ended December 31, 2024, 2023 and 2022, pre-tax equity earnings, excluding impairments, related to FEV’s ownership in Global Holding was $72 million, $175 million and $168 million, respectively. FEV’s pre-tax equity earnings and investment in Global Holding are included in Corporate/Other for segment reporting.
Due to FirstEnergy's actions to exit from FEV’s equity method investment in Global Holdings, a $13 million (pre-tax) impairment charge was recognized in the fourth quarter of 2024 and is included within "Equity method investment earnings, net” on the Consolidated Statements of Income and within Corporate/Other for segment reporting.
As of December 31, 2024 and 2023, the carrying value of the equity method investment was $45 million and $66 million, respectively. During 2024 and 2023, FEV received cash dividends from Global Holding totaling $80 million and $165 million, respectively, which were classified with “Cash from Operating Activities” on FirstEnergy’s Consolidated Statements of Cash Flow.
PATH WV - PATH, was 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.
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. As of December 31, 2024 and 2023, the carrying
value of the equity method investment was $17 million, which is expected to be recovered through a distribution. FirstEnergy's pre-tax equity earnings in PATH-WV were immaterial for the years ended December 31, 2024, 2023 and 2022.
GOODWILL

In a business combination, the excess of the purchase price over the estimated fair value of the assets acquired and liabilities assumed is recognized as goodwill. FirstEnergy evaluates goodwill for impairment annually on July 31 and more frequently if indicators of impairment arise. In evaluating goodwill for impairment, FirstEnergy assesses qualitative factors to determine whether it is more likely than not (that is, likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying value (including goodwill). If FirstEnergy concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, then no further testing is required. However, if FirstEnergy concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value or bypasses the qualitative assessment, then the quantitative goodwill impairment test is performed to identify a potential goodwill impairment and measure the amount of impairment to be recognized, if any.
In accordance with GAAP, the modification to the segments in the first quarter of 2024 resulted in a transfer of goodwill between the segments based on the relative fair value of the reporting units, and as such, the segment goodwill balances do not necessarily represent the goodwill balances of the specific legal entities within the segments. 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 and allocate resources.

The fair values of the reporting units were calculated using a discounted cash flow analysis. Key assumptions incorporated in the discounted cash flow analysis included discount rates, growth rates, projected operating income, changes in working capital, projected capital investments, and terminal multiples. The discounted cash flow analysis was also utilized to complete an impairment assessment before and after the segment change, with no impairment of goodwill indicated.

As of July 31, 2024, FirstEnergy performed a qualitative assessment of its reporting units' goodwill, assessing economic, industry and market considerations in addition to the reporting units' overall financial performance. Key factors used in the assessment included: growth rates, interest rates, expected investments, utility sector market performance, regulatory and legal developments, and other market considerations. It was determined that the fair values of these reporting units were, more likely than not, greater than their carrying values and a quantitative analysis was not necessary.

FirstEnergy's reporting units are consistent with its reportable segments and consist of Distribution, Integrated and Stand-Alone Transmission. The following table presents goodwill by reporting unit as of December 31, 2024 and 2023:
(In millions)Distribution SegmentIntegrated SegmentStand-Alone Transmission SegmentFirstEnergy Consolidated
Goodwill$3,222 $1,953 $443 $5,618 
INVENTORY

Materials and supplies inventory primarily includes fuel inventory, the distribution, transmission and generation plant materials, net of reserve for excess and obsolete inventory as well as emission allowances. Materials charged to inventory are at weighted average cost when purchased and expensed or capitalized, as appropriate, when used or installed. Fuel inventory consists primarily of coal and reagents that are consumed at MP's generation plants, and is accounted for at weighted average cost when purchased and recorded to fuel expense when consumed.

Emission allowances are accounted for as inventory at cost when purchased. FirstEnergy’s emission allowance compliance obligation, principally associated with MP's generation plant operations, is accrued to fuel expense at a weighted average cost based on each month’s emissions. When emission allowances are submitted to the EPA, inventory and the compliance obligation are reduced. Due to the ENEC, fuel, emission allowances and other fuel-related expenses have no material impact on current period earnings.
NONCONTROLLING INTEREST

FirstEnergy maintains a controlling financial interest in certain less than wholly owned subsidiaries. As a result, FirstEnergy presents the third-party investors’ ownership portion of FirstEnergy's net income, net assets and comprehensive income as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Consolidated Balance Sheets.

On May 31, 2022, Brookfield and the Brookfield Guarantors acquired 19.9% of the issued and outstanding membership interests of FET. The difference between the cash consideration received, net of transaction costs of approximately $37 million, and the carrying value of the noncontrolling interest of $451 million was recorded as an increase to OPIC. KATCo, which was a subsidiary of FET, became a wholly owned subsidiary of FE prior to the closing of the transaction and remains in the Stand-Alone Transmission segment.
On February 2, 2023, FE, along with FET, entered into the FET P&SA II with Brookfield and the Brookfield Guarantors, pursuant to which FE agreed to sell to Brookfield at the closing, and Brookfield agreed to purchase from FE, an incremental 30% equity interest in FET for a purchase price of $3.5 billion. The FET Equity Interest Sale closed on March 25, 2024 and FET continues to be consolidated in FirstEnergy’s financial statements. The difference between the purchase price, net of transaction costs and deferred taxes of approximately $32 million and $803 million respectively, and the carrying value of the NCI of $731 million, was recorded as an increase to OPIC by $1.9 billion during 2024.
PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment reflects original cost (net of any impairments recognized), including payroll and related costs such as taxes, employee benefits, administrative and general costs, and financing costs incurred to place the assets in service. The costs of normal maintenance, repairs and minor replacements are expensed as incurred. FirstEnergy recognizes liabilities for planned major maintenance projects as they are incurred.

Property, plant and equipment balances by segment as of December 31, 2024 and 2023, were as follows:
December 31, 2024
Segment
In Service(1)
Accum. Depr.(2)
Net PlantCWIPTotalAverage Service Life
(In millions)
(years)
Distribution $21,245 $(7,338)$13,907 $618 $14,525 
5 - 80
Integrated 17,080 (3,943)13,137 1,076 14,213 
5 - 100
Stand-Alone Transmission 13,509 (2,660)10,849 986 11,835 
5 - 85
Corporate/Other1,062 (607)455 74 529 
3 - 63
Total Property, Plant and Equipment $52,896 $(14,548)$38,348 $2,754 $41,102 
December 31, 2023
Segment
In Service(1)
Accum. Depr.(2)
Net PlantCWIPTotal
Average Service Life
(In millions)(years)
Distribution$20,423 $(7,008)$13,415 $417 $13,832 
5 - 80
Integrated16,180 (3,748)12,432 823 13,255 
5 - 100
Stand-Alone Transmission12,388 (2,461)9,927 828 10,755 
5 - 85
Corporate/Other1,116 (594)522 48 570 
3 - 63
Total Property, Plant and Equipment$50,107 $(13,811)$36,296 $2,116 $38,412 
(1) Includes finance leases of $46 million and $68 million as of December 31, 2024 and 2023, respectively.
(2) Includes finance lease accumulated amortization of $14 million and $33 million as of December 31, 2024 and 2023, respectively.

Integrated has approximately $2.3 billion of total regulated generation property, plant and equipment as of December 31, 2024.

FirstEnergy provides for depreciation on a straight-line basis at various rates over the estimated lives of property included in plant in service. The respective annual composite depreciation rates for FirstEnergy were approximately 2.9%, 2.8% and 2.7% in 2024, 2023 and 2022, respectively.

For the years ended December 31, 2024, 2023 and 2022, capitalized financing costs on FirstEnergy's Consolidated Statements of Income include $60 million, $44 million and $56 million, respectively, of allowance for equity funds used during construction and $73 million, $53 million and $28 million, respectively, of capitalized interest.

Asset Impairments

FirstEnergy evaluates long-lived assets classified as held and used for impairment when events or changes in circumstances indicate the carrying value of the long-lived assets may not be recoverable. First, the estimated undiscounted future cash flows attributable to the assets is compared with the carrying value of the assets. If the carrying value is greater than the undiscounted future cash flows, an impairment charge is recognized equal to the amount the carrying value of the assets exceeds its estimated fair value.

Jointly Owned Plants

AGC owns an undivided 16.25% interest (487 MWs) in the 3,003 MW Bath County pumped-storage, hydroelectric station in
Virginia, operated by the 60% owner, VEPCO, a non-affiliated utility. Total property, plant and equipment includes $142 million representing AGC's share in this facility as of December 31, 2024. AGC is obligated to pay its share of the costs of this jointly owned facility in the same proportion as its ownership interests using its own financing. AGC's share of direct expenses of the joint plant is included in operating expenses on FirstEnergy's Consolidated Statements of Income. AGC provides the generation capacity from this facility to its owner, MP, which is recovered through the ENEC.
NEW ACCOUNTING PRONOUNCEMENTS
Recently Adopted Pronouncements
ASU 2022-03, "Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions " (Issued in June 2022): ASU 2022-03 clarifies current guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, and introduces new disclosure requirements for those equity securities subject to contractual restrictions. The adoption of this ASU did not have a material impact on the financial statements.

ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures " (Issued in November 2023): ASU 2023-07 enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. Disclosure requirements within ASU 2023-07 include disclosing significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss. A public entity is also required to disclose the title and position of the individual(s) identified as the CODM as well as an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Disclosures are required on both an annual and an interim basis. The segment disclosures within have been updated to reflect the requirements of ASU 2023-07.

Recently Issued Pronouncements - The following new authoritative accounting guidance issued by the FASB has not yet been adopted. Unless otherwise indicated, FirstEnergy 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. FirstEnergy has assessed other FASB issuances of new standards not described below based upon the current expectation that such new standards will not significantly impact FirstEnergy's financial reporting.

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 FirstEnergy, 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 FirstEnergy 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.
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REVENUE
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
FirstEnergy accounts for revenues from contracts with customers under ASC 606, “Revenue from Contracts with Customers.” Revenue from leases, financial instruments, other contractual rights or obligations and other revenues that are not from contracts with customers are outside the scope of the standard and accounted for under other existing GAAP.

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.

•Distribution Segment, which consists of the Ohio Companies and FE PA;
•Integrated Segment, which consists of MP, PE and JCP&L; and
•Stand-Alone Transmission Segment, which consists of FE's ownership in FET and KATCo.

The Electric Companies distribute electricity through FirstEnergy’s utility operating companies and also controls 3,604 MWs of regulated electric generation capacity located primarily in West Virginia and Virginia. Each of the Electric Companies earns
revenue from state-regulated rate tariffs under which it provides distribution services to residential, commercial and industrial customers in its service territory. The Electric Companies are obligated under the regulated construct to deliver power to customers reliably, as it is needed, which creates an implied monthly contract with the end-use customer. See Note 14, “Regulatory Matters,” for additional information on rate recovery mechanisms. Distribution and electric revenues are recognized over time as electricity is distributed and delivered to the customer and the customers consume the electricity immediately as delivery occurs.
The following represents a disaggregation of revenue from contracts with customers for the years ended December 31, 2024, 2023 and 2022:
For the Years Ended December 31,
(In millions)202420232022
 Distribution
Retail generation and distribution services(1)
Residential $4,514 $4,344 $3,954 
Commercial 1,522 1,528 1,432 
Industrial 588 726 806 
Other 73 72 56 
Wholesale 6 20 19 
Other revenue from contracts with customers (2)
80 89 86 
Total revenues from contracts with customers6,783 6,779 6,353 
Other revenue unrelated to contracts with customers (3)
80 75 72 
Total Distribution$6,863 $6,854 $6,425 
Integrated
Retail generation and distribution services
Residential$2,528 $2,137 $2,121 
Commercial1,142 1,023 1,016 
Industrial577 545 505 
Other32 30 26 
Wholesale146 208 475 
Transmission 380 318 282 
Other revenue from contracts with customers(4)
19 24 17 
Total revenues from contracts with customers4,824 4,285 4,442 
ARP (4)
10 — — 
Other revenue unrelated to contracts with customers(3)
42 35 28 
Total Integrated $4,876 $4,320 $4,470 
Stand-Alone Transmission
ATSI $980 $967 $911 
TrAIL 269 279 270 
MAIT 436 394 340 
KATCo85 89 59 
Other (2)2 1 
Total revenues from contracts with customers1,768 1,731 1,581 
Other revenue unrelated to contracts with customers19 17 16 
Total Stand-Alone Transmission $1,787 $1,748 $1,597 
Corporate/Other, Eliminations and Reconciling Adjustments (5)
Wholesale$9 $11 $27 
Eliminations and reconciling adjustments (63)(63)(60)
Total Corporate/Other, Eliminations and Reconciling Adjustments$(54)$(52)$(33)
FirstEnergy Total Revenues $13,472 $12,870 $12,459 
(1) Includes approximately $58 million as of December 31, 2022 of customer refunds associated with the Ohio Stipulation that became effective in December 2021.
(2) Primarily includes amounts collected from customers to administer and repay securitization bonds and pole attachment revenue.
(3) Primarily includes late payment charges and revenue from FTRs.
(4) Related to lost distribution revenues associated with energy efficiency in New Jersey.
(5) Includes eliminations and reconciling adjustments of inter-segment revenues.
Retail generation sales relate to POLR, SOS, SSO and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland, as well as generation sales in West Virginia that are regulated by the WVPSC. Certain of the Electric Companies have default service obligations to provide power to non-shopping customers who have elected to continue to receive service under regulated retail tariffs. The volume of these sales varies depending on the level of shopping that occurs. Supply plans vary by state and by service territory. Default service for the Ohio Companies, FE PA, JCP&L and PE’s Maryland jurisdiction are provided through a competitive procurement process approved by each state’s respective commission. Retail generation revenues are recognized over time as electricity is delivered and consumed immediately by the customer.

Wholesale sales primarily consist of generation and capacity sales into the PJM market from FirstEnergy’s regulated electric generation capacity and NUGs. Certain of the Electric Companies may also purchase power in the PJM markets to supply power to their customers. Generally, these power sales from generation and purchases to serve load are netted hourly and reported as either revenues or purchased power on the Consolidated Statements of Income based on whether the entity was a net seller or buyer each hour. Capacity revenues are recognized ratably over the PJM planning year at prices cleared in the annual PJM Reliability Pricing Model Base Residual Auction and Incremental Auctions. Capacity purchases and sales through PJM capacity auctions are reported within revenues on the Consolidated Statements of Income. Certain capacity income (bonuses) and charges (penalties) related to the availability of units that have cleared in the auctions are unknown and not recorded in revenue until, and unless, they occur.

The Electric Companies’ distribution customers are metered on a cycle basis. An estimate of unbilled revenues is calculated to recognize electric service provided from the last meter reading through the end of the month. This estimate includes many factors, among which are historical customer usage, load profiles, estimated weather impacts, customer shopping activity and prices in effect for each class of customer. In each accounting period, the Electric Companies accrue the estimated unbilled amount as revenue and reverse the related prior period estimate. Customer payments vary by state but are generally due within 30 days.

ASC 606 excludes industry-specific accounting guidance for recognizing revenue from Alternative Revenue Programs as these programs represent contracts between the utility and its regulators, as opposed to customers. Therefore, revenues from these programs are not within the scope of ASC 606 and regulated utilities are permitted to continue to recognize such revenues in accordance with existing practice but are presented separately from revenue arising from contracts with customers.

Transmission infrastructure owned and operated by the Transmission Companies and certain of FirstEnergy's Electric Companies (JCP&L, MP and PE) transmits electricity from generation sources to distribution facilities. Transmission revenues are derived primarily from forward-looking formula rates. See Note 14, “Regulatory Matters,” for additional information. Forward-looking formula rates recover costs that the regulatory agencies determine are permitted to be recovered and provide a return on transmission capital investment. Under forward-looking formula rates, 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 rate base and actual costs. Revenues and cash receipts for the stand-ready obligation of providing transmission service are recognized ratably over time.

FirstEnergy has elected to exclude sales taxes and other similar taxes collected on behalf of third parties from revenue as prescribed in the standard. As a result, tax collections and remittances are excluded from recognition in the income statement and instead recorded through the balance sheet. Excise and gross receipts taxes that are assessed on FirstEnergy are not subject to the election and are included in revenue. FirstEnergy has elected the optional invoice practical expedient for most of its revenues and utilizes the optional short-term contract exemption for transmission revenues due to the annual establishment of revenue requirements, which eliminates the need to provide certain revenue disclosures regarding unsatisfied performance obligations.

RECEIVABLES

Receivables from contracts with customers include retail electric sales and distribution deliveries to residential, commercial and industrial customers of the Electric Companies. Billed and unbilled customer receivables as of December 31, 2024 and 2023, are included below.
As of December 31,
Customer Receivables20242023
 (In millions)
Billed(1)
$867 $717 
Unbilled718 665 
1,585 1,382 
Less: Uncollectible Reserve 55 64 
Total Customer Receivables $1,530 $1,318 
(1) Includes approximately $284 million and $288 million as of December 31, 2024 and 2023, respectively, that are past due by greater than 30 days.
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.

FirstEnergy reviews its 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. FirstEnergy’s 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 receivables for the years ended December 31, 2024, 2023 and 2022 are as follows:
(In millions)202420232022
Customer Receivables:
Beginning of year balance $64 $137 $159 
Charged to income(1)
73 8 59 
Charged to other accounts(2)
39 34 62 
Write-offs (121)(115)(143)
End of year balance $55 $64 $137 
Other Receivables:
Beginning of year balance$15 $11 $10 
Charged to income 1 7 4 
Charged to other accounts(2)
(5)(1)4 
Write-offs(5)(2)(7)
End of year balance$6 $15 $11 
(1) Customer receivable amounts charged (credited) to income for the years ended December 31, 2024, 2023, and 2022, include approximately $17 million, $(15) million, and $11 million, respectively, deferred for future recovery (refund).
(2) Represents recoveries and reinstatements of accounts previously written off for uncollectible accounts.
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EARNINGS PER SHARE OF COMMON STOCK
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE OF COMMON STOCK EARNINGS PER SHARE OF COMMON STOCK
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, as further discussed in Note 12, "Capitalization" under Long-term debt and other long-term obligations, is computed using the if-converted method.

The following table reconciles basic and diluted EPS attributable to FE:

For the Years Ended December 31,
Reconciliation of Basic and Diluted EPS of Common Stock202420232022
(In millions, except per share amounts)
Earnings Attributable to FE - continuing operations$978 $1,123 $406 
Earnings Attributable to FE - discontinued operations, net of tax— (21)— 
Earnings Attributable to FE$978 $1,102 $406 
Share Count information:
Weighted average number of basic shares outstanding575 573 571 
Assumed exercise of dilutive share-based awards2 1 1 
Weighted average number of diluted shares outstanding577 574 572 
EPS Attributable to FE:
Income from continuing operations, basic$1.70 $1.96 $0.71 
Discontinued operations, basic — (0.04)— 
Basic EPS$1.70 $1.92 $0.71 
Income from continuing operations, diluted$1.70 $1.96 $0.71 
Discontinued operations, diluted— (0.04)— 
Diluted EPS$1.70 $1.92 $0.71 

For the years ended December 31, 2024, 2023 and 2022, there was no material amount of shares excluded from the calculation of diluted shares outstanding, as their inclusion would be 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 year ended December 31, 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. See Note 12, "Capitalization" for additional details on the 2026 Convertible Notes that were issued during the second quarter of 2023.
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ACCUMULATED OTHER COMPREHENSIVE INCOME
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME ACCUMULATED OTHER COMPREHENSIVE INCOME
The changes in AOCI for the years ended December 31, 2024, 2023 and 2022, for FirstEnergy are shown in the following table:
202420232022
(In millions)
Gains & Losses on Cash Flow Hedges(1)
AOCI Balance, January 1,$2 $— $(7)
Amounts reclassified from AOCI3 2 9 
Income tax on other comprehensive income1 — 2 
Other comprehensive income, net of tax2 2 7 
AOCI Balance, December 31,$4 $2 $— 
Defined Benefit Pension & OPEB Plans(2)(3)
AOCI Balance, January 1,$(19)$(14)$(8)
Amounts reclassified from AOCI1 (6)(9)
Income tax benefits on other comprehensive loss— (1)(3)
Other comprehensive loss, net of tax1 (5)(6)
AOCI Balance, December 31,$(18)$(19)$(14)
Total FirstEnergy Corp. AOCI
AOCI Balance, January 1,$(17)$(14)$(15)
Other comprehensive income (loss), net of tax3 (3)1 
AOCI Balance, December 31,$(14)$(17)$(14)
(1) Relates to previous cash flow hedges used to hedge fixed rate long-term debt securities prior to their issuance. Amounts reclassified from AOCI affects Interest expense line item in Consolidated Statements of Income.
(2) Amortization of prior service costs are reported within Miscellaneous income, net within Other Income (Expense) on FirstEnergy’s Consolidated Statements of Income. Components are included in the computation of net periodic cost (credits), see Note 5, "Pension and Other Postemployment Benefits," for additional details.
(3) Income tax (benefits) on other comprehensive income (loss) affects Income taxes line item in Consolidated Statements of Income.
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PENSION AND OTHER POSTEMPLOYMENT BENEFITS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
PENSION AND OTHER POSTEMPLOYMENT BENEFITS PENSION AND OTHER POSTEMPLOYMENT BENEFITS
FirstEnergy provides noncontributory qualified defined benefit pension plans that cover substantially all of its employees and non-qualified pension plans that cover certain employees. The plans provide defined benefits based on years of service and compensation levels. Under the cash-balance portion of the pension plan (for employees hired on or after January 1, 2014), FirstEnergy credits amounts to eligible employee notional cash-balance accounts based on a pay credit and an interest credit.
In addition, FirstEnergy provides a minimum amount of noncontributory life insurance to retired employees in addition to optional contributory insurance to a closed group of retired employees. Health care benefits, which include certain employee contributions, deductibles and co-payments, are also available upon retirement to certain employees, their dependents and, under certain circumstances, their survivors. FirstEnergy recognizes 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. FirstEnergy also has obligations to former or inactive employees after employment, but before retirement, for disability-related benefits.

FirstEnergy’s pension funding policy is based on actuarial computations using the projected unit credit method. 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.
Pension and OPEB costs are affected by employee demographics (including age, compensation levels and employment periods), the level of contributions made to the plans and earnings on plan assets. Pension and OPEB costs may also be affected by changes in key assumptions, including anticipated rates of return on plan assets, the discount rates and health care trend rates used in determining the projected benefit obligations for pension and OPEB costs. FirstEnergy uses a December 31 measurement date for its pension and OPEB plans or whenever a plan is determined to qualify for a remeasurement. The fair value of the plan assets represents the actual market value as of the measurement date.
In December 2023, FirstEnergy, executed a lift-out transaction with Banner Life Insurance Company and Reinsurance Group of America that transferred approximately $683 million of plan assets and $719 million of plan obligations, associated with approximately 1,900 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 participants as a result of the transfer. The transaction was funded by pension plan assets and resulted in a pre-tax gain of approximately $36 million, which was included in the fourth quarter 2023 pension and OPEB mark-to-market adjustment charge.

Additionally, in January 2025, FirstEnergy executed a lift-out transaction with MetLife, that 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. Similar to the lift-out in 2023, 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.
Actuarial Assumptions PensionOPEB
2024
2023 (2)
20222024
2023 (2)
2022
Assumptions Related to Benefit Obligations:
Discount rate5.72 %5.05 %5.23 %5.60 %4.97 %5.16 %
Rate of compensation increase4.30 %4.30 %4.30 %N/AN/AN/A
Cash balance weighted average interest crediting rate4.37 %4.94 %4.04 %N/AN/AN/A
Assumptions Related to Benefit Costs:(1)
Effective rate for interest on benefit obligations 4.92 %
5.10% / 4.80%
2.44 %4.88 %5.06 %2.18 %
Effective rate for service costs 5.17 %
5.34% / 5.11%
3.28 %5.23 %5.41 %3.41 %
Effective rate for interest on service costs 5.05 %
5.22% / 4.94%
2.96 %5.16 %5.33 %3.24 %
Expected return on plan assets8.00 %8.00 %7.50 %7.00 %7.00 %7.50 %
Rate of compensation increase4.30 %4.30 %4.10 %N/AN/AN/A
Assumed Health Care Cost Trend Rates:
Health care cost trend rate assumed (pre/post-Medicare)N/AN/AN/A
7.00%-
6.00%
7.00%-
6.50%
6.00%-
5.50%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)N/AN/AN/A4.50 %4.50 %4.50 %
Year that the rate reaches the ultimate trend rateN/AN/AN/A203520332029
(1) Excludes impact of pension and OPEB mark-to-market adjustments.
(2) As a result of the interim plan remeasurement during 2023, different rates were in effect from January 1, 2023, through April 30, 2023 compared to May 1, 2023 through December 31, 2023.

Discount Rate - The discount rate is determined using currently available rates of return on high-quality fixed income investments expected to be available during the period to maturity of the pension and OPEB obligations. FirstEnergy utilizes a spot rate approach in the estimation of the components of benefit cost by applying specific spot rates along the full yield curve to the relevant projected cash flows. FirstEnergy utilizes an analytical tool developed by its actuary to determine the discount rates.

Expected Return on Plan Assets - The expected return on pension and OPEB assets is based on input from investment consultants, including the trusts’ asset allocation targets, the historical performance of risk-based and fixed income securities and other factors. The gains or losses generated as a result of the difference between expected and actual returns on plan assets is recognized as a pension and OPEB mark-to-market adjustment in the fourth quarter of each fiscal year and whenever a plan is determined to qualify for remeasurement.

Pension and OPEB Returns202420232022
 Actual gains or (losses) on plan assets - $ millions$3 $751 $(1,830)
Actual gains or (losses) on plan assets - %0.7 %11.2 %(19.1)%
Expected return on plan assets - $ millions$565 $601 $696 
Expected return on plan assets - %
8.00% for pension

7.00% for OPEB
8.00% for pension

7.00% for OPEB
7.50 %

Mortality Rates - During 2024, the Society of Actuaries elected not to release a new mortality improvement scale. It was determined that the Pri-2012 mortality table with projection scale MP-2021, actuarially adjusted to reflect increased mortality due
to the ongoing impact of COVID-19 was most appropriate and such was utilized to determine the obligation as of December 31, 2024, for the FirstEnergy pension and OPEB plans. This adjustment acknowledges COVID-19 cannot be eradicated and assumes reductions in other causes will not offset future COVID-19 deaths enough to produce a normal level of improvements.

Net Periodic Benefit Costs (Credits) - In addition to service costs, interest on obligations, expected return on plan assets, and prior service costs, FirstEnergy recognizes in net periodic benefit costs a pension and OPEB mark-to-market adjustment for the change in the 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 a remeasurement. Service costs, net of capitalization, are reported within Other operating expenses on FirstEnergy’s Consolidated Statements of 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 FirstEnergy’s Consolidated Statements of Income.
Components of Net Periodic Benefit Costs (Credits) for the Years Ended December 31,PensionOPEB
202420232022202420232022
 (In millions)
Service cost(1)
$140 $139 $184 $3 $2 $3 
Interest cost 398 428 273 20 21 11 
Expected return on plan assets (530)(570)(657)(35)(31)(39)
Amortization of prior service costs (credits)2 2 2 (1)(8)(11)
Special termination benefits(2)
— 21 — — 8 — 
Pension & OPEB mark-to-market66 108 (98)(44)(30)26 
Net periodic benefit costs (credits)$76 $128 $(296)$(57)$(38)$(10)
(1) Includes amounts capitalized.
(2) Related to benefits provided in connection with the PEER.

For the years ended December 31, 2024, 2023 and 2022, approximately $(8) million, $36 million and $15 million, respectively, of the annual pension and OPEB mark-to-market charges (credits) were allocated to companies under forward-looking formula rates, and expected to be refunded or recovered through formula transmission rates.

FirstEnergy recognizes 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.

In 2024, FirstEnergy recognized a $22 million pension and OPEB mark-to-market adjustment loss, primarily reflecting lower than expected return on assets and demographic changes partially offset by a 67 basis points increase in the discount rate used to measure pension benefit obligations.

The size of the $750 million voluntary contribution made on May 12, 2023, in relation to total pension assets triggered a remeasurement of the pension plan, and as a result, FirstEnergy recognized a non-cash, pre-tax pension and OPEB mark-to-market adjustment gain of approximately $59 million in the second quarter of 2023. FirstEnergy elected the practical expedient to remeasure pension plan assets and obligations as of April 30, 2023, which is the month-end closest to the date of the voluntary contribution.

PensionOPEB
Obligations/Funded Status - Qualified and Non-Qualified Plans2024202320242023
(In millions)
Change in benefit obligation:
Benefit obligation as of January 1$8,363 $8,828$441 $439
Service cost140 1393 2
Interest cost398 42820 21
Plan participants’ contributions— —4 4
Special termination benefits— 21— 8
Medicare retiree drug subsidy— —1 —
Lift-out transaction — (719)— —
Actuarial loss (gain)(526)256(14)8
Benefits paid(551)(590)(48)(41)
Benefit obligation as of December 31$7,824 $8,363$407 $441
Change in fair value of plan assets:
Fair value of plan assets as of January 1$6,879 $6,693$516 $460
Actual return on plan assets(62)68265 69
Lift-out transaction — (683)— —
Company contributions30 77730 24
Plan participants’ contributions— —4 4
Benefits paid(551)(590)(48)(41)
Fair value of plan assets as of December 31$6,296 $6,879$567 $516
Funded Status:
Qualified plan$(1,165)$(1,090)$— $—
Non-qualified plans(363)(394)— —
Funded Status - Net asset (liability) as of December 31 (1)
$(1,528)$(1,484)$160 $75
Accumulated benefit obligation$7,572 $7,324 $— $— 
Amounts Recognized in AOCI:
Prior service cost (credit)$2 $4 $1 $(1)
(1) The pension net liability is included in “Retirement benefits,” on the Consolidated Balance Sheets. The OPEB net asset is included in “Other” non-current assets on the Consolidated Balance Sheets.
The following tables set forth pension financial assets that are accounted for at fair value by level within the fair value hierarchy. See Note 11, "Fair Value Measurements," for a description of each level of the fair value hierarchy. There were no significant transfers between levels during 2024 and 2023.
December 31, 2024Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $1,173 $— $1,173 19 %
Public equity1,585 5 — 1,590 25 %
Fixed income— 1,425 — 1,425 23 %
Derivatives(95)37 — (58)(1)%
Total(1)
$1,490 $2,640 $— $4,130 66 %
Private - equity and debt funds(2)
1,273 20 %
Insurance-linked securities(2)
39 1 %
Hedge funds(2)
253 4 %
Real estate funds(2)
554 9 %
Total Investments$6,249 100 %
(1) Excludes $47 million as of December 31, 2024, of receivables, payables, taxes, cash collateral for derivatives and accrued income associated with financial instruments reflected within the fair value table.
(2) NAV used as a practical expedient to approximate fair value.

December 31, 2023Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $755 $— $755 11 %
Public equity1,811 4 — 1,815 26 %
Fixed income— 1,784 — 1,784 26 %
Derivatives2 37 — 39 — %
Total(1)
$1,813 $2,580 $— $4,393 63 %
Private - equity and debt funds(2)
1,296 19 %
Insurance-linked securities(2)
107 2 %
Hedge funds(2)
410 6 %
Real estate funds(2)
721 10 %
Total Investments$6,927 100 %
(1) Excludes $(48) million as of December 31, 2023, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.
(2) NAV used as a practical expedient to approximate fair value.

Private – equity and debt funds: Private equity and private debt funds primarily include limited partnerships that invest in equity or directly originated senior loans of high-quality middle market operating companies. Distributions are received periodically through the liquidation of underlying assets in each fund. For most private equity and debt funds, immediate access to capital at the limited partner’s discretion is not available and such funds prevent full redemption and return of capital until fund liquidation. The purpose of each fund is to maximize total return of capital with an emphasis on minimizing default risk. Each fund’s NAV is made available to fund participants quarterly.

Insurance Linked Securities funds: The insurance linked securities funds invest in securities which indirectly participate in portfolios of reinsurance and retrocession contracts which primarily cover catastrophe property risks. Redemptions can be achieved with 90-day notices with gating factors that may apply. The purpose of these investments is to generate attractive risk-adjusted returns that are demonstrably uncorrelated with traditional asset classes. Each fund’s NAV is made available to fund participants monthly.

Hedge funds: The hedge funds invest in a combination of long and short equity, multi-strategy, global macro and structured credit strategies. Redemptions can be achieved with 90-day notices with gating factors that may apply. The purpose of these investments is to deliver diversified risk-adjusted returns to traditional asset classes. Each fund’s NAV is made available to fund participants monthly.

Real estate funds: The real estate funds primarily invest in U.S commercial real estate markets that include office, residential, retail, industrial, life science/lab space, storage and student housing. The investment values of the real estate properties are determined on a quarterly basis by independent market appraisers hired by the board of directors of each fund. Distributions from each fund will be received as the underlying investments of the fund are liquidated. Each investor’s ability to withdraw capital from certain funds may be limited depending on whether a queue has been established. The purpose of each fund is to invest in real estate and real estate related assets that generate a total return from current income and capital appreciation which exceeds the applicable fund’s index. Each fund’s NAV is made available to fund participants quarterly.

As of December 31, 2024, and 2023, the OPEB trust investments measured at fair value were as follows:
December 31, 2024Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $112 $— $112 20 %
Public equity314 — — 314 55 %
Fixed income— 146 — 146 25 %
Total(1)
$314 $258 $— $572 100 %
(1) Excludes $(5) million as of December 31, 2023, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.

December 31, 2023Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $100 $— $100 19 %
Public equity258 — — 258 50 %
Fixed income:— 158 — 158 31 %
Total(1)
$258 $258 $— $516 100 %

FirstEnergy’s target asset allocations for its pension and OPEB trust portfolios for 2024 were as follows:
Target Asset Allocations
Pension OPEB
Equities30 %50 %
Fixed income28.5 %50 %
Alternative investments 5 %— %
Real estate10 %— %
Private - equity and debt funds20 %— %
Cash and derivatives 6.5 %— %
100 %100 %
FirstEnergy follows a total return investment approach using a mix of equities, fixed income and other available investments while taking into account the pension plan liabilities to optimize the long-term return on plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed-income investments. Equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value, and small and large capitalization funds. Other assets such as real estate and private equity are used to enhance long-term returns while improving portfolio diversification. Derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives are not used to leverage the portfolio beyond the market value of the underlying investments. Investment risk is measured and monitored on a continuing basis through periodic investment portfolio reviews, annual liability measurements and periodic asset/liability studies.

Taking into account estimated employee future service, FirstEnergy expects to make the following benefit payments from plan assets and other payments, net of participant contribution.
OPEB
Pension Benefit Payments
Benefit Payments (1)
Subsidy Receipts
(In millions)
2025$1,150 $43 $— 
2026514 42 (1)
2027519 41 — 
2028524 39 (1)
2029528 37 — 
Years 2030-20342,652 163 (3)
(1) Net of participant contributions.
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STOCK-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION PLANS STOCK-BASED COMPENSATION PLANS
FirstEnergy grants stock-based awards through the ICP 2020, primarily in the form of restricted stock and performance-based restricted stock units. No shares are available for future grants or issuance under ICP 2015.

The ICP 2020 and ICP 2015 include shareholder authorization to each issue 10 million shares of common stock or their equivalent. Shares not issued due to forfeitures or cancellations originally granted through the ICP 2015 may be added back to the ICP 2020. As of December 31, 2024, approximately 8.5 million shares were available for future grants under the ICP 2020 assuming maximum performance metrics are achieved for the outstanding cycles of restricted stock units. Shares granted under the ICP 2020 are issued from authorized but unissued common stock. Vesting periods for stock-based awards range from less
than a year, primarily due to the issuance of prorated awards to newly hired executives, to four years, with the majority of awards having a vesting period of three years. FirstEnergy also issues stock through its 401(k) savings plan and DCPD.

Currently, FirstEnergy records the compensation costs for stock-based compensation awards that will be paid in stock over the vesting period based on the fair value on the grant date. FirstEnergy accounts for forfeitures as they occur.

FirstEnergy adjusts the compensation costs for stock-based compensation awards that will be paid in cash based on changes in the fair value of the award as of each reporting date. FirstEnergy records the actual tax benefit realized from tax deductions when awards are exercised or settled. Actual income tax benefits realized during the years ended December 31, 2024, 2023 and 2022, were $17 million, $6 million and $8 million, respectively. The income tax effects of awards are recognized in the income statement when the awards vest, are settled or are forfeited.

Stock-based compensation costs and the amount of stock-based compensation costs capitalized related to FirstEnergy plans for the years ended December 31, 2024, 2023 and 2022, are included in the following tables:
For the Years Ended December 31,
Stock-based Compensation Plan202420232022
(In millions)
Restricted stock units $32 $39 $55 
Restricted stock7 5 3 
401(k) savings plan41 38 36 
EDCP & DCPD6 1 7 
   Total $86 $83 $101 
Stock-based compensation costs, net of amounts capitalized$43 $44 $54 

Income tax benefits associated with stock-based compensation plan expense were $5 million, $6 million and $8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Restricted Stock Units

Two-thirds of each performance-based restricted stock unit award will be paid in stock and one-third will be paid in cash. Restricted stock units payable in stock provide the participant the right to receive, at the end of the period of restriction, a number of shares of common stock equal to the number of stock units set forth in the agreement, subject to adjustment based on FirstEnergy's performance relative to financial and operational performance targets applicable to each award. The grant date fair market value of the stock portion of the restricted stock unit award is measured based on the average of the high and low prices of FE common stock on the date of grant. Restricted stock units include a performance metric consisting of a relative total shareholder return modifier utilizing the S&P 500 Utility Index as a comparator group. The estimated grant date fair value for these awards is calculated using the Monte Carlo simulation method. Beginning with awards granted in 2022, restricted stock units include a relative total shareholder return as a performance metric, weighted at 35%, utilizing the S&P 500 Utility Index as a comparator group. The estimated grant date fair value for these awards is also calculated using the Monte Carlo simulation method. In addition, outstanding awards are subject to an absolute total shareholder return, if FirstEnergy's total shareholder return is negative for the three-year cumulative performance period, restricted stock unit awards will be capped at a payout of 100%.

Restricted stock units payable in cash provide the participant the right to receive cash based on the number of stock units set forth in the agreement and value of the equivalent number of shares of FE common stock as of the vesting date. The cash portion of the restricted stock unit award is considered a liability award, which is remeasured each period based on FE's stock price and projected performance adjustments. The liability recorded for the portion of performance-based restricted stock units payable in cash in the future as of December 31, 2024, was $14 million. During 2024, approximately $17 million was paid in relation to the cash portion of restricted stock unit obligations that vested in 2024.

The vesting period for the performance-based restricted stock unit awards granted in 2024, 2023 and 2022, were each approximately three years. Dividend equivalents are received on the restricted stock units and are reinvested in additional restricted stock units and subject to the same performance conditions as the underlying award.
Restricted stock unit activity for the year ended December 31, 2024, was as follows:
Restricted Stock Unit Activity
Shares
(in millions)
Weighted-Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2024
2.5 $38.82 
Granted in 2024
2.0 36.79 
Forfeited in 2024
(0.2)38.08 
Vested in 2024(1)
(1.5)36.61 
Nonvested as of December 31, 2024
2.8 $37.32 
(1) Excludes dividend equivalents of approximately 175 thousand shares earned during vesting period.

The weighted-average fair value per share of awards granted in 2024, 2023 and 2022 was $36.79, $38.36 and $41.49 per share, respectively. During the years ended 2024, 2023, and 2022, the fair value of restricted stock units vested was $55 million, $24 million, and $26 million, respectively. As of December 31, 2024, there was approximately $30 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted for restricted stock units, which is expected to be recognized over a period of approximately three years.

Restricted Stock

Certain employees receive awards of FE restricted stock (as opposed to "units" with the right to receive shares at the end of the restriction period) subject to restrictions that lapse over a defined period of time. The fair value of restricted stock is measured based on the average of the high and low prices of FE common stock on the date of grant. Dividends are received on the restricted stock and are reinvested in additional shares of restricted stock, subject to the vesting conditions of the underlying award. Restricted stock activity for the year ended 2024, was as follows:
Restricted Stock Activity
Shares
(in millions)
Weighted-Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2024
0.46 $39.57 
Granted in 2024
0.03 40.26 
Forfeited in 2024
(0.01)42.24 
Vested in 2024
(0.21)41.02 
Nonvested as of December 31,2024
0.27 $38.29 
The weighted average vesting period for restricted stock granted in 2024 was 2.6 years. As of December 31, 2024, there was $5 million of total unrecognized compensation cost related to non-vested restricted stock, which is expected to be recognized over a period of approximately 3 years.

401(k) Savings Plan

In each of 2024 and 2023, approximately 1 million shares of FE common stock, respectively, were issued and contributed to employee participants' accounts.

EDCP

Under the EDCP, certain employees can defer a portion of their compensation, including base salary, annual incentive awards and/or long-term incentive awards, into unfunded accounts. Annual incentive and long-term incentive awards may be deferred in FE stock accounts, where they are tracked as units. Base salary and annual incentive awards may be deferred into a retirement cash account which earns interest. Dividend equivalents are calculated quarterly on stock units outstanding and are credited in the form of additional stock units. Awards deferred into a retirement stock account will pay out in cash upon separation, including retirement, death or disability. Interest accrues on the cash allocated to the retirement cash account and the balance will pay out in cash as a lump sum or over a defined period of time period as elected by the participant. The liability recognized for EDCP of approximately $166 million and $175 million as of December 31, 2024 and 2023, respectively, is included in “Retirement benefits,” on the Consolidated Balance Sheets.

DCPD

Under the DCPD, members of the FE Board can elect to defer all or a portion of their equity retainers to a deferred stock account and their cash retainers to deferred stock or deferred cash accounts. The net liability recognized for DCPD of approximately $4 million as of December 31, 2024 and 2023, is included in “Retirement benefits,” on the Consolidated Balance Sheets.
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TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
TAXES TAXES
FirstEnergy records income taxes in accordance with the liability method of accounting. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts recognized for tax purposes. Investment tax credits, which were deferred when utilized, are being amortized over the recovery period of the related property. Deferred income tax liabilities related to temporary tax and accounting basis differences and tax credit carryforward items are recognized at the statutory income tax rates in effect when the liabilities are expected to be paid. Deferred tax assets are recognized based on income tax rates expected to be in effect when they are settled.

FE and its subsidiaries, other than FET and its subsidiaries, are parties to an intercompany income tax allocation agreement that provides for the allocation of consolidated tax liabilities. For periods subsequent to the closing of the FET Equity Interest Sale, FET and its subsidiaries are no longer members of the FirstEnergy consolidated group for federal income tax purposes and, instead, will file their own consolidated federal income tax return and have their own income tax allocation agreement.

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 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. 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 expected taxable income in 2024. Due to certain limitations on NOL utilization enacted in the Tax Act, approximately $1.6 billion NOL will carry 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. Previously, in the fourth quarter of 2023, FirstEnergy recognized a charge to income tax expense of approximately $58 million as a true-up of the deferred tax liability associated with the deferred tax gain.

FirstEnergy is continuing to evaluate the potential requirement to transition certain of its Electric Companies and Transmission Companies to standalone treatment for computing NOL carryforward deferred tax assets for rate making purposes and expects that if and where transitioning is required, those impacted Electric Companies and Transmission Companies will make the appropriate regulatory filing(s) in their applicable jurisdiction to include the NOL carryforward deferred tax asset in rate base and revenue requirement, which could have a material, favorable impact on future net income.

The following table provides the composite of income taxes on income from continuing operations for the years ended 2024, 2023 and 2022:
INCOME TAXES ON INCOME FROM CONTINUING OPERATIONSFor the Years Ended December 31,
202420232022
(In millions)
Currently payable -
Federal$32 $14 $— 
State29 1 11 
61 15 11 
Deferred, net -   
Federal(1)
190 279 946 
State130 (24)47 
320 255 993 
Investment tax credit amortization(4)(3)(4)
Total income taxes on income from continuing operations$377 $267 $1,000 

(1) Excludes $21 million of federal tax expense associated with discontinued operations for the year ended December 31, 2023.

FirstEnergy tax rates are affected by permanent items, such as AFUDC equity and other flow-through items, as well as discrete items that may occur in any given period but are not consistent from period to period. The following table provides a reconciliation of federal income tax expense at the federal statutory rate to the total income taxes on income from continuing operations for the years ended December 31, 2024, 2023 and 2022:
For the Years Ended December 31,
202420232022
(In millions)
Income from continuing operations, before income taxes$1,504 $1,464 $1,439 
Federal income tax expense at the 21% statutory rate $316 $307 $302 
Increases (reductions) in taxes resulting from-
State and municipal income taxes, net of federal tax benefit140 80 56 
AFUDC equity and other flow-through(30)(30)(26)
Amortization of investment tax credits(4)(3)(4)
Deductions associated with certain equity method investments(19)— — 
Taxes related to the combined sale of 49.9% of the equity interests of FET6 58 752 
Federal tax credits claimed (2)(3)(3)
Tax on distributions from FET16 — — 
Excess deferred tax amortization due to the Tax Act(52)(46)(51)
Nondeductible SEC and OAG settlements27 — — 
Remeasurement of excess deferred income taxes(43)— — 
Uncertain tax positions— 41 2 
Valuation allowances16 (146)(47)
Other, net6 9 19 
Total income taxes on income from continuing operations$377 $267 $1,000 
Effective income tax rate (continuing operations)25.1 %18.2 %69.5 %
Net accumulated deferred income tax liabilities (assets) as of December 31, 2024 and 2023, are as follows:
As of December 31,
20242023
(In millions)
Property basis differences$6,079 $5,787 
Pension and OPEB(322)(331)
Regulatory asset/liability744 647 
Deferred compensation(127)(153)
Deferred gain on 19.9% FET equity interest sale
— 810 
Loss carryforwards and tax credits(762)(2,192)
Valuation allowances240 226 
Other(239)(264)
Net accumulated deferred income tax liability$5,613 $4,530 

FirstEnergy has recorded as deferred income tax assets the effect of federal NOLs and tax credits that will more likely than not be realized through future operations and through the reversal of existing temporary differences. As of December 31, 2024, FirstEnergy's loss carryforwards primarily consisted of $1.6 billion ($343 million, net of tax) of federal NOL carryforwards, all of which have no expiration.

The table below summarizes pre-tax NOL carryforwards and their respective anticipated expirations for state and local income tax purposes of approximately $12.9 billion ($403 million, million net of tax) for FirstEnergy, of which approximately $4.7 billion ($185 million, million net of tax) is expected to be utilized based on current estimates and assumptions. The ultimate utilization of these NOLs may be impacted by statutory limitations on the use of NOLs imposed by state and local tax jurisdictions, changes in statutory tax rates, and changes in business which, among other things, impact both future profitability and the manner in which future taxable income is apportioned to various state and local tax jurisdictions.
Expiration PeriodStateLocal
(In millions)
2025-2029$1,569 $5,706 
2030-20341,279 — 
2035-2039881 — 
2040-2044978 — 
Indefinite2,450 — 
$7,157 $5,706 

The following table summarizes the changes in valuation allowances on federal, state, and local deferred tax assets related to business interest expense carryforwards and employee compensation deduction limitations under section 162(m), in addition to state and local NOLs discussed above for the years ended December 31, 2024, 2023 and 2022:

(In millions)202420232022
Beginning of year balance$226 $440 $484 
Charged to income14 (214)(44)
Charged to other accounts— — — 
Write-offs— — — 
End of year balance$240 $226 $440 

FirstEnergy accounts for uncertainty in income taxes recognized in its financial statements. A recognition threshold and measurement attribute are utilized for financial statement recognition and measurement of tax positions taken or expected to be taken on the tax return. If ultimately recognized in future years, all of the unrecognized income tax benefits would impact the effective tax rate.
The following table summarizes the changes (gross) in uncertain tax positions for the years ended December 31, 2024, 2023 and 2022:
(In millions)
Balance, January 1, 2022$47 
Prior year increases2 
        Decrease for lapse in statute(7)
Balance, December 31, 2022$42 
Prior year increases88 
Effectively settled with taxing authorities(24)
        Decrease for lapse in statute(1)
Balance, December 31, 2023$105 
Prior years increases— 
Effectively settled with taxing authorities— 
        Decrease for lapse in statute— 
Balance, December 31, 2024$105 

As of December 31, 2024, none of the unrecognized tax benefits are expected to be resolved during 2025.

FirstEnergy recognizes interest expense or income and penalties related to uncertain tax positions in income taxes by applying the applicable statutory interest rate to the difference between the tax position recognized and the amount previously taken, or expected to be taken, on the tax return. FirstEnergy includes interest expense or income and penalties in the provision for income taxes. Due to uncertain tax positions that were effectively settled with tax authorities during 2023, approximately $9 million in net interest was reversed. There was no material interest expense or income, or penalties, related to uncertain tax positions in 2024, nor does FirstEnergy have a cumulative net interest payable as of December 31, 2024.

IRS review of FirstEnergy's federal income tax return is complete through the 2020 tax year with no pending adjustments. FirstEnergy's tax returns for some state jurisdictions are open from tax years 2015-2023.

General Taxes

General tax expense for the years ended December 31, 2024, 2023 and 2022, recognized in continuing operations is summarized as follows:
For the Years Ended December 31,
202420232022
(In millions)
kWh excise$186 $185 $191 
State gross receipts247 235 219 
Real and personal property642 615 596 
Social security and unemployment113 113 105 
Other24 16 18 
Total general taxes$1,212 $1,164 $1,129 
v3.25.0.1
LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
FirstEnergy primarily leases vehicles as well as building space, office equipment, and other property and equipment under cancellable and non-cancelable leases. FirstEnergy does not have any material leases in which it is the lessor.

FirstEnergy accounts for leases under, "Leases (Topic 842)". Leases with an initial term of 12 months or less are recognized as lease expense on a straight-line basis over the lease term and not recorded on the balance sheet. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 40 years, and certain leases include options to terminate. The exercise of lease renewal options is at FirstEnergy’s sole discretion. Renewal options are included within the lease liability if they are reasonably certain based on various factors relative to the contract. Certain leases also include options to purchase the leased property. The depreciable life of leased assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. FirstEnergy’s lease agreements do not contain any material restrictive covenants. FirstEnergy has elected a policy to not separate lease components from non-lease components for all asset classes.
For vehicles leased under certain master lease agreements, the lessor is guaranteed a residual value up to a stated percentage of the equipment cost at the end of the lease term. If the actual fair value of the leased equipment is below the guaranteed residual value at the end of the lease term, FirstEnergy is committed to pay the difference in the actual fair value and the residual value guarantee. FirstEnergy does not believe it is probable that it will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

In December 2023, FirstEnergy exercised a purchase option within their lease to purchase the General Office building in Akron, Ohio, with the intention to sell it in the future.

Finance leases for assets used in regulated operations are recognized in FirstEnergy’s Consolidated Statements of Income such that amortization of the right-of-use asset and interest on lease liabilities equals the expense recorded for ratemaking purposes. Finance leases for regulated and non-regulated operations are accounted for as if the assets were owned and financed, with associated expense recognized in Interest expense and Provision for depreciation on FirstEnergy’s Consolidated Statements of Income, while all operating lease expenses are recognized in Other operating expense. The components of lease expense were as follows:
For the Year Ended December 31, 2024
(In millions)VehiclesBuildingsOtherTotal
Operating lease costs(1)
$82 $3 $6 $91 
Finance lease costs:
Amortization of right-of-use assets 1 1 2 4 
Interest on lease liabilities — 2 — 2 
Total finance lease cost1 3 2 6 
Total lease cost $83 $6 $8 $97 
(1) Includes $35 million of short-term lease costs.

For the Year Ended December 31, 2023
(In millions)VehiclesBuildingsOtherTotal
Operating lease costs(1)
$60 $5 $14 $79 
Finance lease costs:
Amortization of right-of-use assets 4 2 2 8 
Interest on lease liabilities — 5 — 5 
Total finance lease cost4 7 2 13 
Total lease cost $64 $12 $16 $92 
(1) Includes $27 million of short-term lease costs.

For the Year Ended December 31, 2022
(In millions)VehiclesBuildingsOtherTotal
Operating lease costs(1)
$50 $8 $15 $73 
Finance lease costs:
Amortization of right-of-use assets 10 1 2 13 
Interest on lease liabilities — 3 — 3 
Total finance lease cost10 4 2 16 
Total lease cost $60 $12 $17 $89 
(1) Includes $19 million of short-term lease costs.
Supplemental cash flow information related to leases was as follows:
For the Years Ended December 31,
(In millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$60 $54 $56 
Operating cash flows from finance leases2 33
Finance cash flows from finance leases2 812
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $69 $13 $26 
Finance leases — — — 

Lease terms and discount rates were as follows:
As of December 31,
202420232022
Weighted-average remaining lease terms (years)
Operating leases 5.625.937.30
Finance leases 12.3812.2611.33
Weighted-average discount rate(1)
Operating leases 5.00 %4.51 %4.22 %
Finance leases 15.39 %14.73 %14.77 %
(1) When an implicit rate is not readily determinable, an incremental borrowing rate is utilized, determining the present value of lease payments. The rate is determined based on expected term and information available at the commencement date.

Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In millions)Financial Statement Line Item20242023
Assets
Operating lease(1)
Deferred charges and other assets$228 $205 
Finance lease(2)
Property, plant and equipment32 35 
Total leased assets $260 $240 
Liabilities
Current:
Operating Other current liabilities$51 $47 
Finance Currently payable long-term debt3 3 
Noncurrent:
Operating Other noncurrent liabilities192 179 
Finance Long-term debt and other long-term obligations9 11 
Total leased liabilities $255 $240 
(1) Operating lease assets are recorded net of accumulated amortization of $174 million and $139 million as of December 31, 2024 and 2023, respectively.
(2) Finance lease assets are recorded net of accumulated amortization of $14 million and $33 million as of December 31, 2024 and 2023, respectively.
Maturities of lease liabilities as of December 31, 2024, were as follows:
(In millions)Operating LeasesFinance LeasesTotal
2025$61 $4 $65 
202656 4 60 
202748 3 51 
202843 4 47 
202928 — 28 
Thereafter 46 — 46 
Total lease payments(1)
282 15 297 
Less imputed interest 39 3 42 
Total net present value$243 $12 $255 
(1) Operating lease payments for certain leases are offset by sublease receipts of $7 million over 8 years.
As of December 31, 2024, lease agreements for vehicles and fiber lines that have not yet commenced are $40 million, which are expected to commence from 2025-2029 with lease terms of 5 to 30 years. Additionally, a building lease agreement is expected to commence in 2025 with a lease term of 22 years with annual rents of approximately $2 million.
LEASES LEASES
FirstEnergy primarily leases vehicles as well as building space, office equipment, and other property and equipment under cancellable and non-cancelable leases. FirstEnergy does not have any material leases in which it is the lessor.

FirstEnergy accounts for leases under, "Leases (Topic 842)". Leases with an initial term of 12 months or less are recognized as lease expense on a straight-line basis over the lease term and not recorded on the balance sheet. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 40 years, and certain leases include options to terminate. The exercise of lease renewal options is at FirstEnergy’s sole discretion. Renewal options are included within the lease liability if they are reasonably certain based on various factors relative to the contract. Certain leases also include options to purchase the leased property. The depreciable life of leased assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. FirstEnergy’s lease agreements do not contain any material restrictive covenants. FirstEnergy has elected a policy to not separate lease components from non-lease components for all asset classes.
For vehicles leased under certain master lease agreements, the lessor is guaranteed a residual value up to a stated percentage of the equipment cost at the end of the lease term. If the actual fair value of the leased equipment is below the guaranteed residual value at the end of the lease term, FirstEnergy is committed to pay the difference in the actual fair value and the residual value guarantee. FirstEnergy does not believe it is probable that it will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

In December 2023, FirstEnergy exercised a purchase option within their lease to purchase the General Office building in Akron, Ohio, with the intention to sell it in the future.

Finance leases for assets used in regulated operations are recognized in FirstEnergy’s Consolidated Statements of Income such that amortization of the right-of-use asset and interest on lease liabilities equals the expense recorded for ratemaking purposes. Finance leases for regulated and non-regulated operations are accounted for as if the assets were owned and financed, with associated expense recognized in Interest expense and Provision for depreciation on FirstEnergy’s Consolidated Statements of Income, while all operating lease expenses are recognized in Other operating expense. The components of lease expense were as follows:
For the Year Ended December 31, 2024
(In millions)VehiclesBuildingsOtherTotal
Operating lease costs(1)
$82 $3 $6 $91 
Finance lease costs:
Amortization of right-of-use assets 1 1 2 4 
Interest on lease liabilities — 2 — 2 
Total finance lease cost1 3 2 6 
Total lease cost $83 $6 $8 $97 
(1) Includes $35 million of short-term lease costs.

For the Year Ended December 31, 2023
(In millions)VehiclesBuildingsOtherTotal
Operating lease costs(1)
$60 $5 $14 $79 
Finance lease costs:
Amortization of right-of-use assets 4 2 2 8 
Interest on lease liabilities — 5 — 5 
Total finance lease cost4 7 2 13 
Total lease cost $64 $12 $16 $92 
(1) Includes $27 million of short-term lease costs.

For the Year Ended December 31, 2022
(In millions)VehiclesBuildingsOtherTotal
Operating lease costs(1)
$50 $8 $15 $73 
Finance lease costs:
Amortization of right-of-use assets 10 1 2 13 
Interest on lease liabilities — 3 — 3 
Total finance lease cost10 4 2 16 
Total lease cost $60 $12 $17 $89 
(1) Includes $19 million of short-term lease costs.
Supplemental cash flow information related to leases was as follows:
For the Years Ended December 31,
(In millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$60 $54 $56 
Operating cash flows from finance leases2 33
Finance cash flows from finance leases2 812
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $69 $13 $26 
Finance leases — — — 

Lease terms and discount rates were as follows:
As of December 31,
202420232022
Weighted-average remaining lease terms (years)
Operating leases 5.625.937.30
Finance leases 12.3812.2611.33
Weighted-average discount rate(1)
Operating leases 5.00 %4.51 %4.22 %
Finance leases 15.39 %14.73 %14.77 %
(1) When an implicit rate is not readily determinable, an incremental borrowing rate is utilized, determining the present value of lease payments. The rate is determined based on expected term and information available at the commencement date.

Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In millions)Financial Statement Line Item20242023
Assets
Operating lease(1)
Deferred charges and other assets$228 $205 
Finance lease(2)
Property, plant and equipment32 35 
Total leased assets $260 $240 
Liabilities
Current:
Operating Other current liabilities$51 $47 
Finance Currently payable long-term debt3 3 
Noncurrent:
Operating Other noncurrent liabilities192 179 
Finance Long-term debt and other long-term obligations9 11 
Total leased liabilities $255 $240 
(1) Operating lease assets are recorded net of accumulated amortization of $174 million and $139 million as of December 31, 2024 and 2023, respectively.
(2) Finance lease assets are recorded net of accumulated amortization of $14 million and $33 million as of December 31, 2024 and 2023, respectively.
Maturities of lease liabilities as of December 31, 2024, were as follows:
(In millions)Operating LeasesFinance LeasesTotal
2025$61 $4 $65 
202656 4 60 
202748 3 51 
202843 4 47 
202928 — 28 
Thereafter 46 — 46 
Total lease payments(1)
282 15 297 
Less imputed interest 39 3 42 
Total net present value$243 $12 $255 
(1) Operating lease payments for certain leases are offset by sublease receipts of $7 million over 8 years.
As of December 31, 2024, lease agreements for vehicles and fiber lines that have not yet commenced are $40 million, which are expected to commence from 2025-2029 with lease terms of 5 to 30 years. Additionally, a building lease agreement is expected to commence in 2025 with a lease term of 22 years with annual rents of approximately $2 million.
v3.25.0.1
VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
FirstEnergy performs qualitative analyses based on control and economics to determine whether a variable interest classifies FirstEnergy as the primary beneficiary (a controlling financial interest) of a VIE. An enterprise has a controlling financial interest if it has both power and economic control, such that an entity has: (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. FirstEnergy consolidates 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 FirstEnergy's Consolidated Balance Sheets include approximately $12 billion and $11 billion of consolidated VIE assets, as of December 31, 2024 and 2023, respectively, that can only be used to settle the liabilities of the applicable VIE. Total liabilities include approximately $9.1 billion and $7.8 billion as of December 31, 2024 and 2023, respectively, of consolidated VIE liabilities for which the VIE's creditors do not have recourse to FirstEnergy.

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 utility. As of December 31, 2024 and 2023, $175 million and $191 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 December 31, 2024 and 2023, $188 million and $218 million of environmental control bonds were outstanding, respectively.
FirstEnergy's Consolidated Balance Sheets includes restricted cash of $40 million as of December 31, 2024 and 2023 which is related to cash collected from MP, PE and the Ohio Companies' customers that is specifically used to service debt of their respective funding companies.

FET

FET is a holding company that owns equity interests in ATSI, MAIT, TrAIL and PATH. As further discussed above, on February 2, 2023, FE entered into an agreement with Brookfield to sell an incremental 30% equity interest in FET, which closed on March 25, 2024. As of December 31, 2024 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 the consolidated financial statements as of December 31, 2024 and 2023. 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 FirstEnergy.

Assets December 31,
2024		December 31,
2023
Cash and cash equivalents$8 $76 
Receivables9488 
Materials and supplies, at average cost1 1 
Prepaid taxes and other21 23 
Total current assets 124 188 
Property, plant and equipment, net11,217 10,227 
Goodwill224 224 
Investments 19 19 
Regulatory assets18 16 
Other334 310 
Total noncurrent assets 11,812 10,796 
TOTAL ASSETS$11,936 $10,984 


LiabilitiesDecember 31,
2024		December 31,
2023
Currently payable long-term debt$625 $— 
Short-term borrowings 300 — 
Accounts payable— 2 
Accrued interest68 63 
Accrued taxes306 262 
Other15 14 
Total current liabilities 1,314 341 
Long-term debt and other long-term obligations5,239 5,275 
Accumulated deferred income taxes1,412 1,218 
Regulatory liabilities442 307 
Other299 285 
Total noncurrent liabilities 7,392 7,085 
TOTAL LIABILITIES$8,706 $7,426 
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.

FirstEnergy evaluated its 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 December 31, 2024, FirstEnergy maintains four long-term PPAs with NUG entities that were entered into pursuant to the Public Utility Regulatory Policies Act of 1978. FirstEnergy was not involved in the creation of, and has no equity or debt invested in, any of these entities. FirstEnergy has determined that, it does not have a variable interest, or the entities do not meet the criteria to be considered a VIE.
Because FirstEnergy has no equity or debt interests in the NUG entities, its maximum exposure to loss relates primarily to the above-market costs incurred for power. FirstEnergy expects any above-market costs incurred at its Distribution and Integrated segments to be recovered from customers.
v3.25.0.1
ASSET RETIREMENT OBLIGATIONS
 12 Months Ended
Dec. 31, 2024
Asset Retirement Obligation [Abstract]  
ASSET RETIREMENT OBLIGATIONS ASSET RETIREMENT OBLIGATIONS
FirstEnergy recognizes an ARO for its legal obligation to perform asset retirement activities associated with its long-lived assets. The ARO liability represents an estimate of the fair value of FirstEnergy's 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. FirstEnergy uses an expected cash flow approach 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, FirstEnergy has 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, FirstEnergy has recognized conditional retirement obligations, primarily for asbestos remediation.

The following table summarizes the changes to the ARO balances during 2024 and 2023:
ARO Reconciliation(In millions)
Balance, January 1, 2023$185 
Changes in timing and amount of estimated cash flows10 
Liabilities settled (2)
Accretion16 
Balance, December 31, 2023$209 
Changes in timing and amount of estimated cash flows131 
Liabilities incurred95 
Liabilities settled (4)
Accretion24 
Balance, December 31, 2024$455 
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. As of December 31, 2024, AE Supply continues to operate the dry landfill adjacent to McElroy’s Run as a disposal facility for Pleasants Power Station. During the second quarter of 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 and corresponding increase to “Other operating expense” of $87 million at Corporate/Other for segment reporting. On February 3, 2025, AE Supply executed an environmental liability transfer agreement with a subsidiary of IDA Power, LLC, whereby AE Supply will transfer the McElroy’s Run CCR impoundment facility and adjacent dry landfill and related remediation obligations. The agreement requires
AE Supply to establish a $160 million escrow account that AE Supply will fund over five years. The escrow funding obligation will be secured by a surety bond, which will be guaranteed by FE. The transaction is expected to close before the end of the first quarter of 2025 and the derecognition of the ARO is not expected to have a material impact to FirstEnergy’s financial statements, however, no assurances of the closing of the transfer will be satisfied, including transfer of all required environmental permits.

As further discussed below, on May 8, 2024, the EPA finalized changes to the CCR rule addressing certain legacy CCR disposal sites which 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. As a result, FirstEnergy recorded a $139 million increase to its ARO in 2024, of which $113 million is included in “Other operating expenses” on the Consolidated Statements of Income and was not capitalized as an asset retirement cost since the associated plants are closed. Of the $113 million expensed in 2024, $16 million is included with Integrated, $46 million is included within Distribution and $51 million at Corporate/Other for segment reporting.
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.
v3.25.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
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.

FirstEnergy primarily applies the market approach for recurring fair value measurements using the best information available. Accordingly, FirstEnergy maximizes the use of observable inputs and minimizes the use of unobservable inputs. There were no changes in valuation methodologies used as of December 31, 2024, from those used as of December 31, 2023. 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.

For investments reported at NAV where there is no readily determinable fair value, a practical expedient is available that allows the NAV to approximate fair value. Investments that use NAV as a practical expedient are excluded from the requirement to be categorized within the fair value hierarchy tables. Instead, these investments are reported outside of the fair value hierarchy
tables to assist in the reconciliation of investment balances reported in the tables to the balance sheet. FirstEnergy has elected the NAV practical expedient for investments in private equity funds, insurance-linked securities, hedge funds (absolute return) and real estate funds held within the pension plan. See Note 5, "Pension and Other Postemployment Benefits" for the pension financial assets accounted for at fair value by level within the fair value hierarchy.

The following tables set forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy:
December 31, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$— $— $7 $7 $— $— $4 $4 
Equity securities2 — — 2 2 — — 2 
U.S. state debt securities— 276 — 276 — 275 — 275 
Cash, cash equivalents and restricted cash(2)
154 — — 154 179 — — 179 
Other(3)
— 45 — 45 — 40 — 40 
Total assets$156 $321 $7 $484 $181 $315 $4 $500 
Liabilities
Derivative liabilities FTRs(1)
$— $— $— $— $— $— $(1)$(1)
Total liabilities$— $— $— $— $— $— $(1)$(1)
Net assets (liabilities)$156 $321 $7 $484 $181 $315 $3 $499 
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.
(2) Restricted cash of $43 million and $42 million as of December 31, 2024 and 2023, respectively, primarily relates to cash collected from MP, PE and the Ohio Companies' customers that is specifically used to service debt of their respective funding companies. See Note 12, Capitalization for additional information.
(3) Primarily consists of short-term 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. FirstEnergy has 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 United States Department of Energy 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 nuclear fuel disposal trusts as of December 31, 2024 and 2023:
December 31, 2024(1)
December 31, 2023(2)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$299 $— $(23)$276 $301 $1 $(27)$275 
(1) Excludes short-term cash investments of $6 million.
(2) Excludes short-term cash investments of $6 million.
Proceeds from the sale of investments in AFS debt securities, realized gains and losses on those sales and interest and dividend income for the years ended December 31, 2024, 2023 and 2022, were as follows:
For the Years Ended December 31,
202420232022
(In millions)
Sale Proceeds$121 $38 $48 
Realized Gains— — 8 
Realized Losses(15)(3)(13)
Interest and Dividend Income13 12 11 


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 the “Miscellaneous Income, net” line of FirstEnergy’s Consolidated Statements of Income. Other investments were $370 million and $382 million as of December 31, 2024 and 2023, respectively, and are excluded from the amounts reported above. See Note 1, "Organization and Basis of Presentation," for additional information on FirstEnergy's equity method investments.

For the years ended December 31, 2024, 2023 and 2022, pre-tax income (expense) related to corporate-owned life insurance policies were $16 million, $18 million and $(20) 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, FirstEnergy believes 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 December 31, 2024 and 2023:
As of December 31,
 20242023
(In millions)
Carrying Value$23,594 $24,254 
Fair Value22,128 $23,003 

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 FirstEnergy. FirstEnergy classified short-term borrowings, long-term debt and other long-term obligations as Level 2 in the fair value hierarchy as of December 31, 2024 and 2023.

See Note 12, "Capitalization," for further information on long-term debt issued and redeemed during the twelve months ended December 31, 2024.
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CAPITALIZATION
 12 Months Ended
Dec. 31, 2024
Capitalization, Long-Term Debt and Equity [Abstract]  
CAPITALIZATION CAPITALIZATION
COMMON STOCK

Dividends

Dividends declared and paid per share of common stock during 2024 and 2023 were as follows:
Dividends Declared Dividends Paid
2024202320242023
Q1 $0.425 $0.390 $0.410 $0.390 
Q2— 0.390 0.425 0.390 
Q30.850 0.410 0.425 0.390 
Q40.425 0.410 0.425 0.410 
Total $1.700 $1.600 $1.685 $1.580 

The amount and timing of all dividend declarations are subject to the discretion of the FE Board and its consideration of business conditions, results of operations, financial condition, and other factors. In addition to declaring dividends from retained earnings, FE can declare dividends from paid-in capital accounts.

When FE makes distributions to shareholders, it is required to subsequently determine and report the tax characterization of those distributions for purposes of shareholders’ income taxes. Whether a distribution is characterized as a dividend or a return of capital (and possible capital gain) depends upon an internal tax calculation to determine earnings and profits for income tax purposes. Earnings and profits should not be confused with earnings or net income under GAAP. Further, after FE reports the expected tax characterization of distributions it has paid, the actual characterization could vary from its expectation with the result that holders of FE's common stock could incur different income tax liabilities than expected.

In general, distributions are characterized as dividends to the extent the amount of such distributions do not exceed FE's calculation of current or accumulated earnings and profits. Distributions in excess of current and accumulated earnings and profits may be treated as a non-taxable return of capital. Generally, a non-taxable return of capital will reduce an investor’s basis in FirstEnergy's stock for federal tax purposes, which will impact the calculation of gain or loss when the stock is sold.

Based on the closing of the FET Equity Interest Sale on March 25, 2024, FE realized an approximate $7 billion tax gain in 2024. FE expects that this tax gain created sufficient earnings and profits to cause distributions made during 2024 and the next several years, to be characterized as dividends for federal income tax purposes. Upon such characterization, shareholders are urged to consult their own tax advisors regarding the income tax treatment of FE's distributions to them.

In addition to paying dividends from retained earnings, the Ohio Companies and JCP&L have authorization from FERC to pay cash dividends to FE from paid-in capital accounts, as long as their FERC-defined equity-to-total-capitalization ratio remains above 35%. In addition, AGC has authorization from FERC to pay cash dividends to its parent, MP, from paid-in capital accounts, as long as its FERC-defined equity-to-total-capitalization ratio remains above 45%. The governance documents, indentures, regulatory limitations, and FET P&SA II, and various other agreements, including those relating to the long-term debt of certain FirstEnergy subsidiaries contain provisions that could further restrict the payment of dividends on their common stock. None of these provisions materially restricted FirstEnergy subsidiaries’ abilities to pay cash dividends to FE as of December 31, 2024.
Common Stock Issuance

FE issued approximately 3 million shares of common stock in 2024, 2 million shares of common stock in 2023 and 2 million shares of common stock in 2022 to registered shareholders and its directors and the employees of its subsidiaries under its Stock Investment Plan and certain share-based benefit plans.

PREFERRED AND PREFERENCE STOCK

FirstEnergy and certain of its subsidiaries are authorized to issue preferred stock and preference stock as of December 31, 2024, as follows:
Preferred StockPreference Stock
Shares AuthorizedPar ValueShares AuthorizedPar Value
FE5,000,000 $100   
OE6,000,000 $100 8,000,000 no par
OE8,000,000 $25   
CEI4,000,000 no par3,000,000 no par
TE3,000,000 $100 5,000,000 $25 
TE12,000,000 $25 
JCP&L15,600,000 no par
MP940,000 $100 
PE10,000,000 $0.01 

As of December 31, 2024 and 2023, there were no preferred stock or preference stock outstanding.

LONG-TERM DEBT AND OTHER LONG-TERM OBLIGATIONS

The following tables present outstanding long-term debt and finance lease obligations for FirstEnergy as of December 31, 2024 and 2023:

As of December 31, 2024As of December 31,
Maturity DateInterest Rate20242023
(In millions)
FMBs and secured notes - fixed rate2026-2059
2.650% - 8.250%
$4,963 $5,709 
Unsecured notes - fixed rate2025-2050
1.600% - 6.875%
18,631 18,545 
Finance lease obligations12 14 
Unamortized debt discounts(14)(9)
Unamortized debt issuance costs(122)(127)
Unamortized fair value adjustments3 3 
Currently payable long-term debt(977)(1,250)
Total long-term debt and other long-term obligations$22,496 $22,885 

See Note 8, "Leases," for additional information related to finance leases.
FirstEnergy had the following redemptions and issuances during the twelve months ended December 31, 2024:

CompanyTypeRedemption/Issuance DateInterest RateMaturityAmount
(In millions)		Description
Redemptions(1)
FEUnsecured NotesApril, 20247.375%2031$463
FE redeemed all of its remaining $463 million of 2031 Notes including a premium of approximately $80 million ($63 million after-tax). In addition, FE recognized approximately $4 million ($3 million after-tax) of deferred cash flow hedge losses and $1 million in other unamortized debt costs and fees associated with the FE debt redemptions.
JCP&LUnsecured NotesApril, 20244.70%2024$500JCP&L redeemed unsecured notes that became due.
MPFMBsApril, 20244.10%2024$400MP redeemed FMBs that became due.
CEIFMBsAugust, 20245.50%2024$300CEI redeemed FMBs that became due.
FE PAUnsecured NotesDecember, 20244.00%2025$250
On December 30, 2024, FE PA caused to be redeemed $250 million of 4.00% senior notes due 2025.
FE PAUnsecured NotesDecember, 20244.15%2025$200
On December 30, 2024, FE PA caused to be redeemed $200 million of 4.15% senior notes due 2025.
FETUnsecured NotesDecember, 20244.35%2025$600
On December 30, 2024, FET caused to be redeemed $600 million of 4.35% senior notes due 2025.
Issuances
ATSIUnsecured NotesMarch, 20245.63%2034$150Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MAITUnsecured NotesMay, 20245.94%2034$250Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
FETUnsecured Notes with registration rightsSeptember, 20244.55%2030$400
Proceeds were used to repay short-term borrowings, to redeem FET's $600 million 4.35% notes due 2025, to finance capital expenditures and for other general corporate purposes.
FETUnsecured Notes with registration rightsSeptember, 20245.00%2035$400
Proceeds were used to repay short-term borrowings, to redeem FET's $600 million 4.35% notes due 2025, to finance capital expenditures and for other general corporate purposes.
KATCoUnsecured NotesNovember, 20245.17%2035$200Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
JCP&LUnsecured Notes with registration rightsDecember, 20245.10%2035$700Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
(1) Excludes principal payments on securitized bonds.

As noted above, on September 5, 2024, FET issued $400 million of unsecured senior notes due in 2030 and $400 million of unsecured senior notes due in 2035 in a private offering that included a registration rights agreement in which FET agreed to conduct an exchange offer of these senior notes for like principal amounts registered under the Securities Act. On October 8, 2024, FET filed a registration statement on Form S-4 for the exchange offer with the SEC, which was declared effective on December 20, 2024. On January 24, 2025, FET completed an exchange offer of these senior notes for like principal amounts registered under the Securities Act.

As noted above, 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. JCP&L also agreed to file a shelf registration statement with the SEC to cover resales of the senior notes under certain circumstances. In the event that JCP&L's exchange offer is not completed or the shelf registration statement, if required, is not effective by the 366th day after December 5, 2024, or the effective shelf registration stops being effective for 60 days during any 12-month period, then additional interest will accrue on the coupon. Interest will accrue at a rate of 25 basis points for the first 90 days and an additional 25 basis points in the subsequent 90-day period, but not to exceed 50 basis points per year. However, if the additional interest is triggered, the interest rate will reset to the original notes rate once the registration statement is effective, or the shelf registration, if required, becomes effective. JCP&L plans to file a registration statement for the exchange offer before the end of the first quarter of 2025.
The following table presents scheduled debt repayments or debt that has been noticed for redemption for outstanding long-term debt, excluding finance leases, fair value purchase accounting adjustments and unamortized debt discounts and premiums, for the next five years as of December 31, 2024.

(In millions)20252026202720282029
Scheduled debt repayments $973$2,876$2,003$2,453$1,064

Convertible Notes

As discussed above, on May 4, 2023, FE issued $1.5 billion aggregate principal amount of 2026 Convertible Notes, with a fixed interest rate of 4.00% per year, payable semiannually in arrears on May 1 and November 1 of each year, beginning on November 1, 2023. The 2026 Convertible Notes are unsecured and unsubordinated obligations of FE, and will mature on May 1, 2026, unless required to be converted or repurchased in accordance with their terms. However, FE may not elect to redeem the 2026 Convertible Notes prior to the maturity date. The 2026 Convertible Notes are included within “Long-term debt and other long-term obligations” on the FirstEnergy Consolidated Balance Sheets. Proceeds from the issuance were approximately $1.48 billion, net of issuance costs.

Prior to the close of business on the business day immediately preceding February 1, 2026, the 2026 Convertible Notes will be convertible at the option of the holders only under the following conditions:

•During any calendar quarter, if the last reported sale price of FE’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five consecutive business day period immediately after any 10 consecutive trading day period in which the trading price per $1,000 principal amount of the 2026 Convertible Notes for each trading day of such 10 trading day period was less than 98% of the product of the last reported sale price of FE’s common stock and the conversion rate on each such trading day; or
•Upon the occurrence of certain corporate events specified in the indenture governing the 2026 Convertible Notes.

On and after February 1, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2026 Convertible Notes may convert all or any portion of their 2026 Convertible Notes at their option at any time at the conversion rate then in effect, irrespective of these conditions. FE will settle conversions of the 2026 Convertible Notes, if any, by paying cash up to the aggregate principal amount of the 2026 Convertible Notes being converted and by paying cash or delivering shares of FE’s common stock (or a combination of each), at its election, of its conversion obligation in excess of the aggregate principal amount of the 2026 Convertible Notes being converted.

The conversion rate for the 2026 Convertible Notes will initially be 21.3620 shares of FE’s common stock per $1,000 principal amount of the 2026 Convertible Notes (equivalent to an initial conversion price of approximately $46.81 per share of FE’s common stock). The initial conversion price of the 2026 Convertible Notes represents a premium of approximately 20% over the last reported sale price of FE’s common stock on the New York Stock Exchange on May 1, 2023. The conversion rate and the corresponding conversion price will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. FE may not elect to redeem the 2026 Convertible Notes prior to the maturity date.

If FE undergoes a fundamental change (as defined in the relevant indenture), subject to certain conditions, holders of the 2026 Convertible Notes may require FE to repurchase for cash all or any portion of their 2026 Convertible Notes at a repurchase price equal to 100% of the principal amount of the 2026 Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date (as defined in the relevant indenture). In addition, if certain fundamental changes occur, FE may be required, in certain circumstances, to increase the conversion rate for any 2026 Convertible Notes converted in connection with such fundamental changes by a specified number of shares of its common stock.

Securitized Bonds

Environmental Control Bonds

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 December 31, 2024 and 2023, $188 million and $218 million of environmental control bonds were outstanding, respectively.
Phase-In Recovery Bonds

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 utility. As of December 31, 2024 and 2023, $175 million and $191 million of the phase-in recovery bonds were outstanding, respectively.

FMBs

The Ohio Companies, FE PA, MP and PE each have a first mortgage indenture under which they can issue FMBs secured by a direct first mortgage lien on substantially all of their property and franchises, other than specifically excepted property. The outstanding debt under the FMBs of specific FE PA predecessors (WP and Penn) were assumed by FE PA.

Debt Covenant Default Provisions

FirstEnergy has various debt covenants under certain financing arrangements, including its revolving credit facilities and term loans. The most restrictive of the debt covenants relate to the nonpayment of interest and/or principal on such debt and the maintenance of certain financial ratios. The failure by FirstEnergy to comply with the covenants contained in its financing arrangements could result in an event of default, which may have an adverse effect on its financial condition. As of December 31, 2024, FirstEnergy remains in compliance with all debt covenant provisions.

Additionally, there are cross-default provisions in a number of the financing arrangements. These provisions generally trigger a default in the applicable financing arrangement of an entity if it, or any of its significant subsidiaries, default under another financing arrangement in excess of a certain principal amount, typically $100 million. Such defaults by any of the Electric Companies or Transmission Companies would cross-default certain FE financing arrangements containing these provisions, and a certain FET Financing arrangement, with respect to the Transmission Companies only. Such defaults by AE Supply would not cross-default to applicable financing arrangements of FE. Also, defaults by FE would generally not cross-default applicable financing arrangements of any of FE’s subsidiaries. Cross-default provisions are not typically found in any of the senior notes or FMBs of FE or its subsidiaries.
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SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT
FirstEnergy had $550 million and $775 million of outstanding short-term borrowings as of December 31, 2024 and 2023, respectively.

On October 24, 2024, FE and certain of its subsidiaries entered into the following amendments to each of the 2021 Credit Facilities to, among other things: (i) extend the maturity date of the 2021 Credit Facilities for an additional one-year period, from October 18, 2027 to October 18, 2028, and (ii) increase the borrowing limit of the JCP&L credit facility from $500 million to $750 million. Also on October 24, 2024, each of FET and KATCo entered into amendments of the 2023 Credit Facilities, to, among other things, extend the maturity date of the 2023 Credit Facilities for an additional one-year period, from October 20, 2028 to October 20, 2029 and from October 20, 2027 to October 20, 2028, for the FET credit facility and KATCo credit facility, respectively.

The 2021 Credit Facilities and 2023 Credit Facilities, as amended on October 24, 2024, are as follows:

•FE, $1.0 billion revolving credit facility;
•FET, $1.0 billion revolving credit facility;
•Ohio Companies, $800 million revolving credit facility;
•FE PA, $950 million revolving credit facility;
•JCP&L, $750 million revolving credit facility;
•MP and PE, $400 million revolving credit facility;
•ATSI, MAIT and TrAIL, $850 million revolving credit facility; and
•KATCo, $150 million revolving credit facility.

As of December 31, 2024, available liquidity under the 2021 and 2023 Credit Facilities totaled approximately $5.3 billion.

Borrowings under the 2021 Credit Facilities and 2023 Credit Facilities may be used for working capital and other general corporate purposes. Generally, borrowings under each of the credit facilities are available to each borrower separately and mature on the earlier of 364 days from the date of borrowing or the commitment termination date, as the same may be extended. Each of the 2021 Credit Facilities and 2023 Credit Facilities contain financial covenants requiring each borrower, with the exception of FE, to maintain a consolidated debt-to-total-capitalization ratio (as defined under each of the 2021 Credit Facilities and 2023 Credit Facilities) of no more than 65%, and 75% for FET, measured at the end of each fiscal quarter. FE is required
under its credit facility to maintain a consolidated interest coverage ratio of not less than 2.50 times, measured at the end of each fiscal quarter for the last four fiscal quarters.

Subject to each borrower’s sublimit, certain amounts are available for the issuance of LOCs (subject to borrowings drawn under the 2021 Credit Facilities and 2023 Credit Facilities) expiring up to one year from the date of issuance. The stated amount of outstanding LOCs will count against total commitments available under each of the 2021 Credit Facilities and 2023 Credit Facilities and against the applicable borrower’s borrowing sublimit. As of December 31, 2024, FirstEnergy had $170 million in outstanding LOCs, $139 million of which are issued under the revolving credit facilities.

The 2021 Credit Facilities and 2023 Credit Facilities do not contain provisions that restrict the ability to borrow or accelerate payment of outstanding advances in the event of any change in credit ratings of the borrowers. Pricing is defined in “pricing grids,” whereby the cost of funds borrowed under the 2021 Credit Facilities and the 2023 Credit Facilities are related to the credit ratings of the company borrowing the funds. Additionally, borrowings under each of the 2021 Credit Facilities and 2023 Credit Facilities are subject to the usual and customary provisions for acceleration upon the occurrence of events of default, including a cross-default for other indebtedness in excess of $100 million.

As of December 31, 2024, FE was in compliance with its applicable consolidated interest coverage ratio and the borrowers in each case as defined under the 2021 Credit Facilities and 2023 Credit Facilities, were in compliance with their debt-to-total-capitalization ratio covenants.

FirstEnergy Money Pools

FirstEnergy’s regulated operating subsidiary companies also have the ability to borrow from each other and FE to meet their short-term working capital requirements. Effective September 23, 2024, AGC and KATCo became participants in the regulated companies’ money pool. Similar but separate arrangements exist among FirstEnergy’s unregulated companies with AE Supply, FE, FET, FEV and certain other unregulated subsidiaries. As of June 1, 2024, FET no longer participated in the unregulated money pool. FESC administers these money pools and tracks surplus funds of FE and the respective regulated and unregulated subsidiaries, as the case may be, as well as proceeds available from bank borrowings. Companies receiving a loan under the money pool agreements must repay the principal amount of the loan, together with accrued interest, within 364 days of borrowing the funds. The rate of interest is the same for each company receiving a loan from their respective pool and is based on the average cost of funds available through the pool.

Average Interest RatesRegulated Companies’ Money PoolUnregulated Companies’ Money Pool
2024202320242023
For the Years Ended December 31, 5.74 %6.30 %6.44 %6.01 %

Weighted Average Interest Rates
The annual weighted average interest rates on short-term borrowings through the years ended December 31, 2024 and 2023 were 7.10% and 6.96%, respectively.
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REGULATORY MATTERS
 12 Months Ended
Dec. 31, 2024
Regulated Operations [Abstract]  
REGULATORY MATTERS REGULATORY MATTERS
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.
The following table summarizes the key terms of state base rate orders in effect for the Electric Companies as of December 31, 2024:
CompanyRates Effective For CustomersAllowed Debt/EquityAllowed ROE
CEIMay 2009
51%/ 49%
10.5%
FE PA(1)
January 2017
Settled(2)
Settled(2)
MPMarch 2024
Settled(2)
9.8%
JCP&LJune 2024
48.1% / 51.9%
9.6%
OEJanuary 2009
51% /49%
10.5%
PE (West Virginia)March 2024
Settled(2)
9.8%
PE (Maryland)October 2023
47% / 53%
9.5%
TEJanuary 2009
51% / 49%
10.5%
(1) As further discussed below, new rates became effective for customers on January 1, 2025, and did not disclose allowed debt/equity and ROE rates.
(2) Commission-approved settlement agreements did not disclose allowed debt/equity and/or ROE rates.

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 previously required each electric utility to file a plan to reduce electric consumption and demand 0.2% per year, up to the ultimate goal of 2% annual savings. The passage of the Climate Solutions Now Act of 2022 modified the annual incremental energy efficiency targets to 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. The MDPSC conducted hearings on the proposed plans for all Maryland utilities on November 6-8, 2023. On December 29, 2023, the MDPSC issued an order approving the $311 million scenario for most programs, with some modifications. On August 15, 2024, in accordance with the MDPSC directive, 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. On December 27, 2024, the MDPSC issued an order approving PE’s revised plan. PE recovers EmPOWER program costs with a return on unamortized balances through an annually reconciled surcharge, with certain costs subject to recovery over a five-year amortization period. Maryland law only allows for the utility to recover lost distribution revenue attributable to energy efficiency or demand reduction programs through a base rate case proceeding. Consistent with a December 29, 2022, order by the MDPSC phasing out the unamortized balances of EmPOWER investments, PE is required to expense 33% of its EmPOWER program costs in 2024, 67% in 2025, and 100% in 2026 and beyond. Notwithstanding the order to phase out the unamortized balances of EmPOWER investments, all previously unamortized costs for prior cycles were to be collected by the end of 2029, consistent with the plan PE submitted on January 11, 2023. In the 2024-2026 order issued on December 29, 2023, the period to pay down the unamortized balances was extended through the end of 2030. On February 21, 2024, the MDPSC approved PE’s tariff to recover costs in 2024 but directed PE to analyze alternative amortization methods for possible use in later years. On November 27, 2024, PE filed for approval of revised tariff pages reflecting an update of the PE tariff becoming effective in 2025, which included the requested analysis of alternative amortization methods. On December 18, 2024, the MDPSC approved the revised tariff pages permitting PE to continue to use its preferred amortization method. New legislation signed into law on May 9, 2024, and effective July 1, 2024, is expected to reduce the return 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 and 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. The MDPSC and Maryland Office of People’s Counsel filed intents to participate. On November 15, 2024, the parties filed a joint motion to postpone the February 7, 2025 hearing date scheduled by the court and proposed a briefing schedule. The motion was granted on December 28, 2024. PE filed a Petitioner Memorandum on December 17, 2024. The MDPSC and Maryland Office of People’s Counsel filed a Response Memorandum on January 28, 2025. PE filed a Reply Memorandum on February 20, 2025. A hearing is scheduled for 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 base rate increase approved by the NJBPU on February 14, 2024, took effect on February 15, 2024, and became effective for customers on June 1, 2024. Until those new rates became effective for customers, JCP&L was amortizing an existing regulatory liability totaling approximately $18 million to offset the base rate increase that otherwise would have occurred in this period. Under the base rate case settlement agreement, JCP&L also agreed to a two-phase reliability improvement plan to enhance the reliability related to 18 high-priority circuits, the first phase of which began on February 14, 2024, and represents an approximate investment of $95 million. Additionally, JCP&L recognized a $53 million pre-tax charge in the first quarter 2024 at the Integrated segment within “Other operating expenses” on the FirstEnergy Consolidated Statements of Income, associated with certain corporate support costs recorded to capital accounts from the FERC Audit that were determined, as a result of the settlement agreement, to be disallowed from future recovery.

JCP&L has implemented energy efficiency and peak demand reduction programs in accordance with the New Jersey Clean Energy Act as approved by the NJBPU in April 2021. The NJBPU approved plans include recovery of lost revenues resulting from the programs and a three-year plan (July 2021-June 2024) including total program costs of $203 million, of which $160 million of investment is recovered over a ten-year amortization period with a return as well as $43 million in operations and maintenance expenses and financing costs recovered on an annual basis. On May 22, 2024, the NJBPU approved JCP&L’s request for a six-month extension of the EE&C Plan I, to December 31, 2024. The budget for the extension period adds approximately $69 million to the original program cost and JCP&L will recover the costs of the extension period and the revenue impact of sales losses resulting therefrom through two separate tariff riders. On December 1, 2023, JCP&L filed a related petition with the NJBPU requesting approval of its EE&C Plan II, which covers the January 1, 2025 through June 30, 2027 period and had a proposed budget of approximately $964 million. EE&C Plan II, as filed, consisted of a portfolio of ten energy efficiency programs, one peak demand reduction program and one building decarbonization program. Under the proposal, JCP&L would recover its EE&C Plan II revenue requirements and lost revenues from reduced electricity sales associated with EE&C Plan II. On October 30, 2024, the NJBPU approved the parties’ stipulation of settlement, wherein the parties agreed to a budget of approximately $817 million for EE&C Plan II, including $784 million of investments that will earn a return on equity of 9.6%, with an equity ratio of 52%, and be recovered over 10 years.

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. Orsted’s cancellation does not affect JCP&L’s awarded projects and JCP&L is moving forward with preconstruction activities for the planned transmission infrastructure. Construction is expected to begin in 2025.

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.

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. EnergizeNJ, if approved as amended, will result in the investment of approximately $930.5 million of total estimated costs over five years. JCP&L and various parties are engaged in settlement discussions with respect to the pending EnergizeNJ petition.

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 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 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 has scheduled a technical conference for 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 compared to test period revenues, 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 compared to test period revenues 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. The Ohio Companies plan to respond and file supplemental testimony by March 24, 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 July 15, 2022, the Ohio Companies filed an application with the PUCO for approval of phase two of their distribution grid modernization plan that would, among other things, provide for the installation of an additional 700 thousand smart meters, distribution automation equipment on approximately 240 distribution circuits, voltage regulating equipment on approximately 220 distribution circuits, and other investments and pilot programs in related technologies designed to provide enhanced customer benefits. The Ohio Companies proposed that phase two would be implemented over a four-year budget period with estimated capital investments of approximately $626 million and operations and maintenance expenses of approximately $144 million over the deployment period. Under the proposal, costs of phase two of the grid modernization plan would be recovered through the Ohio Companies’ AMI rider, pursuant to the terms and conditions approved in ESP IV. On April 12, 2024, the Ohio Companies and certain of the parties filed a stipulation that modified the Ohio Companies’ application for phase two of its grid modernization plan, which was approved by the PUCO on December 18, 2024 and implementation has since begun. The stipulation provides for the deployment of smart meters to the balance of the Ohio Companies’ customers or approximately 1.4 million meters. Phase two of the distribution grid modernization plan, as modified by the stipulation, would be completed over a four-year budget period with estimated capital investments of approximately $421 million.

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 May 13, 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 May 13, 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 15, "Commitments, Guarantees and Contingencies" below for additional details on the government investigations and subsequent litigation surrounding the investigation of HB 6.

PENNSYLVANIA

On January 1, 2024, each of the Pennsylvania Companies merged with and into FE PA. As a result of the PA Consolidation, 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, as further discussed below.

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 January 16, 2020, the PPUC approved the Pennsylvania Companies’ LTIIPs for the five-year period beginning January 1, 2020 and ending December 31, 2024 for a total capital investment of approximately $572 million for certain infrastructure improvement initiatives. On July 22, 2024, FE PA filed its application with the PPUC seeking approval for the next 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 beginning January 1, 2025 and ending December 31, 2029. The PPUC approved FE PA’s application on December 19, 2024, and implementation began in January 2025.

On May 5, 2023, FirstEnergy and Brookfield submitted applications to FERC and to the PPUC to facilitate the FET Equity Interest Sale. On May 12, 2023, the parties also filed an application with the VSCC, which was approved on June 20, 2023. On August 14, 2023, FERC issued an order approving the FET Equity Interest Sale. On November 24, 2023, CFIUS notified FET, Brookfield and the Abu Dhabi Investment Authority, as an indirect investor in FET through Brookfield, that it had determined that there were no unresolved national security issues and its review of the transaction was concluded. On November 29, 2023, the parties filed a settlement agreement recommending that the PPUC approve the transaction subject to the terms of the settlement, which includes among other things, a number of ring-fencing provisions and a commitment to improve transmission reliability over the next five years. The settlement was approved by the PPUC on March 14, 2024. The transaction closed on March 25, 2024.

On April 2, 2024, FE PA filed a base rate case with the PPUC, based on a projected 2025 annual test year. The rate case requested a net increase in base distribution revenues of approximately $502 million with a return on equity of 11.3% and capital structure of 46.2% debt and 53.8% equity, and reflected a roll-in of several current riders such as DSIC, Tax Act and smart meter. The increase represented an overall net average rate increase in FE PA rates by approximately 7.7%, and a 10.5% average residential rate increase. Key components of the base rate case filing included a proposal to change pension recovery from average cash contributions 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 expense requested in the proceeding and the actual annual amount each year using this method. Additionally, FE PA requested an enhanced ten-year vegetation management program and recovery of certain incurred costs, including major storms, COVID-19, a program to convert streetlights to LEDs, and others. On September 13, 2024, FE PA and the active parties to the proceeding filed a joint settlement agreement requesting that the administrative law judges to approve FE PA’s requested distribution base rate case increase subject to the terms and conditions of the settlement, which included, among other things, an annual net revenue increase of $225 million. Other key components of the settlement agreement included recovery of costs incurred for storms and COVID-19, additional cost recovery of ongoing storm costs, inspection and maintenance of overhead lines and transformers, and rate case expenses, as well as an enhanced vegetation management program. On October 15, 2024, the administrative law judges issued a decision recommending that the PPUC approve, without modification, the September 13, 2024 settlement agreement. On November 21, 2024, the PPUC unanimously approved the settlement agreement without modification. New rates became effective on January 1, 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. 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.

On August 31, 2023, MP and PE filed with the WVPSC their annual ENEC case requesting an increase in ENEC rates of $167.5 million beginning January 1, 2024, which represented a 9.9% increase in overall rates. This increase, which was driven primarily by higher fuel expenses, included the approximate $92 million carried over from the 2022 ENEC proceeding and a portion of the approximately $267 million under recovery balance at the end of the review period (July 1, 2022 to June 30, 2023). The remaining $75.6 million of the under recovery balance not recovered in 2024 was to be deferred for collection during 2025, with an annual carrying charge of 4%. A hearing was held on November 30, 2023, at which time a joint stipulation for settlement that was agreed to by all but one party was presented to the WVPSC. The settlement provided for a net $55.4 million increase in ENEC rates beginning March 27, 2024 with the net deferred ENEC balance of approximately $184 million to be recovered from 2025 through 2026. There will be no 2024 ENEC case unless MP and PE over or under recover by more than $50 million from January through June 2024 and a party elects to invoke a case filing, neither of which occurred. An order was issued on March 26, 2024 approving the settlement without modification and rates became effective on March 27, 2024. MP and PE will file their next ENEC filing on or before September 1, 2025.

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. The first solar generation site went into service in January 2024 and the second solar generation site went into service in September 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.

On January 13, 2023, MP and PE filed a request with the WVPSC seeking approval of new depreciation rates for existing and future capital assets. Specifically, MP and PE were seeking to increase depreciation expense by approximately $76 million per year, primarily for regulated generation-related assets. Any depreciation rates approved by the WVPSC would not become effective until new base rates were established. On August 22, 2023, a unanimous settlement of the case was filed recommending a $33 million per year increase in depreciation expense, effective April 1, 2024. An order from the WVPSC was issued on March 26, 2024 approving the settlement without modification and new depreciation rates became effective on April 1, 2024.

On May 31, 2023, MP and PE filed a base rate case with the WVPSC requesting a total revenue increase of approximately $207 million utilizing a test year of 2022 with adjustments plus a request to establish a regulatory asset (or liability) to recover (or refund) in a subsequent base rate case the net differences between the amount of pension and OPEB expense requested in the proceeding (based on average expense from 2018 to 2022) and the actual annual amount each year using the delayed recognition method. Among other things, the increase included the approximate $75 million requested in a depreciation case filed on January 13, 2023 and described above, and amounts to support a new low-income customer advocacy program, storm restoration work and service reliability investments. On January 23, 2024, MP, PE and various parties filed a joint settlement agreement with the WVPSC, which recommended a base rate increase of $105 million, inclusive of the $33 million increase in depreciation expense, but deferred issues related to a change in the net energy metering credit. Additionally, the settlement included a new low-income customer advocacy program, a pilot program for service reliability investments and recovery of costs related to storm restoration, retired generation assets and COVID-19. The settlement did not include the request to establish a regulatory asset (or liability) for recovery (or refund) associated with pension and OPEB expense, however, it did not preclude MP and PE from pursuing that in a future separate proceeding. On February 16, 2024, interested parties filed a settlement on the net energy metering credit for consideration by the WVPSC. An order was issued on March 26, 2024 approving the $105 million increase and accepting the settlements with slight non-material modifications with new rates going into effect on March 27, 2024. Additionally, due to the order including approval by the WVPSC to recover certain costs associated with retired generation assets, MP recognized a $60 million pre-tax benefit in the first quarter of 2024 to establish a regulatory asset.
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. On January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo.

The following table summarizes the key terms of FERC rate orders in effect for transmission customer billings for FirstEnergy's transmission owner entities as of December 31, 2024:
CompanyRates EffectiveCapital StructureAllowed ROE
ATSIJanuary 2015Actual (13-month average)
9.88%(1)
JCP&L
January 2020Actual (13-month average)10.20%
MPJanuary 2021
Lower of Actual (13-month average) or 56% equity
10.45%
PE January 2021
Lower of Actual (13-month average) or 56% equity
10.45%
KATCo(2)
January 2021
Hypothetical 49.3% equity(3)
10.45%
MAITJuly 2017
Lower of Actual (13-month average) or 60% equity
10.3%
TrAILJuly 2008Actual (year-end)
12.7%(4) / 11.7%(5)
(1) Reflects a 0.5% reduction to the 10.38% approved ROE due to the January 2025 Sixth Circuit ruling eliminating the 50 basis point adder associated with RTO membership (see Transmission ROE Incentive: OCC v. ATSI, et al.)
(2) On January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo
(3) Hypothetical capital structure will convert to an actual (13-month average) in January 2027
(4) TrAIL the Line and Black Oak Static Var Compensator
(5) All other projects

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
had 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 recorded in the third quarter of 2022 approximately $45 million ($34 million after-tax) in expected customer refunds, plus interest, due to its wholesale transmission customers and reclassified approximately $195 million of certain transmission capital assets to operating expenses for the audit period, of which $90 million ($67 million after-tax) are not expected to be recoverable and impacted FirstEnergy’s earnings since they relate to costs capitalized during stated transmission rate time periods. FirstEnergy has recovered approximately $105 million of costs reclassified to operating expenses in its transmission formula rate revenue requirements as of December 31, 2024. These reclassifications also resulted in a reduction to the Stand-Alone Transmission segment’s rate base by approximately $160 million, which is not expected to materially impact FirstEnergy or the segment’s future earnings. The expected wholesale transmission customer refunds were recognized as a reduction to revenue, and the amount of reclassified transmission capital assets that are not expected to be recoverable were recognized within “Other operating expenses” at the Stand-Alone Transmission segment and on FirstEnergy’s Consolidated Statements of Income. 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 $100 million of certain corporate support costs allocated to distribution capital assets in Ohio.

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, the FERC Office of Enforcement issued a set of data requests related to the classification and recovery of a since terminated fuel consulting contract, to which FirstEnergy responded. The FERC Office of Enforcement issued another set of data requests related to the same fuel consulting contract on January 13, 2025. Responses are due March 5, 2025. 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: OCC v. ATSI, et al.

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. FirstEnergy expects to pursue further appeal. During the fourth quarter of 2024, 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 at the Stand-Alone Transmission segment to reflect the expected refund owed to transmission customers back to February 24, 2022. 

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.

Transmission Planning Supplemental Projects: Ohio Consumers Counsel v ATSI, et al.

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. ATSI and the other transmission utilities in Ohio and PJM filed comments and the complaint is pending before FERC.
Local Transmission Planning Complaint: Industrial Energy Consumers of America, et al. v. Avista Corporation, et al.

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 expects to participate in this matter through a consortium of PJM transmission owners and through certain trade groups, including EEI. 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’s transmission capital investment strategy.
v3.25.0.1
COMMITMENTS, GUARANTEES AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS, GUARANTEES AND CONTINGENCIES COMMITMENTS, GUARANTEES AND CONTINGENCIES
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 FirstEnergy and its subsidiaries could be required to make under these guarantees as of December 31, 2024, was approximately $923 million, as summarized below:
Guarantees and Other AssurancesMaximum Exposure
 (In millions)
FE's Guarantees on Behalf of its Consolidated Subsidiaries(1)
Deferred compensation arrangements$406 
Vehicle leases75 
Other14 
 495 
FE's Guarantees on Other Assurances
Surety Bonds161 
Deferred compensation arrangements97 
LOCs170 
 428 
Total Guarantees and Other Assurances$923 
(1) During the third quarter of 2023, FE was required by PJM to issue a guarantee to cover non-performance until FE PA is able to provide audited financial statements to PJM, which is expected to occur in early 2025. The guarantee is expected to be immaterial to FE.

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 December 31, 2024, $170 million of collateral, in the form of LOCs, has been posted by FE or its subsidiaries. FE or its subsidiaries are holding $29 million of net cash collateral as of December 31, 2024, 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 December 31, 2024:
Potential Collateral ObligationsElectric Companies and Transmission CompaniesFETotal
(In millions)
Contractual Obligations for Additional Collateral
Upon Further Downgrade$77 $1 $78 
Surety Bonds (collateralized amount)(1)
97 49 146 
Total Exposure from Contractual Obligations$174 $50 $224 
(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 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 FirstEnergy with regard to air and water quality, hazardous and solid waste disposal, and other environmental matters. While FirstEnergy’s 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. FirstEnergy 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 its business, results of operations, cash flows and financial condition.

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 U.S. Supreme Court 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 U.S. Supreme Court. Oral argument was heard on February 21, 2024. On June 27, 2024, the U.S. Supreme Court 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.

Climate Change

In recent years, regulators in the U.S. have focused efforts on increasing disclosures by companies related to climate change and mitigation efforts. 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). Our ability to achieve our GHG reduction goal is subject to our ability to make operational changes and is conditioned upon numerous risks, many of which are outside of our control. With respect to our coal-fired plants in West Virginia, which serve as the primary source of our Scope 1 emissions, we have 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 MP is unable to recover these costs, it could have a material adverse effect on FirstEnergy’s and/or MP’s financial condition, results of operations, and cash flow. FirstEnergy cannot currently estimate the financial impact of climate change policies, including the final SEC climate disclosure rules, which are currently stayed, 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.

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 U.S. Supreme Court stayed the rule during the pendency of the challenges to the D.C. Circuit and U.S. Supreme Court. 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 U.S. Supreme Court 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 U.S. Supreme Court. On October 16, 2024, the U.S. Supreme Court 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. Depending on the outcome of any appeals, compliance with these standards could require additional capital expenditures or changes in operation at the Ft. Martin and Harrison power stations.
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 are 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 and will be reviewed by the U.S. Court of Appeals for the Eighth Circuit Court. On October 10, 2024, the Eighth Circuit denied the motions for stay. Depending on the outcome of appeals and how final revised rules are ultimately implemented, compliance with these standards 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. As of December 31, 2024, AE Supply continues to operate the dry landfill adjacent to McElroy’s Run as a disposal facility for Pleasants Power Station. During the second quarter of 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 and corresponding increase to “Other operating expense” of $87 million at Corporate/Other for segment reporting. On February 3, 2025, AE Supply executed an environmental liability transfer agreement with a subsidiary of IDA Power, LLC, whereby AE Supply will transfer the McElroy’s Run CCR impoundment facility and adjacent dry landfill and related remediation obligations. The agreement requires AE Supply to establish a $160 million escrow account that AE Supply will fund over five years. The escrow funding obligation will be secured by a surety bond, which will be guaranteed by FE. The transaction is expected to close before the end of the first quarter of 2025 and the derecognition of the ARO is not expected to have a material impact to FirstEnergy’s financial statements, however, no assurances of the closing of the transfer will be satisfied, including transfer of all required environmental permits.

On May 8, 2024, the EPA 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. Depending on the outcome of appeals and the ultimate implementation of the final rule, compliance with these standards could require remedial actions, including removal of coal ash. See Note 8, “Asset Retirement Obligations,” above for a description of the $139 million increase to its ARO that FirstEnergy recorded during 2024 as a result of its analysis.

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 December 31, 2024 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 December 31, 2024, 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

United States 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 United States 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 January 17, 2025, indictment. 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.

Legal Proceedings Relating to United States v. Larry Householder, et al.

On August 10, 2020, the SEC, through its Division of Enforcement, issued an order directing an investigation of possible securities laws violations by FE, and on September 1, 2020, issued subpoenas to FE and certain FE officers relating to the conduct described in the DPA. On April 28, 2021, July 11, 2022, and May 25, 2023, the SEC issued additional subpoenas to FE, with which FE has complied. FirstEnergy cooperated fully with the SEC investigation, and on September 12, 2024, the SEC issued a settlement order that concluded and resolved the investigation in its entirety. Under the terms of the settlement, FE agreed to pay a civil penalty of $100 million and to cease and desist from committing or causing any violations and any future violations of specified provisions of the federal securities laws and rules promulgated thereunder, which was recognized as a loss contingency of $100 million in the second quarter of 2024 at Corporate/Other for segment reporting and paid on September 25, 2024.

On June 29, 2023, the OOCIC served FE a subpoena, seeking information relating to the conduct described in the DPA. FirstEnergy was not aware of the OOCIC’s investigation prior to receiving the subpoena and understood that the OOCIC’s investigation was also focused on the conduct described in the DPA, other than with respect to the March 25, 2024, felony indictment of Mr. Householder brought in Cuyahoga County, Ohio. FirstEnergy is cooperating with the OOCIC in its investigation. On February 12, 2024, and in connection with the OOCIC’s ongoing investigation, an indictment by a grand jury of Summit County, Ohio was unsealed against the now-deceased, former chairman of the PUCO, and two former FirstEnergy senior officers, charging each of them with several felony counts, including bribery, telecommunications fraud, money laundering and
aggravated theft, related to payments described in the DPA. On August 12, 2024, FirstEnergy entered into a settlement with the OAG's Office and the Summit County Prosecutor’s Office to resolve both the OOCIC investigation and State of Ohio ex rel. Dave Yost, Ohio Attorney General v. FirstEnergy Corp., et al. and City of Cincinnati and City of Columbus v. FirstEnergy Corp., noted below. The settlement includes, among other things, a non-prosecution agreement and a payment of $19.5 million, which was recorded as a loss contingency in the second quarter of 2024 in FirstEnergy’s Consolidated Statements of Income at Corporate/Other for segment reporting and was paid on August 16, 2024.

In addition to the subpoenas referenced above under “United States v. Larry Householder, et. al.” and the SEC investigation, certain FE stockholders and FirstEnergy customers 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 of 1933 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 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.
•State of Ohio ex rel. Dave Yost, Ohio Attorney General v. FirstEnergy Corp., et al. and City of Cincinnati and City of Columbus v. FirstEnergy Corp. (Common Pleas Court, Franklin County, OH, all actions have been consolidated); on September 23, 2020 and October 27, 2020, the OAG and the cities of Cincinnati and Columbus, respectively, filed complaints against several parties including FE, each alleging civil violations of the Ohio Corrupt Activity Act and related claims in connection with the passage of HB 6. On January 13, 2021, the OAG filed a motion for a temporary restraining order and preliminary injunction against FirstEnergy seeking to enjoin FirstEnergy from collecting the Ohio Companies' decoupling rider. On January 31, 2021, FE reached a partial settlement with the OAG and the cities of Cincinnati and Columbus with respect to the temporary restraining order and preliminary injunction request and related issues. In connection with the partial settlement, the Ohio Companies filed an application on February 1, 2021, with the PUCO to set their respective decoupling riders (Conservation Support Rider) to zero. On February 2, 2021, the PUCO approved the application of the Ohio Companies setting the rider to zero, and no additional customer bills included new decoupling rider charges after February 8, 2021. On August 13, 2021, new defendants were added to the complaint, including two former officers of FirstEnergy. On December 2, 2021, the cities and FE entered a stipulated dismissal with prejudice of the cities’ suit. This matter was stayed through a criminal trial in United States v. Larry Householder, et al. described above, but resumed pursuant to an order, dated March 15, 2023. On July 31, 2023, FE and other defendants filed motions to dismiss in part the OAG’s amended complaint, which the OAG opposed. On February 16, 2024, the OAG moved to stay discovery in the case in light of the February 9, 2024, indictments against defendants in this action, which the court granted on March 14, 2024. As described above, FE reached a settlement with the OAG of this civil action and the OOCIC investigation, which resolves this civil action. FE recognized a loss contingency of $19.5 million in the second quarter of 2024, which was paid on August 16, 2024.
On February 9, 2022, FE, acting through the SLC, agreed to a settlement term sheet to resolve the following shareholder derivative lawsuits relating to HB 6 and the now former Ohio House Speaker Larry Householder and other individuals and entities allegedly affiliated with Mr. Householder that were filed in the S.D. Ohio, the N.D. Ohio, and the Ohio Court of Common Pleas, Summit County:

•Gendrich v. Anderson, et al. and Sloan v. Anderson, et al. (Common Pleas Court, Summit County, Ohio, all actions have been consolidated); on July 26, 2020 and July 31, 2020, respectively, purported stockholders of FE filed shareholder derivative action lawsuits against certain current and former FE directors and officers, alleging, among other things, breaches of fiduciary duty. On August 30, 2022, the parties filed a joint motion to dismiss the state court action, which the court granted on September 2, 2022.
•Miller v. Anderson, et al. (N.D. Ohio); on August 7, 2020, purported stockholders of FE filed shareholder derivative actions alleging the then FE Board and officers breached their fiduciary duties and committed violations of Section 14(a) of the Exchange Act. On August 24, 2022, the parties filed a joint motion to dismiss the action pending in the N.D. Ohio based upon the approval of the settlement by the S.D. Ohio, which was granted on May 17, 2024.
•Bloom, et al. v. Anderson, et al.; Employees Retirement System of the City of St. Louis v. Jones, et al.; Electrical Workers Pension Fund, Local 103, I.B.E.W. v. Anderson et al.; Massachusetts Laborers Pension Fund v. Anderson et al.; The City of Philadelphia Board of Pensions and Retirement v. Anderson et al.; Atherton v. Dowling et al.; Behar v. Anderson, et al. (S.D. Ohio, all actions have been consolidated); on September 1, 2020, purported stockholders of FE filed shareholder derivative actions alleging the then FE Board and officers breached their fiduciary duties and committed violations of Section 14(a) of the Exchange Act. On March 11, 2022, the parties executed a stipulation and agreement of settlement, and filed a motion the same day requesting preliminary settlement approval in the S.D. Ohio, which the S.D. Ohio granted on May 9, 2022. Subsequently, following a hearing on August 4, 2022, the S.D. Ohio granted final approval of the settlement on August 23, 2022, which was appealed by a purported FE stockholder on June 15, 2023. The U.S. Court of Appeals for the Sixth Circuit affirmed the district court’s final settlement approval. All appeal options were exhausted on May 16, 2024.

The above settlement included a series of corporate governance enhancements and a payment to FE of $180 million, less approximately $36 million in court-ordered attorney’s fees awarded to plaintiffs, and a $7 million net return on deposited funds, which was received in the second quarter of 2024. The judgment and settlement are final and, therefore, the derivative lawsuits are now fully resolved.

The outcome of any of these lawsuits, governmental investigations 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 FirstEnergy’s normal business operations pending against FE or its subsidiaries. The loss or range of loss in these matters is not expected to be material to FE or its subsidiaries. The other potentially material items not otherwise discussed above are described under Note 13, “Regulatory Matters.”

FirstEnergy accrues 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 FirstEnergy determines that it is not probable, but reasonably possible that it has a material obligation, it discloses such obligations and the possible loss or range of loss if such estimate can be made. If it were ultimately determined that FE or its subsidiaries 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 FE’s or its subsidiaries’ financial condition, results of operations, and cash flows.
v3.25.0.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
During the first quarter of 2024, FirstEnergy’s segment reporting structure was modified to increase transparency for leadership and investors, simplify the presentation to corresponding legal entities, and align FirstEnergy’s earnings, cash flows and balance sheets at the business unit level. FirstEnergy’s reportable segments are as follows, and FirstEnergy continues to evaluate segment performance based on earnings attributable to FE from continuing operations:

•Distribution Segment, which consists of the Ohio Companies and FE PA;
•Integrated Segment, which consists of MP, PE and JCP&L; and
•Stand-Alone Transmission Segment, which consists of FE's ownership in FET and KATCo.

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.

The segment reporting structure was modified to increase transparency for leadership and investors, simplify the presentation to corresponding legal entities, and align FirstEnergy’s earnings, cash flows and balance sheets at the business unit level. In
accordance with GAAP, the modification to the segments in the first quarter of 2024 resulted in a transfer of goodwill between the segments based on the relative fair value of the reporting units, and as such, the segment goodwill balances do not necessarily represent the goodwill balances of the specific legal entities within the segments. The external segment reporting is consistent with the internal financial reports used by FirstEnergy's Chair, President and Chief Executive Officer, its CODM. FirstEnergy's CODM uses earnings attributable to FE from continuing operations to assess performance and considers budget versus actual results on a monthly basis when making decisions about allocating resources to the segments. Disclosures for FirstEnergy's reportable operating segments for 2023 and 2022 have been reclassified to conform to the current presentation reflecting the new reportable segments.

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 January and September 2024, representing 24 MWs of net maximum generating capacity. The remaining three sites, once completed, are expected to provide 26 MWs of additional 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. KATCo, which was a subsidiary of FET, became a wholly owned subsidiary of FE prior to the closing of the FET P&SA I and remains in the Stand-Alone Transmission segment. On January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo and prior year results in the Stand-Alone Transmission segment reflect the earnings and results of those WP transmission assets.

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 December 31, 2024, Corporate/Other had approximately $6.1 billion of external FE holding company debt.
Financial information for FirstEnergy’s business segments and reconciliations to consolidated amounts is presented below:
(In millions)DistributionIntegratedStand-Alone TransmissionTotal Reportable SegmentsCorporate/OtherReconciling AdjustmentsFirstEnergy Consolidated
For the Years Ended
December 31, 2024
External revenues$6,824 $4,871 $1,768 $13,463 $9 $— $13,472 
Internal revenues39 5 19 63 — (63)— 
Total revenues$6,863 $4,876 $1,787 $13,526 $9 $(63)$13,472 
Other operating expenses(1)
2,408 1,324 359 4,091 78 (10)4,159 
Depreciation(1)
648 521 336 1,505 76 — 1,581 
Amortization (deferral) of regulatory assets, net(171)(66)6 (231)— — (231)
Equity method investment earnings, net— — — — 58 — 58 
Interest expense(1)
432 262 275 969 360 (185)1,144 
Income taxes (benefits)(1)
135 153 173 461 (84)— 377 
Other expense (income) items(2)
2,787 2,147 344 5,278 59 185 5,522 
Earnings (losses) attributable to FE from continuing operations624 535 294 1,453 (475)— 978 
Cash Flows from Investing Activities
Capital investments$1,130 $1,542 $1,266 $3,938 $92 $— $4,030 
December 31, 2023
External revenues$6,813 $4,315 $1,731 $12,859 $11 $— $12,870 
Internal revenues41 5 17 63 — (63)— 
Total revenues$6,854 $4,320 $1,748 $12,922 $11 $(63)$12,870 
Other operating expenses(1)
2,129 1,156 338 3,623 (19)(10)3,594 
Depreciation(1)
620 462 304 1,386 75 — 1,461 
Amortization (deferral) of regulatory assets, net(259)(10)8 (261)— — (261)
Equity method investment earnings, net— — — — 175 — 175 
Interest expense(1)
390 257 245 892 340 (108)1,124 
Income taxes (benefits)(1)
147 37 146 330 (63)— 267 
Other expense (income) items(2)
3,240 2,118 308 5,666 (37)108 5,737 
Earnings (losses) attributable to FE from continuing operations587 300 399 1,286 (163)— 1,123 
Cash Flows from Investing Activities
Capital investments$936 $1,212 $1,093 $3,241 $115 $— $3,356 
December 31, 2022
External revenues$6,386 $4,465 $1,581 $12,432 $27 $— $12,459 
Internal revenues39 5 16 60 — (60)— 
Total revenues$6,425 $4,470 $1,597 $12,492 $27 $(60)$12,459 
Other operating expenses(1)
2,094 1,226 428 3,748 79 (10)3,817 
Depreciation(1)
593 430 277 1,300 75 — 1,375 
Amortization (deferral) of regulatory assets, net(241)(128)4 (365)— — (365)
Equity method investment earnings, net— — — — 168 — 168 
Interest expense(1)
325 225 263 813 354 (128)1,039 
Income taxes (benefits)(1)
202 80 111 393 607 — 1,000 
Other expense (income) items(2)
2,778 2,372 199 5,349 (122)128 5,355 
Earnings (losses) attributable to FE from continuing operations674 265 315 1,254 (848)— 406 
Cash Flows from Investing Activities
Capital investments$925 $998 $874 $2,797 $51 $— $2,848 
As of December 31, 2024
Total Assets$19,949 $18,637 $13,528 $52,114 $1,975 $(2,045)$52,044 
Total Goodwill(3)
$3,222 $1,953 $443 $5,618 $— $— $5,618 
As of December 31, 2023
Total Assets$19,235 $17,466 $12,142 $48,843 $2,372 $(2,448)$48,767 
Total Goodwill(3)
$3,222 $1,953 $443 $5,618 $— $— $5,618 
(1) FirstEnergy considers this line to be a significant expense.
(2) Consists of Fuel, Purchased power, General taxes, Debt redemption costs, Miscellaneous income, net, Capitalized financing costs, Pension and OPEB mark-to-market adjustments, and Income attributable to noncontrolling interest.
(3) In accordance with GAAP, the modification to the segments in the first quarter of 2024, as discussed above, resulted in a transfer of goodwill between the segments based on the relative fair value of the reporting units, and as such, the segment goodwill balances do not necessarily represent the goodwill balances of the specific legal entities within the segments.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 978 $ 1,102 $ 406
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
FirstEnergy seeks to protect its customers, employees, facilities and the ongoing reliability of the electric system. FirstEnergy works closely with state and federal agencies and its peers in the electric utility industry to identify physical and cyber security
risks, exchange information, and put safeguards in place to comply with strict reliability and security standards. From a security standpoint, the electric utility sector is one of the most regulated industries.
Risk Management and Strategy

FirstEnergy has established a broad framework to assess, identify and manage material risks from cyber security threats. This program is established at the executive level, with regular reporting to, and oversight by, the FE Board as described below. At the highest level, FirstEnergy’s program includes multi-layered governance by management, the Audit Committee, the Operations and Safety Committee, and the FE Board, as described in greater detail below.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Central management and coordination of the program helps FirstEnergy to comprehensively evaluate and protect against cyber threats. FirstEnergy’s written policies and procedures identify how cyber security measures and controls are developed, implemented, and regularly reviewed and updated. FirstEnergy aims to align its cyber security program with national standards. For example, FirstEnergy has implemented and maintains a set of controls to manage cyber security risk based on the National Institute of Standards and Technology Cyber Security Framework and, for Bulk Electric System assets, the NERC Critical Infrastructure Protection standards. FirstEnergy also complies with various state laws and regulations on cyber security.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The FE Board has identified cyber security as a key enterprise risk and prioritizes the mitigation of this risk through FirstEnergy’s enterprise risk management process. Responsibility for oversight of risk management generally lies with the FE Board and the Audit Committee has primary responsibility to oversee enterprise risk management. To effectively manage oversight of FirstEnergy’s cyber security risk management practices, since 2022, the FE Board has delegated oversight authority to each of FirstEnergy’s Audit and Operations and Safety Committees, respectively, as detailed in each Committees’ charters. The Audit Committee has primary responsibility to oversee the disclosure of material cyber security incidents, as well as the general obligation to ensure the proper risk oversight structure of cyber security as part of FirstEnergy’s overall enterprise risk management program and the internal controls applicable to cyber security matters. The Operations and Safety Oversight Committee has primary responsibility to oversee the operational aspects of FirstEnergy’s cyber security policies, programs, initiatives and strategies, as well as operational risk considerations related to cyber security matters. FirstEnergy’s CISO regularly provides reports at the Audit Committee, Operations and Safety Oversight Committee, and to the full FE Board. Each such Committee and the full FE Board work collaboratively to ensure fulsome oversight with the proper focus of each respective Board body. These reports include, among other things, current and emerging cyber security risks to FirstEnergy, incidents that were escalated to management during the prior quarter, including those that did not require immediate escalation to the appropriate Committee and/or full FE Board, internal and external assessments of FirstEnergy’s cyber security program, and a roadmap of projects to manage its cyber security posture.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Responsibility for oversight of risk management generally lies with the FE Board and the Audit Committee has primary responsibility to oversee enterprise risk management. To effectively manage oversight of FirstEnergy’s cyber security risk management practices, since 2022, the FE Board has delegated oversight authority to each of FirstEnergy’s Audit and Operations and Safety Committees, respectively, as detailed in each Committees’ charters. The Audit Committee has primary responsibility to oversee the disclosure of material cyber security incidents, as well as the general obligation to ensure the proper risk oversight structure of cyber security as part of FirstEnergy’s overall enterprise risk management program and the internal controls applicable to cyber security matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Operations and Safety Oversight Committee has primary responsibility to oversee the operational aspects of FirstEnergy’s cyber security policies, programs, initiatives and strategies, as well as operational risk considerations related to cyber security matters. FirstEnergy’s CISO regularly provides reports at the Audit Committee, Operations and Safety Oversight Committee, and to the full FE Board. Each such Committee and the full FE Board work collaboratively to ensure fulsome oversight with the proper focus of each respective Board body. These reports include, among other things, current and emerging cyber security risks to FirstEnergy, incidents that were escalated to management during the prior quarter, including those that did not require immediate escalation to the appropriate Committee and/or full FE Board, internal and external assessments of FirstEnergy’s cyber security program, and a roadmap of projects to manage its cyber security posture.
Cybersecurity Risk Role of Management [Text Block]
The FE Board has identified cyber security as a key enterprise risk and prioritizes the mitigation of this risk through FirstEnergy’s enterprise risk management process. Responsibility for oversight of risk management generally lies with the FE Board and the Audit Committee has primary responsibility to oversee enterprise risk management. To effectively manage oversight of FirstEnergy’s cyber security risk management practices, since 2022, the FE Board has delegated oversight authority to each of FirstEnergy’s Audit and Operations and Safety Committees, respectively, as detailed in each Committees’ charters. The Audit Committee has primary responsibility to oversee the disclosure of material cyber security incidents, as well as the general obligation to ensure the proper risk oversight structure of cyber security as part of FirstEnergy’s overall enterprise risk management program and the internal controls applicable to cyber security matters. The Operations and Safety Oversight Committee has primary responsibility to oversee the operational aspects of FirstEnergy’s cyber security policies, programs, initiatives and strategies, as well as operational risk considerations related to cyber security matters. FirstEnergy’s CISO regularly provides reports at the Audit Committee, Operations and Safety Oversight Committee, and to the full FE Board. Each such Committee and the full FE Board work collaboratively to ensure fulsome oversight with the proper focus of each respective Board body. These reports include, among other things, current and emerging cyber security risks to FirstEnergy, incidents that were escalated to management during the prior quarter, including those that did not require immediate escalation to the appropriate Committee and/or full FE Board, internal and external assessments of FirstEnergy’s cyber security program, and a roadmap of projects to manage its cyber security posture.

At the executive and management level, the CISO has primary responsibility for the development, operation, and maintenance of FirstEnergy’s cyber security program. The CISO has 6 years of experience in technology risk management, all of which have been with FirstEnergy, and an additional 23 years of experience in information technology. The CISO has passed examinations and received the International Information System Security Certification Consortium Certified Information Systems Security Professional certification. The CISO reports directly to FirstEnergy’s Senior Vice President, Shared Services, who is responsible for all of FirstEnergy’s digital and technology services and is FirstEnergy’s most senior information technology executive. Under the CISO’s oversight, FirstEnergy’s cyber security team implements and provides governance and functional oversight for cyber security controls and services. Cyber security processes include escalation of certain risks and incidents, including those that originate or occur at third parties, to the Senior Vice President, Shared Services, legal, and the executive leaders as appropriate based on the severity of any such risk or incident. In addition, regular updates from the cyber security teams, in conjunction with real-time escalation on an as-needed basis, are also used to update the risk landscape.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
At the executive and management level, the CISO has primary responsibility for the development, operation, and maintenance of FirstEnergy’s cyber security program. The CISO has 6 years of experience in technology risk management, all of which have been with FirstEnergy, and an additional 23 years of experience in information technology. The CISO has passed examinations and received the International Information System Security Certification Consortium Certified Information Systems Security Professional certification. The CISO reports directly to FirstEnergy’s Senior Vice President, Shared Services, who is responsible for all of FirstEnergy’s digital and technology services and is FirstEnergy’s most senior information technology executive. Under the CISO’s oversight, FirstEnergy’s cyber security team implements and provides governance and functional oversight for cyber security controls and services. Cyber security processes include escalation of certain risks and incidents, including those that originate or occur at third parties, to the Senior Vice President, Shared Services, legal, and the executive leaders as appropriate based on the severity of any such risk or incident. In addition, regular updates from the cyber security teams, in conjunction with real-time escalation on an as-needed basis, are also used to update the risk landscape.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has 6 years of experience in technology risk management, all of which have been with FirstEnergy, and an additional 23 years of experience in information technology. The CISO has passed examinations and received the International Information System Security Certification Consortium Certified Information Systems Security Professional certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] In the event of any significant cyber security incident, FirstEnergy’s Cyber Security Incident Response Plan provides for a severity determination by the cyber security incident response team based on factors such as the number of assets affected, the likelihood of inappropriate data exposure, operational impact, reliability impact, and regulatory impact. Dependent upon the severity of an incident, it is FirstEnergy’s practice to escalate the incident to the Senior Vice President, Shared Services, the Chief Risk Officer, and the FE senior leadership team, including the Chief Legal Officer, Chief Financial Officer, and Chief Executive Officer.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
ORGANIZATION AND BASIS OF PRESENTATION (Policies)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF ACCOUNTING
The accompanying consolidated financial statements have been prepared in accordance with GAAP and the rules and regulations of the SEC. FE and its subsidiaries 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 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. FE and its subsidiaries have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
CONSOLIDATION FE and its subsidiaries 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. As further discussed below, FE and its subsidiaries consolidate a VIE when it is determined that it is the primary beneficiary. Investments in affiliates over which FE and its subsidiaries 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 in the Consolidated Balance Sheets and the percentage of FE's ownership share of the entity’s earnings is reported in the Consolidated Statements of Income and Comprehensive Income.
ACCOUNTING FOR THE EFFECTS OF REGULATION
ACCOUNTING FOR THE EFFECTS OF REGULATION

FirstEnergy’s operating segments are subject to regulation that sets the prices (rates) the Electric Companies and the Transmission Companies are permitted to charge customers based on costs that the regulatory agencies determine are permitted to be recovered. At times, regulatory agencies permit the future recovery of costs that would be currently charged to expense by an unregulated company. The ratemaking process results in the recording of regulatory assets and liabilities based on anticipated future cash inflows and outflows.

FirstEnergy reviews the probability of recovery of regulatory assets, and settlement of regulatory liabilities, at each balance sheet date and whenever new events occur. Factors that may affect probability include changes in the regulatory environment, issuance of a regulatory commission order, or passage of new legislation. Upon material changes to these factors, where applicable, FirstEnergy will record new regulatory assets or liabilities and will assess whether it is probable that currently recorded regulatory assets and liabilities will be recovered or settled in future rates. If recovery of a regulatory asset is no longer probable, FirstEnergy will write off that regulatory asset as a charge against earnings. FirstEnergy considers the entire regulatory asset balance as the unit of account for the purposes of balance sheet classification rather than the next years recovery and as such net regulatory assets and liabilities are presented in the non-current section on the FirstEnergy Consolidated Balance Sheets. See Note 14, "Regulatory Matters," of the Notes to Consolidated Financial Statements for additional information.
DERIVATIVES
DERIVATIVES

FirstEnergy uses various market risk sensitive instruments, including derivative contracts, primarily to manage the risk of price and interest rate fluctuations. FirstEnergy’s Enterprise Risk Management Committee, comprised of members of senior management, provides general oversight for risk management activities throughout FirstEnergy, including market risk.
FirstEnergy accounts for derivative instruments on its Consolidated Balance Sheets at fair value unless they meet the normal purchases and normal sales criteria. Derivative instruments meeting the normal purchases and normal sales criteria are accounted for under the accrual method of accounting with their effects included in earnings at the time of contract performance.
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS
Investments in affiliates over which FE and its subsidiaries 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 in the Consolidated Balance Sheets and reflected in "Investments". The percentage of FE's ownership share of the entity’s earnings is reported in the Consolidated Statements of Income and Comprehensive Income and reflected in “Other Income (Expense)”. Equity method investments are assessed for impairment annually or whenever events and changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the decline in value is considered to be other than temporary, the investment is written down to its estimated fair value, which establishes a new cost basis in the investment.
GOODWILL
GOODWILL

In a business combination, the excess of the purchase price over the estimated fair value of the assets acquired and liabilities assumed is recognized as goodwill. FirstEnergy evaluates goodwill for impairment annually on July 31 and more frequently if indicators of impairment arise. In evaluating goodwill for impairment, FirstEnergy assesses qualitative factors to determine whether it is more likely than not (that is, likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying value (including goodwill). If FirstEnergy concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, then no further testing is required. However, if FirstEnergy concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value or bypasses the qualitative assessment, then the quantitative goodwill impairment test is performed to identify a potential goodwill impairment and measure the amount of impairment to be recognized, if any.
In accordance with GAAP, the modification to the segments in the first quarter of 2024 resulted in a transfer of goodwill between the segments based on the relative fair value of the reporting units, and as such, the segment goodwill balances do not necessarily represent the goodwill balances of the specific legal entities within the segments. 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 and allocate resources.

The fair values of the reporting units were calculated using a discounted cash flow analysis. Key assumptions incorporated in the discounted cash flow analysis included discount rates, growth rates, projected operating income, changes in working capital, projected capital investments, and terminal multiples. The discounted cash flow analysis was also utilized to complete an impairment assessment before and after the segment change, with no impairment of goodwill indicated.
As of July 31, 2024, FirstEnergy performed a qualitative assessment of its reporting units' goodwill, assessing economic, industry and market considerations in addition to the reporting units' overall financial performance. Key factors used in the assessment included: growth rates, interest rates, expected investments, utility sector market performance, regulatory and legal developments, and other market considerations. It was determined that the fair values of these reporting units were, more likely than not, greater than their carrying values and a quantitative analysis was not necessary.
INVENTORY
INVENTORY

Materials and supplies inventory primarily includes fuel inventory, the distribution, transmission and generation plant materials, net of reserve for excess and obsolete inventory as well as emission allowances. Materials charged to inventory are at weighted average cost when purchased and expensed or capitalized, as appropriate, when used or installed. Fuel inventory consists primarily of coal and reagents that are consumed at MP's generation plants, and is accounted for at weighted average cost when purchased and recorded to fuel expense when consumed.

Emission allowances are accounted for as inventory at cost when purchased. FirstEnergy’s emission allowance compliance obligation, principally associated with MP's generation plant operations, is accrued to fuel expense at a weighted average cost based on each month’s emissions. When emission allowances are submitted to the EPA, inventory and the compliance obligation are reduced. Due to the ENEC, fuel, emission allowances and other fuel-related expenses have no material impact on current period earnings.
NONCONTROLLING INTEREST
NONCONTROLLING INTEREST

FirstEnergy maintains a controlling financial interest in certain less than wholly owned subsidiaries. As a result, FirstEnergy presents the third-party investors’ ownership portion of FirstEnergy's net income, net assets and comprehensive income as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Consolidated Balance Sheets.

On May 31, 2022, Brookfield and the Brookfield Guarantors acquired 19.9% of the issued and outstanding membership interests of FET. The difference between the cash consideration received, net of transaction costs of approximately $37 million, and the carrying value of the noncontrolling interest of $451 million was recorded as an increase to OPIC. KATCo, which was a subsidiary of FET, became a wholly owned subsidiary of FE prior to the closing of the transaction and remains in the Stand-Alone Transmission segment.
On February 2, 2023, FE, along with FET, entered into the FET P&SA II with Brookfield and the Brookfield Guarantors, pursuant to which FE agreed to sell to Brookfield at the closing, and Brookfield agreed to purchase from FE, an incremental 30% equity interest in FET for a purchase price of $3.5 billion. The FET Equity Interest Sale closed on March 25, 2024 and FET continues to be consolidated in FirstEnergy’s financial statements. The difference between the purchase price, net of transaction costs and deferred taxes of approximately $32 million and $803 million respectively, and the carrying value of the NCI of $731 million, was recorded as an increase to OPIC by $1.9 billion during 2024.
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment reflects original cost (net of any impairments recognized), including payroll and related costs such as taxes, employee benefits, administrative and general costs, and financing costs incurred to place the assets in service. The costs of normal maintenance, repairs and minor replacements are expensed as incurred. FirstEnergy recognizes liabilities for planned major maintenance projects as they are incurred.
ASSET IMPAIRMENTS
Asset Impairments

FirstEnergy evaluates long-lived assets classified as held and used for impairment when events or changes in circumstances indicate the carrying value of the long-lived assets may not be recoverable. First, the estimated undiscounted future cash flows attributable to the assets is compared with the carrying value of the assets. If the carrying value is greater than the undiscounted future cash flows, an impairment charge is recognized equal to the amount the carrying value of the assets exceeds its estimated fair value.
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS
Recently Adopted Pronouncements
ASU 2022-03, "Fair Value Measurements of Equity Securities Subject to Contractual Sale Restrictions " (Issued in June 2022): ASU 2022-03 clarifies current guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, and introduces new disclosure requirements for those equity securities subject to contractual restrictions. The adoption of this ASU did not have a material impact on the financial statements.

ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures " (Issued in November 2023): ASU 2023-07 enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. Disclosure requirements within ASU 2023-07 include disclosing significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss. A public entity is also required to disclose the title and position of the individual(s) identified as the CODM as well as an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Disclosures are required on both an annual and an interim basis. The segment disclosures within have been updated to reflect the requirements of ASU 2023-07.

Recently Issued Pronouncements - The following new authoritative accounting guidance issued by the FASB has not yet been adopted. Unless otherwise indicated, FirstEnergy 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. FirstEnergy has assessed other FASB issuances of new standards not described below based upon the current expectation that such new standards will not significantly impact FirstEnergy's financial reporting.

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 FirstEnergy, 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 FirstEnergy 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.
RECEIVABLES
RECEIVABLES
Receivables from contracts with customers include retail electric sales and distribution deliveries to residential, commercial and industrial customers of the Electric Companies.
EARNINGS PER SHARE OF COMMON STOCK
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, as further discussed in Note 12, "Capitalization" under Long-term debt and other long-term obligations, is computed using the if-converted method.
PENSION AND OTHER POSTEMPLOYMENT BENEFITS
FirstEnergy provides noncontributory qualified defined benefit pension plans that cover substantially all of its employees and non-qualified pension plans that cover certain employees. The plans provide defined benefits based on years of service and compensation levels. Under the cash-balance portion of the pension plan (for employees hired on or after January 1, 2014), FirstEnergy credits amounts to eligible employee notional cash-balance accounts based on a pay credit and an interest credit.
In addition, FirstEnergy provides a minimum amount of noncontributory life insurance to retired employees in addition to optional contributory insurance to a closed group of retired employees. Health care benefits, which include certain employee contributions, deductibles and co-payments, are also available upon retirement to certain employees, their dependents and, under certain circumstances, their survivors. FirstEnergy recognizes 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. FirstEnergy also has obligations to former or inactive employees after employment, but before retirement, for disability-related benefits.

FirstEnergy’s pension funding policy is based on actuarial computations using the projected unit credit method. 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.
Pension and OPEB costs are affected by employee demographics (including age, compensation levels and employment periods), the level of contributions made to the plans and earnings on plan assets. Pension and OPEB costs may also be affected by changes in key assumptions, including anticipated rates of return on plan assets, the discount rates and health care trend rates used in determining the projected benefit obligations for pension and OPEB costs. FirstEnergy uses a December 31 measurement date for its pension and OPEB plans or whenever a plan is determined to qualify for a remeasurement. The fair value of the plan assets represents the actual market value as of the measurement date.
In December 2023, FirstEnergy, executed a lift-out transaction with Banner Life Insurance Company and Reinsurance Group of America that transferred approximately $683 million of plan assets and $719 million of plan obligations, associated with approximately 1,900 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 participants as a result of the transfer. The transaction was funded by pension plan assets and resulted in a pre-tax gain of approximately $36 million, which was included in the fourth quarter 2023 pension and OPEB mark-to-market adjustment charge.

Additionally, in January 2025, FirstEnergy executed a lift-out transaction with MetLife, that 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. Similar to the lift-out in 2023, 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.
STOCK-BASED COMPENSATION PLANS Shares granted under the ICP 2020 are issued from authorized but unissued common stock. Vesting periods for stock-based awards range from less
than a year, primarily due to the issuance of prorated awards to newly hired executives, to four years, with the majority of awards having a vesting period of three years. FirstEnergy also issues stock through its 401(k) savings plan and DCPD.

Currently, FirstEnergy records the compensation costs for stock-based compensation awards that will be paid in stock over the vesting period based on the fair value on the grant date. FirstEnergy accounts for forfeitures as they occur.
FirstEnergy adjusts the compensation costs for stock-based compensation awards that will be paid in cash based on changes in the fair value of the award as of each reporting date. FirstEnergy records the actual tax benefit realized from tax deductions when awards are exercised or settled.
TAXES
FirstEnergy records income taxes in accordance with the liability method of accounting. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts recognized for tax purposes. Investment tax credits, which were deferred when utilized, are being amortized over the recovery period of the related property. Deferred income tax liabilities related to temporary tax and accounting basis differences and tax credit carryforward items are recognized at the statutory income tax rates in effect when the liabilities are expected to be paid. Deferred tax assets are recognized based on income tax rates expected to be in effect when they are settled.
VARIABLE INTEREST ENTITIES
FirstEnergy performs qualitative analyses based on control and economics to determine whether a variable interest classifies FirstEnergy as the primary beneficiary (a controlling financial interest) of a VIE. An enterprise has a controlling financial interest if it has both power and economic control, such that an entity has: (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. FirstEnergy consolidates 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 FirstEnergy's Consolidated Balance Sheets include approximately $12 billion and $11 billion of consolidated VIE assets, as of December 31, 2024 and 2023, respectively, that can only be used to settle the liabilities of the applicable VIE. Total liabilities include approximately $9.1 billion and $7.8 billion as of December 31, 2024 and 2023, respectively, of consolidated VIE liabilities for which the VIE's creditors do not have recourse to FirstEnergy.

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 utility. As of December 31, 2024 and 2023, $175 million and $191 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 December 31, 2024 and 2023, $188 million and $218 million of environmental control bonds were outstanding, respectively.
FirstEnergy's Consolidated Balance Sheets includes restricted cash of $40 million as of December 31, 2024 and 2023 which is related to cash collected from MP, PE and the Ohio Companies' customers that is specifically used to service debt of their respective funding companies.
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.
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. FirstEnergy has 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, FirstEnergy believes that their costs approximate their fair market value.
v3.25.0.1
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Regulatory Assets on the Balance Sheets
The following table provides information about the composition of net regulatory assets and liabilities as of December 31, 2024 and 2023, and the changes during the year 2024:
As of December 31,
Net Regulatory Assets (Liabilities) by Source20242023Change
 (In millions)
Customer payables for future income taxes$(2,234)$(2,382)$148 
Spent nuclear fuel disposal costs(72)(83)11 
Asset removal costs(681)(652)(29)
Deferred transmission costs190 286 (96)
Deferred generation costs481 572 (91)
Deferred distribution costs287 247 40 
Storm-related costs1,015 799 216 
Energy efficiency program costs349 198 151 
New Jersey societal benefit costs87 79 8 
Vegetation management125 102 23 
Other75 (11)86 
Net Regulatory Liabilities included on the Consolidated Balance Sheets$(378)$(845)$467 

The following table provides information about the composition of net regulatory assets that do not earn a current return as of December 31, 2024 and 2023, of which approximately $698 million and $371 million, respectively, are currently being recovered through rates over varying periods, through 2068, depending on the nature of the deferral and the jurisdiction:
Regulatory Assets by Source Not Earning aAs of December 31,
Current Return20242023Change
(In millions)
Deferred transmission costs$8 $6 $2 
Deferred generation costs314 432 (118)
Deferred distribution costs153 68 85 
Storm-related costs694 602 92 
Vegetation management16 21 (5)
Other58 68 (10)
Regulatory Assets Not Earning a Current Return$1,243 $1,197 $46 
Schedule of Goodwill The following table presents goodwill by reporting unit as of December 31, 2024 and 2023:
(In millions)Distribution SegmentIntegrated SegmentStand-Alone Transmission SegmentFirstEnergy Consolidated
Goodwill$3,222 $1,953 $443 $5,618 
Schedule of Property, Plant and Equipment Balances
Property, plant and equipment balances by segment as of December 31, 2024 and 2023, were as follows:
December 31, 2024
Segment
In Service(1)
Accum. Depr.(2)
Net PlantCWIPTotalAverage Service Life
(In millions)
(years)
Distribution $21,245 $(7,338)$13,907 $618 $14,525 
5 - 80
Integrated 17,080 (3,943)13,137 1,076 14,213 
5 - 100
Stand-Alone Transmission 13,509 (2,660)10,849 986 11,835 
5 - 85
Corporate/Other1,062 (607)455 74 529 
3 - 63
Total Property, Plant and Equipment $52,896 $(14,548)$38,348 $2,754 $41,102 
December 31, 2023
Segment
In Service(1)
Accum. Depr.(2)
Net PlantCWIPTotal
Average Service Life
(In millions)(years)
Distribution$20,423 $(7,008)$13,415 $417 $13,832 
5 - 80
Integrated16,180 (3,748)12,432 823 13,255 
5 - 100
Stand-Alone Transmission12,388 (2,461)9,927 828 10,755 
5 - 85
Corporate/Other1,116 (594)522 48 570 
3 - 63
Total Property, Plant and Equipment$50,107 $(13,811)$36,296 $2,116 $38,412 
(1) Includes finance leases of $46 million and $68 million as of December 31, 2024 and 2023, respectively.
(2) Includes finance lease accumulated amortization of $14 million and $33 million as of December 31, 2024 and 2023, respectively.
v3.25.0.1
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following represents a disaggregation of revenue from contracts with customers for the years ended December 31, 2024, 2023 and 2022:
For the Years Ended December 31,
(In millions)202420232022
 Distribution
Retail generation and distribution services(1)
Residential $4,514 $4,344 $3,954 
Commercial 1,522 1,528 1,432 
Industrial 588 726 806 
Other 73 72 56 
Wholesale 6 20 19 
Other revenue from contracts with customers (2)
80 89 86 
Total revenues from contracts with customers6,783 6,779 6,353 
Other revenue unrelated to contracts with customers (3)
80 75 72 
Total Distribution$6,863 $6,854 $6,425 
Integrated
Retail generation and distribution services
Residential$2,528 $2,137 $2,121 
Commercial1,142 1,023 1,016 
Industrial577 545 505 
Other32 30 26 
Wholesale146 208 475 
Transmission 380 318 282 
Other revenue from contracts with customers(4)
19 24 17 
Total revenues from contracts with customers4,824 4,285 4,442 
ARP (4)
10 — — 
Other revenue unrelated to contracts with customers(3)
42 35 28 
Total Integrated $4,876 $4,320 $4,470 
Stand-Alone Transmission
ATSI $980 $967 $911 
TrAIL 269 279 270 
MAIT 436 394 340 
KATCo85 89 59 
Other (2)2 1 
Total revenues from contracts with customers1,768 1,731 1,581 
Other revenue unrelated to contracts with customers19 17 16 
Total Stand-Alone Transmission $1,787 $1,748 $1,597 
Corporate/Other, Eliminations and Reconciling Adjustments (5)
Wholesale$9 $11 $27 
Eliminations and reconciling adjustments (63)(63)(60)
Total Corporate/Other, Eliminations and Reconciling Adjustments$(54)$(52)$(33)
FirstEnergy Total Revenues $13,472 $12,870 $12,459 
(1) Includes approximately $58 million as of December 31, 2022 of customer refunds associated with the Ohio Stipulation that became effective in December 2021.
(2) Primarily includes amounts collected from customers to administer and repay securitization bonds and pole attachment revenue.
(3) Primarily includes late payment charges and revenue from FTRs.
(4) Related to lost distribution revenues associated with energy efficiency in New Jersey.
(5) Includes eliminations and reconciling adjustments of inter-segment revenues.
Schedule of Receivables from customers Billed and unbilled customer receivables as of December 31, 2024 and 2023, are included below.
As of December 31,
Customer Receivables20242023
 (In millions)
Billed(1)
$867 $717 
Unbilled718 665 
1,585 1,382 
Less: Uncollectible Reserve 55 64 
Total Customer Receivables $1,530 $1,318 
(1) Includes approximately $284 million and $288 million as of December 31, 2024 and 2023, respectively, that are past due by greater than 30 days.
Schedule of Activity in the allowance for uncollectible accounts on customer receivables
Activity in the allowance for uncollectible accounts on receivables for the years ended December 31, 2024, 2023 and 2022 are as follows:
(In millions)202420232022
Customer Receivables:
Beginning of year balance $64 $137 $159 
Charged to income(1)
73 8 59 
Charged to other accounts(2)
39 34 62 
Write-offs (121)(115)(143)
End of year balance $55 $64 $137 
Other Receivables:
Beginning of year balance$15 $11 $10 
Charged to income 1 7 4 
Charged to other accounts(2)
(5)(1)4 
Write-offs(5)(2)(7)
End of year balance$6 $15 $11 
(1) Customer receivable amounts charged (credited) to income for the years ended December 31, 2024, 2023, and 2022, include approximately $17 million, $(15) million, and $11 million, respectively, deferred for future recovery (refund).
(2) Represents recoveries and reinstatements of accounts previously written off for uncollectible accounts.
v3.25.0.1
EARNINGS PER SHARE OF COMMON STOCK (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Basic and Diluted EPS Attributable to FE
The following table reconciles basic and diluted EPS attributable to FE:

For the Years Ended December 31,
Reconciliation of Basic and Diluted EPS of Common Stock202420232022
(In millions, except per share amounts)
Earnings Attributable to FE - continuing operations$978 $1,123 $406 
Earnings Attributable to FE - discontinued operations, net of tax— (21)— 
Earnings Attributable to FE$978 $1,102 $406 
Share Count information:
Weighted average number of basic shares outstanding575 573 571 
Assumed exercise of dilutive share-based awards2 1 1 
Weighted average number of diluted shares outstanding577 574 572 
EPS Attributable to FE:
Income from continuing operations, basic$1.70 $1.96 $0.71 
Discontinued operations, basic — (0.04)— 
Basic EPS$1.70 $1.92 $0.71 
Income from continuing operations, diluted$1.70 $1.96 $0.71 
Discontinued operations, diluted— (0.04)— 
Diluted EPS$1.70 $1.92 $0.71 
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The changes in AOCI for the years ended December 31, 2024, 2023 and 2022, for FirstEnergy are shown in the following table:
202420232022
(In millions)
Gains & Losses on Cash Flow Hedges(1)
AOCI Balance, January 1,$2 $— $(7)
Amounts reclassified from AOCI3 2 9 
Income tax on other comprehensive income1 — 2 
Other comprehensive income, net of tax2 2 7 
AOCI Balance, December 31,$4 $2 $— 
Defined Benefit Pension & OPEB Plans(2)(3)
AOCI Balance, January 1,$(19)$(14)$(8)
Amounts reclassified from AOCI1 (6)(9)
Income tax benefits on other comprehensive loss— (1)(3)
Other comprehensive loss, net of tax1 (5)(6)
AOCI Balance, December 31,$(18)$(19)$(14)
Total FirstEnergy Corp. AOCI
AOCI Balance, January 1,$(17)$(14)$(15)
Other comprehensive income (loss), net of tax3 (3)1 
AOCI Balance, December 31,$(14)$(17)$(14)
(1) Relates to previous cash flow hedges used to hedge fixed rate long-term debt securities prior to their issuance. Amounts reclassified from AOCI affects Interest expense line item in Consolidated Statements of Income.
(2) Amortization of prior service costs are reported within Miscellaneous income, net within Other Income (Expense) on FirstEnergy’s Consolidated Statements of Income. Components are included in the computation of net periodic cost (credits), see Note 5, "Pension and Other Postemployment Benefits," for additional details.
(3) Income tax (benefits) on other comprehensive income (loss) affects Income taxes line item in Consolidated Statements of Income.
v3.25.0.1
PENSION AND OTHER POSTEMPLOYMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost
Actuarial Assumptions PensionOPEB
2024
2023 (2)
20222024
2023 (2)
2022
Assumptions Related to Benefit Obligations:
Discount rate5.72 %5.05 %5.23 %5.60 %4.97 %5.16 %
Rate of compensation increase4.30 %4.30 %4.30 %N/AN/AN/A
Cash balance weighted average interest crediting rate4.37 %4.94 %4.04 %N/AN/AN/A
Assumptions Related to Benefit Costs:(1)
Effective rate for interest on benefit obligations 4.92 %
5.10% / 4.80%
2.44 %4.88 %5.06 %2.18 %
Effective rate for service costs 5.17 %
5.34% / 5.11%
3.28 %5.23 %5.41 %3.41 %
Effective rate for interest on service costs 5.05 %
5.22% / 4.94%
2.96 %5.16 %5.33 %3.24 %
Expected return on plan assets8.00 %8.00 %7.50 %7.00 %7.00 %7.50 %
Rate of compensation increase4.30 %4.30 %4.10 %N/AN/AN/A
Assumed Health Care Cost Trend Rates:
Health care cost trend rate assumed (pre/post-Medicare)N/AN/AN/A
7.00%-
6.00%
7.00%-
6.50%
6.00%-
5.50%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)N/AN/AN/A4.50 %4.50 %4.50 %
Year that the rate reaches the ultimate trend rateN/AN/AN/A203520332029
(1) Excludes impact of pension and OPEB mark-to-market adjustments.
(2) As a result of the interim plan remeasurement during 2023, different rates were in effect from January 1, 2023, through April 30, 2023 compared to May 1, 2023 through December 31, 2023.
Schedule of Fair Value of Plan Assets Explanatory
Pension and OPEB Returns202420232022
 Actual gains or (losses) on plan assets - $ millions$3 $751 $(1,830)
Actual gains or (losses) on plan assets - %0.7 %11.2 %(19.1)%
Expected return on plan assets - $ millions$565 $601 $696 
Expected return on plan assets - %
8.00% for pension

7.00% for OPEB
8.00% for pension

7.00% for OPEB
7.50 %
Schedule of Components of Net Periodic Benefit Costs
Components of Net Periodic Benefit Costs (Credits) for the Years Ended December 31,PensionOPEB
202420232022202420232022
 (In millions)
Service cost(1)
$140 $139 $184 $3 $2 $3 
Interest cost 398 428 273 20 21 11 
Expected return on plan assets (530)(570)(657)(35)(31)(39)
Amortization of prior service costs (credits)2 2 2 (1)(8)(11)
Special termination benefits(2)
— 21 — — 8 — 
Pension & OPEB mark-to-market66 108 (98)(44)(30)26 
Net periodic benefit costs (credits)$76 $128 $(296)$(57)$(38)$(10)
(1) Includes amounts capitalized.
(2) Related to benefits provided in connection with the PEER.
Schedule of Obligations and Funded Status
PensionOPEB
Obligations/Funded Status - Qualified and Non-Qualified Plans2024202320242023
(In millions)
Change in benefit obligation:
Benefit obligation as of January 1$8,363 $8,828$441 $439
Service cost140 1393 2
Interest cost398 42820 21
Plan participants’ contributions— —4 4
Special termination benefits— 21— 8
Medicare retiree drug subsidy— —1 —
Lift-out transaction — (719)— —
Actuarial loss (gain)(526)256(14)8
Benefits paid(551)(590)(48)(41)
Benefit obligation as of December 31$7,824 $8,363$407 $441
Change in fair value of plan assets:
Fair value of plan assets as of January 1$6,879 $6,693$516 $460
Actual return on plan assets(62)68265 69
Lift-out transaction — (683)— —
Company contributions30 77730 24
Plan participants’ contributions— —4 4
Benefits paid(551)(590)(48)(41)
Fair value of plan assets as of December 31$6,296 $6,879$567 $516
Funded Status:
Qualified plan$(1,165)$(1,090)$— $—
Non-qualified plans(363)(394)— —
Funded Status - Net asset (liability) as of December 31 (1)
$(1,528)$(1,484)$160 $75
Accumulated benefit obligation$7,572 $7,324 $— $— 
Amounts Recognized in AOCI:
Prior service cost (credit)$2 $4 $1 $(1)
(1) The pension net liability is included in “Retirement benefits,” on the Consolidated Balance Sheets. The OPEB net asset is included in “Other” non-current assets on the Consolidated Balance Sheets.
Schedule of Target asset allocations for pension and OPEB portfolio
FirstEnergy’s target asset allocations for its pension and OPEB trust portfolios for 2024 were as follows:
Target Asset Allocations
Pension OPEB
Equities30 %50 %
Fixed income28.5 %50 %
Alternative investments 5 %— %
Real estate10 %— %
Private - equity and debt funds20 %— %
Cash and derivatives 6.5 %— %
100 %100 %
Schedule of Estimated Future Benefit Payments
Taking into account estimated employee future service, FirstEnergy expects to make the following benefit payments from plan assets and other payments, net of participant contribution.
OPEB
Pension Benefit Payments
Benefit Payments (1)
Subsidy Receipts
(In millions)
2025$1,150 $43 $— 
2026514 42 (1)
2027519 41 — 
2028524 39 (1)
2029528 37 — 
Years 2030-20342,652 163 (3)
(1) Net of participant contributions.
Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Pension investments measured at fair value
The following tables set forth pension financial assets that are accounted for at fair value by level within the fair value hierarchy. See Note 11, "Fair Value Measurements," for a description of each level of the fair value hierarchy. There were no significant transfers between levels during 2024 and 2023.
December 31, 2024Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $1,173 $— $1,173 19 %
Public equity1,585 5 — 1,590 25 %
Fixed income— 1,425 — 1,425 23 %
Derivatives(95)37 — (58)(1)%
Total(1)
$1,490 $2,640 $— $4,130 66 %
Private - equity and debt funds(2)
1,273 20 %
Insurance-linked securities(2)
39 1 %
Hedge funds(2)
253 4 %
Real estate funds(2)
554 9 %
Total Investments$6,249 100 %
(1) Excludes $47 million as of December 31, 2024, of receivables, payables, taxes, cash collateral for derivatives and accrued income associated with financial instruments reflected within the fair value table.
(2) NAV used as a practical expedient to approximate fair value.

December 31, 2023Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $755 $— $755 11 %
Public equity1,811 4 — 1,815 26 %
Fixed income— 1,784 — 1,784 26 %
Derivatives2 37 — 39 — %
Total(1)
$1,813 $2,580 $— $4,393 63 %
Private - equity and debt funds(2)
1,296 19 %
Insurance-linked securities(2)
107 2 %
Hedge funds(2)
410 6 %
Real estate funds(2)
721 10 %
Total Investments$6,927 100 %
(1) Excludes $(48) million as of December 31, 2023, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.
(2) NAV used as a practical expedient to approximate fair value.
OPEB  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Pension investments measured at fair value
As of December 31, 2024, and 2023, the OPEB trust investments measured at fair value were as follows:
December 31, 2024Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $112 $— $112 20 %
Public equity314 — — 314 55 %
Fixed income— 146 — 146 25 %
Total(1)
$314 $258 $— $572 100 %
(1) Excludes $(5) million as of December 31, 2023, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.

December 31, 2023Asset Allocation
Level 1Level 2Level 3Total
(In millions)
Cash and short-term securities$— $100 $— $100 19 %
Public equity258 — — 258 50 %
Fixed income:— 158 — 158 31 %
Total(1)
$258 $258 $— $516 100 %
v3.25.0.1
STOCK-BASED COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
Stock-based compensation costs and the amount of stock-based compensation costs capitalized related to FirstEnergy plans for the years ended December 31, 2024, 2023 and 2022, are included in the following tables:
For the Years Ended December 31,
Stock-based Compensation Plan202420232022
(In millions)
Restricted stock units $32 $39 $55 
Restricted stock7 5 3 
401(k) savings plan41 38 36 
EDCP & DCPD6 1 7 
   Total $86 $83 $101 
Stock-based compensation costs, net of amounts capitalized$43 $44 $54 
Schedule of Nonvested Restricted Stock Units Activity
Restricted stock unit activity for the year ended December 31, 2024, was as follows:
Restricted Stock Unit Activity
Shares
(in millions)
Weighted-Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2024
2.5 $38.82 
Granted in 2024
2.0 36.79 
Forfeited in 2024
(0.2)38.08 
Vested in 2024(1)
(1.5)36.61 
Nonvested as of December 31, 2024
2.8 $37.32 
(1) Excludes dividend equivalents of approximately 175 thousand shares earned during vesting periodRestricted stock activity for the year ended 2024, was as follows:
Restricted Stock Activity
Shares
(in millions)
Weighted-Average Grant Date Fair Value (per share)
Nonvested as of January 1, 2024
0.46 $39.57 
Granted in 2024
0.03 40.26 
Forfeited in 2024
(0.01)42.24 
Vested in 2024
(0.21)41.02 
Nonvested as of December 31,2024
0.27 $38.29 
v3.25.0.1
TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Provision for income taxes (benefits)
The following table provides the composite of income taxes on income from continuing operations for the years ended 2024, 2023 and 2022:
INCOME TAXES ON INCOME FROM CONTINUING OPERATIONSFor the Years Ended December 31,
202420232022
(In millions)
Currently payable -
Federal$32 $14 $— 
State29 1 11 
61 15 11 
Deferred, net -   
Federal(1)
190 279 946 
State130 (24)47 
320 255 993 
Investment tax credit amortization(4)(3)(4)
Total income taxes on income from continuing operations$377 $267 $1,000 

(1) Excludes $21 million of federal tax expense associated with discontinued operations for the year ended December 31, 2023.
Schedule of Reconciliation of federal income tax expense at the federal statutory rate to the total provision for income taxes The following table provides a reconciliation of federal income tax expense at the federal statutory rate to the total income taxes on income from continuing operations for the years ended December 31, 2024, 2023 and 2022:
For the Years Ended December 31,
202420232022
(In millions)
Income from continuing operations, before income taxes$1,504 $1,464 $1,439 
Federal income tax expense at the 21% statutory rate $316 $307 $302 
Increases (reductions) in taxes resulting from-
State and municipal income taxes, net of federal tax benefit140 80 56 
AFUDC equity and other flow-through(30)(30)(26)
Amortization of investment tax credits(4)(3)(4)
Deductions associated with certain equity method investments(19)— — 
Taxes related to the combined sale of 49.9% of the equity interests of FET6 58 752 
Federal tax credits claimed (2)(3)(3)
Tax on distributions from FET16 — — 
Excess deferred tax amortization due to the Tax Act(52)(46)(51)
Nondeductible SEC and OAG settlements27 — — 
Remeasurement of excess deferred income taxes(43)— — 
Uncertain tax positions— 41 2 
Valuation allowances16 (146)(47)
Other, net6 9 19 
Total income taxes on income from continuing operations$377 $267 $1,000 
Effective income tax rate (continuing operations)25.1 %18.2 %69.5 %
Schedule of Accumulated deferred income taxes
Net accumulated deferred income tax liabilities (assets) as of December 31, 2024 and 2023, are as follows:
As of December 31,
20242023
(In millions)
Property basis differences$6,079 $5,787 
Pension and OPEB(322)(331)
Regulatory asset/liability744 647 
Deferred compensation(127)(153)
Deferred gain on 19.9% FET equity interest sale
— 810 
Loss carryforwards and tax credits(762)(2,192)
Valuation allowances240 226 
Other(239)(264)
Net accumulated deferred income tax liability$5,613 $4,530 
Schedule of Pre-tax net operating loss expiration period
Expiration PeriodStateLocal
(In millions)
2025-2029$1,569 $5,706 
2030-20341,279 — 
2035-2039881 — 
2040-2044978 — 
Indefinite2,450 — 
$7,157 $5,706 
Schedule of Valuation allowance roll forward
The following table summarizes the changes in valuation allowances on federal, state, and local deferred tax assets related to business interest expense carryforwards and employee compensation deduction limitations under section 162(m), in addition to state and local NOLs discussed above for the years ended December 31, 2024, 2023 and 2022:

(In millions)202420232022
Beginning of year balance$226 $440 $484 
Charged to income14 (214)(44)
Charged to other accounts— — — 
Write-offs— — — 
End of year balance$240 $226 $440 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the changes (gross) in uncertain tax positions for the years ended December 31, 2024, 2023 and 2022:
(In millions)
Balance, January 1, 2022$47 
Prior year increases2 
        Decrease for lapse in statute(7)
Balance, December 31, 2022$42 
Prior year increases88 
Effectively settled with taxing authorities(24)
        Decrease for lapse in statute(1)
Balance, December 31, 2023$105 
Prior years increases— 
Effectively settled with taxing authorities— 
        Decrease for lapse in statute— 
Balance, December 31, 2024$105 
Schedule of Details of general taxes
General tax expense for the years ended December 31, 2024, 2023 and 2022, recognized in continuing operations is summarized as follows:
For the Years Ended December 31,
202420232022
(In millions)
kWh excise$186 $185 $191 
State gross receipts247 235 219 
Real and personal property642 615 596 
Social security and unemployment113 113 105 
Other24 16 18 
Total general taxes$1,212 $1,164 $1,129 
v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Expense The components of lease expense were as follows:
For the Year Ended December 31, 2024
(In millions)VehiclesBuildingsOtherTotal
Operating lease costs(1)
$82 $3 $6 $91 
Finance lease costs:
Amortization of right-of-use assets 1 1 2 4 
Interest on lease liabilities — 2 — 2 
Total finance lease cost1 3 2 6 
Total lease cost $83 $6 $8 $97 
(1) Includes $35 million of short-term lease costs.

For the Year Ended December 31, 2023
(In millions)VehiclesBuildingsOtherTotal
Operating lease costs(1)
$60 $5 $14 $79 
Finance lease costs:
Amortization of right-of-use assets 4 2 2 8 
Interest on lease liabilities — 5 — 5 
Total finance lease cost4 7 2 13 
Total lease cost $64 $12 $16 $92 
(1) Includes $27 million of short-term lease costs.

For the Year Ended December 31, 2022
(In millions)VehiclesBuildingsOtherTotal
Operating lease costs(1)
$50 $8 $15 $73 
Finance lease costs:
Amortization of right-of-use assets 10 1 2 13 
Interest on lease liabilities — 3 — 3 
Total finance lease cost10 4 2 16 
Total lease cost $60 $12 $17 $89 
(1) Includes $19 million of short-term lease costs.
Supplemental cash flow information related to leases was as follows:
For the Years Ended December 31,
(In millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$60 $54 $56 
Operating cash flows from finance leases2 33
Finance cash flows from finance leases2 812
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $69 $13 $26 
Finance leases — — — 
Maturities of lease liabilities as of December 31, 2024, were as follows:
(In millions)Operating LeasesFinance LeasesTotal
2025$61 $4 $65 
202656 4 60 
202748 3 51 
202843 4 47 
202928 — 28 
Thereafter 46 — 46 
Total lease payments(1)
282 15 297 
Less imputed interest 39 3 42 
Total net present value$243 $12 $255 
(1) Operating lease payments for certain leases are offset by sublease receipts of $7 million over 8 years.
Schedule of Assets and Liabilities, Lessee
Lease terms and discount rates were as follows:
As of December 31,
202420232022
Weighted-average remaining lease terms (years)
Operating leases 5.625.937.30
Finance leases 12.3812.2611.33
Weighted-average discount rate(1)
Operating leases 5.00 %4.51 %4.22 %
Finance leases 15.39 %14.73 %14.77 %
(1) When an implicit rate is not readily determinable, an incremental borrowing rate is utilized, determining the present value of lease payments. The rate is determined based on expected term and information available at the commencement date.

Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In millions)Financial Statement Line Item20242023
Assets
Operating lease(1)
Deferred charges and other assets$228 $205 
Finance lease(2)
Property, plant and equipment32 35 
Total leased assets $260 $240 
Liabilities
Current:
Operating Other current liabilities$51 $47 
Finance Currently payable long-term debt3 3 
Noncurrent:
Operating Other noncurrent liabilities192 179 
Finance Long-term debt and other long-term obligations9 11 
Total leased liabilities $255 $240 
(1) Operating lease assets are recorded net of accumulated amortization of $174 million and $139 million as of December 31, 2024 and 2023, respectively.
(2) Finance lease assets are recorded net of accumulated amortization of $14 million and $33 million as of December 31, 2024 and 2023, respectively.
Schedule of Maturity of Operating Lease Liabilities
Maturities of lease liabilities as of December 31, 2024, were as follows:
(In millions)Operating LeasesFinance LeasesTotal
2025$61 $4 $65 
202656 4 60 
202748 3 51 
202843 4 47 
202928 — 28 
Thereafter 46 — 46 
Total lease payments(1)
282 15 297 
Less imputed interest 39 3 42 
Total net present value$243 $12 $255 
(1) Operating lease payments for certain leases are offset by sublease receipts of $7 million over 8 years.
Schedule of Maturity of Finance Lease Liabilities
Maturities of lease liabilities as of December 31, 2024, were as follows:
(In millions)Operating LeasesFinance LeasesTotal
2025$61 $4 $65 
202656 4 60 
202748 3 51 
202843 4 47 
202928 — 28 
Thereafter 46 — 46 
Total lease payments(1)
282 15 297 
Less imputed interest 39 3 42 
Total net present value$243 $12 $255 
(1) Operating lease payments for certain leases are offset by sublease receipts of $7 million over 8 years.
v3.25.0.1
VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 FirstEnergy.
Assets December 31,
2024		December 31,
2023
Cash and cash equivalents$8 $76 
Receivables9488 
Materials and supplies, at average cost1 1 
Prepaid taxes and other21 23 
Total current assets 124 188 
Property, plant and equipment, net11,217 10,227 
Goodwill224 224 
Investments 19 19 
Regulatory assets18 16 
Other334 310 
Total noncurrent assets 11,812 10,796 
TOTAL ASSETS$11,936 $10,984 


LiabilitiesDecember 31,
2024		December 31,
2023
Currently payable long-term debt$625 $— 
Short-term borrowings 300 — 
Accounts payable— 2 
Accrued interest68 63 
Accrued taxes306 262 
Other15 14 
Total current liabilities 1,314 341 
Long-term debt and other long-term obligations5,239 5,275 
Accumulated deferred income taxes1,412 1,218 
Regulatory liabilities442 307 
Other299 285 
Total noncurrent liabilities 7,392 7,085 
TOTAL LIABILITIES$8,706 $7,426 
v3.25.0.1
ASSET RETIREMENT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Asset Retirement Obligation [Abstract]  
Schedule of Change in Asset Retirement Obligation
The following table summarizes the changes to the ARO balances during 2024 and 2023:
ARO Reconciliation(In millions)
Balance, January 1, 2023$185 
Changes in timing and amount of estimated cash flows10 
Liabilities settled (2)
Accretion16 
Balance, December 31, 2023$209 
Changes in timing and amount of estimated cash flows131 
Liabilities incurred95 
Liabilities settled (4)
Accretion24 
Balance, December 31, 2024$455 
v3.25.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured on Recurring Basis
The following tables set forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy:
December 31, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets(In millions)
Derivative assets FTRs(1)
$— $— $7 $7 $— $— $4 $4 
Equity securities2 — — 2 2 — — 2 
U.S. state debt securities— 276 — 276 — 275 — 275 
Cash, cash equivalents and restricted cash(2)
154 — — 154 179 — — 179 
Other(3)
— 45 — 45 — 40 — 40 
Total assets$156 $321 $7 $484 $181 $315 $4 $500 
Liabilities
Derivative liabilities FTRs(1)
$— $— $— $— $— $— $(1)$(1)
Total liabilities$— $— $— $— $— $— $(1)$(1)
Net assets (liabilities)$156 $321 $7 $484 $181 $315 $3 $499 
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.
(2) Restricted cash of $43 million and $42 million as of December 31, 2024 and 2023, respectively, primarily relates to cash collected from MP, PE and the Ohio Companies' customers that is specifically used to service debt of their respective funding companies. See Note 12, Capitalization for additional information.
(3) Primarily consists of short-term investments.
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 nuclear fuel disposal trusts as of December 31, 2024 and 2023:
December 31, 2024(1)
December 31, 2023(2)
Cost BasisUnrealized GainsUnrealized LossesFair ValueCost BasisUnrealized GainsUnrealized LossesFair Value
(In millions)
Debt securities$299 $— $(23)$276 $301 $1 $(27)$275 
(1) Excludes short-term cash investments of $6 million.
(2) Excludes short-term cash investments of $6 million.
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 years ended December 31, 2024, 2023 and 2022, were as follows:
For the Years Ended December 31,
202420232022
(In millions)
Sale Proceeds$121 $38 $48 
Realized Gains— — 8 
Realized Losses(15)(3)(13)
Interest and Dividend Income13 12 11 
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 December 31, 2024 and 2023:
As of December 31,
 20242023
(In millions)
Carrying Value$23,594 $24,254 
Fair Value22,128 $23,003 
v3.25.0.1
CAPITALIZATION (Tables)
 12 Months Ended
Dec. 31, 2024
Capitalization, Long-Term Debt and Equity [Abstract]  
Schedule of Dividends Declared and Paid Dividends declared and paid per share of common stock during 2024 and 2023 were as follows:
Dividends Declared Dividends Paid
2024202320242023
Q1 $0.425 $0.390 $0.410 $0.390 
Q2— 0.390 0.425 0.390 
Q30.850 0.410 0.425 0.390 
Q40.425 0.410 0.425 0.410 
Total $1.700 $1.600 $1.685 $1.580 
Schedule of Preferred stock and preference stock authorizations
FirstEnergy and certain of its subsidiaries are authorized to issue preferred stock and preference stock as of December 31, 2024, as follows:
Preferred StockPreference Stock
Shares AuthorizedPar ValueShares AuthorizedPar Value
FE5,000,000 $100   
OE6,000,000 $100 8,000,000 no par
OE8,000,000 $25   
CEI4,000,000 no par3,000,000 no par
TE3,000,000 $100 5,000,000 $25 
TE12,000,000 $25 
JCP&L15,600,000 no par
MP940,000 $100 
PE10,000,000 $0.01 
Schedule of Outstanding consolidated long-term debt and other long-term obligations
The following tables present outstanding long-term debt and finance lease obligations for FirstEnergy as of December 31, 2024 and 2023:

As of December 31, 2024As of December 31,
Maturity DateInterest Rate20242023
(In millions)
FMBs and secured notes - fixed rate2026-2059
2.650% - 8.250%
$4,963 $5,709 
Unsecured notes - fixed rate2025-2050
1.600% - 6.875%
18,631 18,545 
Finance lease obligations12 14 
Unamortized debt discounts(14)(9)
Unamortized debt issuance costs(122)(127)
Unamortized fair value adjustments3 3 
Currently payable long-term debt(977)(1,250)
Total long-term debt and other long-term obligations$22,496 $22,885 
FirstEnergy had the following redemptions and issuances during the twelve months ended December 31, 2024:

CompanyTypeRedemption/Issuance DateInterest RateMaturityAmount
(In millions)		Description
Redemptions(1)
FEUnsecured NotesApril, 20247.375%2031$463
FE redeemed all of its remaining $463 million of 2031 Notes including a premium of approximately $80 million ($63 million after-tax). In addition, FE recognized approximately $4 million ($3 million after-tax) of deferred cash flow hedge losses and $1 million in other unamortized debt costs and fees associated with the FE debt redemptions.
JCP&LUnsecured NotesApril, 20244.70%2024$500JCP&L redeemed unsecured notes that became due.
MPFMBsApril, 20244.10%2024$400MP redeemed FMBs that became due.
CEIFMBsAugust, 20245.50%2024$300CEI redeemed FMBs that became due.
FE PAUnsecured NotesDecember, 20244.00%2025$250
On December 30, 2024, FE PA caused to be redeemed $250 million of 4.00% senior notes due 2025.
FE PAUnsecured NotesDecember, 20244.15%2025$200
On December 30, 2024, FE PA caused to be redeemed $200 million of 4.15% senior notes due 2025.
FETUnsecured NotesDecember, 20244.35%2025$600
On December 30, 2024, FET caused to be redeemed $600 million of 4.35% senior notes due 2025.
Issuances
ATSIUnsecured NotesMarch, 20245.63%2034$150Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
MAITUnsecured NotesMay, 20245.94%2034$250Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
FETUnsecured Notes with registration rightsSeptember, 20244.55%2030$400
Proceeds were used to repay short-term borrowings, to redeem FET's $600 million 4.35% notes due 2025, to finance capital expenditures and for other general corporate purposes.
FETUnsecured Notes with registration rightsSeptember, 20245.00%2035$400
Proceeds were used to repay short-term borrowings, to redeem FET's $600 million 4.35% notes due 2025, to finance capital expenditures and for other general corporate purposes.
KATCoUnsecured NotesNovember, 20245.17%2035$200Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
JCP&LUnsecured Notes with registration rightsDecember, 20245.10%2035$700Proceeds were used to repay short-term borrowings, to finance capital expenditures and for other general corporate purposes.
(1) Excludes principal payments on securitized bonds.
Schedule of Maturities of Long-term Debt
The following table presents scheduled debt repayments or debt that has been noticed for redemption for outstanding long-term debt, excluding finance leases, fair value purchase accounting adjustments and unamortized debt discounts and premiums, for the next five years as of December 31, 2024.

(In millions)20252026202720282029
Scheduled debt repayments $973$2,876$2,003$2,453$1,064
v3.25.0.1
SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Interest Rate
Average Interest RatesRegulated Companies’ Money PoolUnregulated Companies’ Money Pool
2024202320242023
For the Years Ended December 31, 5.74 %6.30 %6.44 %6.01 %
v3.25.0.1
REGULATORY MATTERS (Tables)
 12 Months Ended
Dec. 31, 2024
Regulated Operations [Abstract]  
Schedule of Distribution Rate Orders
The following table summarizes the key terms of state base rate orders in effect for the Electric Companies as of December 31, 2024:
CompanyRates Effective For CustomersAllowed Debt/EquityAllowed ROE
CEIMay 2009
51%/ 49%
10.5%
FE PA(1)
January 2017
Settled(2)
Settled(2)
MPMarch 2024
Settled(2)
9.8%
JCP&LJune 2024
48.1% / 51.9%
9.6%
OEJanuary 2009
51% /49%
10.5%
PE (West Virginia)March 2024
Settled(2)
9.8%
PE (Maryland)October 2023
47% / 53%
9.5%
TEJanuary 2009
51% / 49%
10.5%
(1) As further discussed below, new rates became effective for customers on January 1, 2025, and did not disclose allowed debt/equity and ROE rates.
(2) Commission-approved settlement agreements did not disclose allowed debt/equity and/or ROE rates.
The following table summarizes the key terms of FERC rate orders in effect for transmission customer billings for FirstEnergy's transmission owner entities as of December 31, 2024:
CompanyRates EffectiveCapital StructureAllowed ROE
ATSIJanuary 2015Actual (13-month average)
9.88%(1)
JCP&L
January 2020Actual (13-month average)10.20%
MPJanuary 2021
Lower of Actual (13-month average) or 56% equity
10.45%
PE January 2021
Lower of Actual (13-month average) or 56% equity
10.45%
KATCo(2)
January 2021
Hypothetical 49.3% equity(3)
10.45%
MAITJuly 2017
Lower of Actual (13-month average) or 60% equity
10.3%
TrAILJuly 2008Actual (year-end)
12.7%(4) / 11.7%(5)
(1) Reflects a 0.5% reduction to the 10.38% approved ROE due to the January 2025 Sixth Circuit ruling eliminating the 50 basis point adder associated with RTO membership (see Transmission ROE Incentive: OCC v. ATSI, et al.)
(2) On January 1, 2024, WP transferred certain of its Pennsylvania-based transmission assets to KATCo
(3) Hypothetical capital structure will convert to an actual (13-month average) in January 2027
(4) TrAIL the Line and Black Oak Static Var Compensator
(5) All other projects
v3.25.0.1
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Potential Collateral Obligations The maximum potential amount of future payments FirstEnergy and its subsidiaries could be required to make under these guarantees as of December 31, 2024, was approximately $923 million, as summarized below:
Guarantees and Other AssurancesMaximum Exposure
 (In millions)
FE's Guarantees on Behalf of its Consolidated Subsidiaries(1)
Deferred compensation arrangements$406 
Vehicle leases75 
Other14 
 495 
FE's Guarantees on Other Assurances
Surety Bonds161 
Deferred compensation arrangements97 
LOCs170 
 428 
Total Guarantees and Other Assurances$923 
(1) During the third quarter of 2023, FE was required by PJM to issue a guarantee to cover non-performance until FE PA is able to provide audited financial statements to PJM, which is expected to occur in early 2025. The guarantee is expected to be immaterial to FE.
The following table discloses the potential additional credit rating contingent contractual collateral obligations as of December 31, 2024:
Potential Collateral ObligationsElectric Companies and Transmission CompaniesFETotal
(In millions)
Contractual Obligations for Additional Collateral
Upon Further Downgrade$77 $1 $78 
Surety Bonds (collateralized amount)(1)
97 49 146 
Total Exposure from Contractual Obligations$174 $50 $224 
(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 obligations for which the collateral obligation is capped at 60% of the face amount, and typical obligations require 30 days to cure.
v3.25.0.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Financial Information
Financial information for FirstEnergy’s business segments and reconciliations to consolidated amounts is presented below:
(In millions)DistributionIntegratedStand-Alone TransmissionTotal Reportable SegmentsCorporate/OtherReconciling AdjustmentsFirstEnergy Consolidated
For the Years Ended
December 31, 2024
External revenues$6,824 $4,871 $1,768 $13,463 $9 $— $13,472 
Internal revenues39 5 19 63 — (63)— 
Total revenues$6,863 $4,876 $1,787 $13,526 $9 $(63)$13,472 
Other operating expenses(1)
2,408 1,324 359 4,091 78 (10)4,159 
Depreciation(1)
648 521 336 1,505 76 — 1,581 
Amortization (deferral) of regulatory assets, net(171)(66)6 (231)— — (231)
Equity method investment earnings, net— — — — 58 — 58 
Interest expense(1)
432 262 275 969 360 (185)1,144 
Income taxes (benefits)(1)
135 153 173 461 (84)— 377 
Other expense (income) items(2)
2,787 2,147 344 5,278 59 185 5,522 
Earnings (losses) attributable to FE from continuing operations624 535 294 1,453 (475)— 978 
Cash Flows from Investing Activities
Capital investments$1,130 $1,542 $1,266 $3,938 $92 $— $4,030 
December 31, 2023
External revenues$6,813 $4,315 $1,731 $12,859 $11 $— $12,870 
Internal revenues41 5 17 63 — (63)— 
Total revenues$6,854 $4,320 $1,748 $12,922 $11 $(63)$12,870 
Other operating expenses(1)
2,129 1,156 338 3,623 (19)(10)3,594 
Depreciation(1)
620 462 304 1,386 75 — 1,461 
Amortization (deferral) of regulatory assets, net(259)(10)8 (261)— — (261)
Equity method investment earnings, net— — — — 175 — 175 
Interest expense(1)
390 257 245 892 340 (108)1,124 
Income taxes (benefits)(1)
147 37 146 330 (63)— 267 
Other expense (income) items(2)
3,240 2,118 308 5,666 (37)108 5,737 
Earnings (losses) attributable to FE from continuing operations587 300 399 1,286 (163)— 1,123 
Cash Flows from Investing Activities
Capital investments$936 $1,212 $1,093 $3,241 $115 $— $3,356 
December 31, 2022
External revenues$6,386 $4,465 $1,581 $12,432 $27 $— $12,459 
Internal revenues39 5 16 60 — (60)— 
Total revenues$6,425 $4,470 $1,597 $12,492 $27 $(60)$12,459 
Other operating expenses(1)
2,094 1,226 428 3,748 79 (10)3,817 
Depreciation(1)
593 430 277 1,300 75 — 1,375 
Amortization (deferral) of regulatory assets, net(241)(128)4 (365)— — (365)
Equity method investment earnings, net— — — — 168 — 168 
Interest expense(1)
325 225 263 813 354 (128)1,039 
Income taxes (benefits)(1)
202 80 111 393 607 — 1,000 
Other expense (income) items(2)
2,778 2,372 199 5,349 (122)128 5,355 
Earnings (losses) attributable to FE from continuing operations674 265 315 1,254 (848)— 406 
Cash Flows from Investing Activities
Capital investments$925 $998 $874 $2,797 $51 $— $2,848 
As of December 31, 2024
Total Assets$19,949 $18,637 $13,528 $52,114 $1,975 $(2,045)$52,044 
Total Goodwill(3)
$3,222 $1,953 $443 $5,618 $— $— $5,618 
As of December 31, 2023
Total Assets$19,235 $17,466 $12,142 $48,843 $2,372 $(2,448)$48,767 
Total Goodwill(3)
$3,222 $1,953 $443 $5,618 $— $— $5,618 
(1) FirstEnergy considers this line to be a significant expense.
(2) Consists of Fuel, Purchased power, General taxes, Debt redemption costs, Miscellaneous income, net, Capitalized financing costs, Pension and OPEB mark-to-market adjustments, and Income attributable to noncontrolling interest.
(3) In accordance with GAAP, the modification to the segments in the first quarter of 2024, as discussed above, resulted in a transfer of goodwill between the segments based on the relative fair value of the reporting units, and as such, the segment goodwill balances do not necessarily represent the goodwill balances of the specific legal entities within the segments.
v3.25.0.1
ORGANIZATION AND BASIS OF PRESENTATION - Narrative (Details)
customer in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Jul. 17, 2024
USD ($)
Mar. 25, 2024
USD ($)
promissoryNote
May 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
mi²
transmissionCenter
MW
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
mi²
customer
transmissionCenter
MW
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Mar. 31, 2024
Sep. 30, 2023
USD ($)
Feb. 02, 2023
USD ($)
director
Regulatory Assets [Line Items]                      
Number of customers | customer           6.0          
Number of regional transmission centers | transmissionCenter       2   2          
Impairment of long-lived assets to be disposed of         $ 62            
FET equity interest sale, net of transaction costs           $ 2,665   $ 2,338      
Regulatory assets currently being recovered through deferred returns       $ 698   698 $ 371        
Equity method investment earnings, net (Note 1)           $ 58 $ 175 $ 168      
Public utilities, property, plant and equipment, disclosure of composite depreciation rate for plants in service           2.90% 2.80% 2.70%      
Capitalized financing costs           $ 60 $ 44 $ 56      
Interest costs capitalized           $ 73 53 28      
VIRGINIA                      
Regulatory Assets [Line Items]                      
Plant generation capacity (in MW's) | MW       3,003   3,003          
Revision of Prior Period, Adjustment                      
Regulatory Assets [Line Items]                      
Deferred tax assets, valuation allowance                   $ 21  
NCI                      
Regulatory Assets [Line Items]                      
FET equity interest sale, net of transaction costs           $ 731   451      
OPIC                      
Regulatory Assets [Line Items]                      
FET equity interest sale, net of transaction costs           $ 1,934   $ 1,887      
FET                      
Regulatory Assets [Line Items]                      
Noncontrolling interest ownership percentage       49.90%   49.90%          
Brookfield II | FET                      
Regulatory Assets [Line Items]                      
Sale of ownership interest by parent                     30.00%
Number of promissory notes | promissoryNote   2                  
Noncontrolling interest ownership percentage                     49.90%
Integrated                      
Regulatory Assets [Line Items]                      
Service area | mi²       24,000   24,000          
Integrated Segment                      
Regulatory Assets [Line Items]                      
Plant generation capacity (in MW's) | MW       3,604   3,604          
Integrated                      
Regulatory Assets [Line Items]                      
Number of customers | customer           2.0          
Impairment of long-lived assets to be disposed of         17            
Distribution Segment                      
Regulatory Assets [Line Items]                      
Number of customers | customer           4.3          
Plant generation capacity (in MW's) | MW       3,604   3,604          
Impairment of long-lived assets to be disposed of         31            
Property, plant and equipment, net       $ 2,300   $ 2,300          
Stand-Alone Transmission                      
Regulatory Assets [Line Items]                      
Impairment of long-lived assets to be disposed of         11            
Corporate/Other                      
Regulatory Assets [Line Items]                      
Impairment of long-lived assets to be disposed of         $ 3            
FET                      
Regulatory Assets [Line Items]                      
Net of transaction costs     $ 37     32          
Net of taxes           $ 803          
Number of directors | director                     5
Consolidation, less than wholly owned subsidiary, parent ownership interest, changes, carrying value of noncontrolling interest     $ 451                
FET | FE                      
Regulatory Assets [Line Items]                      
Number of directors | director                     3
FET | Brookfield II                      
Regulatory Assets [Line Items]                      
Sale of ownership interest by parent   49.90% 19.90% 19.90%   19.90%   19.90% 19.90%    
Consideration                     $ 3,500
Number of directors | director                     2
Brookfield | Brookfield II                      
Regulatory Assets [Line Items]                      
Interest income, operating           $ 24          
Brookfield | Brookfield II | FET                      
Regulatory Assets [Line Items]                      
Liabilities incurred $ 1,200 $ 1,200                  
Payments to acquire businesses, gross           $ 2,300          
Brookfield | Brookfield II | FET | Promissory Note, $750 Million at 5.75% Due September 2025                      
Regulatory Assets [Line Items]                      
Face amount of loan   $ 750                  
Interest rate (percent)   5.75%                  
Brookfield | Brookfield II | FET | Promissory Note, $450 Million at 7.75% Due September 2025                      
Regulatory Assets [Line Items]                      
Face amount of loan   $ 450                  
Interest rate (percent)   7.75%                  
AGC | VIRGINIA                      
Regulatory Assets [Line Items]                      
Plant generation capacity (in MW's) | MW       487   487          
Proportionate ownership share       16.25%   16.25%          
Property, plant and equipment       $ 142   $ 142          
Virginia Electric and Power Company | VIRGINIA                      
Regulatory Assets [Line Items]                      
Proportionate ownership share       60.00%   60.00%          
FET | FE                      
Regulatory Assets [Line Items]                      
Equity method investment, ownership percentage                     50.10%
Global Holding                      
Regulatory Assets [Line Items]                      
Equity method investments       $ 45   $ 45 66        
Global Holding | FEV | Variable Interest Entity, Not Primary Beneficiary                      
Regulatory Assets [Line Items]                      
Proceeds from dividends received           80 165        
Global Holding | FEV | Corporate/Other | Other Nonoperating Income (Expense)                      
Regulatory Assets [Line Items]                      
Equity method investment earnings, net (Note 1)           72 175 $ 168      
Other Sundry Investments                      
Regulatory Assets [Line Items]                      
Equity method investments       84   84 104        
Path-WV | Variable Interest Entity, Not Primary Beneficiary                      
Regulatory Assets [Line Items]                      
Equity method investments       $ 17   $ 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%   100.00%          
Variable interest entities percentage of high voltage transmission line project owned by variable interest entity one in joint venture party two       50.00%   50.00%          
Signal Peak                      
Regulatory Assets [Line Items]                      
Impairment of equity method investments       $ 13              
Signal Peak | Global Holding | FEV                      
Regulatory Assets [Line Items]                      
Equity method investment, ownership percentage       33.33%   33.33%          
v3.25.0.1
ORGANIZATION AND BASIS OF PRESENTATION - Regulatory Assets on the Balance Sheet (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Regulatory assets on the Balance Sheets    
Regulatory liability $ (995) $ (1,214)
Regulatory assets 617 369
Net Regulatory Liabilities included on the Consolidated Balance Sheets (378) (845)
Change 467  
Current Return 1,243 1,197
Change 46  
Customer payables for future income taxes    
Regulatory assets on the Balance Sheets    
Regulatory liability (2,234) (2,382)
Change 148  
Spent nuclear fuel disposal costs    
Regulatory assets on the Balance Sheets    
Regulatory liability (72) (83)
Change 11  
Asset removal costs    
Regulatory assets on the Balance Sheets    
Regulatory liability (681) (652)
Change (29)  
Deferred transmission costs    
Regulatory assets on the Balance Sheets    
Regulatory assets 190 286
Change (96)  
Current Return 8 6
Change 2  
Deferred generation costs    
Regulatory assets on the Balance Sheets    
Regulatory assets 481 572
Change (91)  
Current Return 314 432
Change (118)  
Deferred distribution costs    
Regulatory assets on the Balance Sheets    
Regulatory assets 287 247
Change 40  
Current Return 153 68
Change 85  
Storm-related costs    
Regulatory assets on the Balance Sheets    
Regulatory assets 1,015 799
Change 216  
Current Return 694 602
Change 92  
Energy efficiency program costs    
Regulatory assets on the Balance Sheets    
Regulatory assets 349 198
Change 151  
New Jersey societal benefit costs    
Regulatory assets on the Balance Sheets    
Regulatory assets 87 79
Change 8  
Vegetation management    
Regulatory assets on the Balance Sheets    
Regulatory assets 125 102
Change 23  
Current Return 16 21
Change (5)  
Other    
Regulatory assets on the Balance Sheets    
Regulatory liability   (11)
Regulatory assets 75  
Change 86  
Current Return 58 $ 68
Change $ (10)  
v3.25.0.1
ORGANIZATION AND BASIS OF PRESENTATION - Summary of Changes in Goodwill (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Goodwill $ 5,618 $ 5,618
Distribution Segment    
Goodwill [Line Items]    
Goodwill 3,222  
Integrated Segment    
Goodwill [Line Items]    
Goodwill 1,953  
Stand-Alone Transmission Segment    
Goodwill [Line Items]    
Goodwill $ 443  
v3.25.0.1
ORGANIZATION AND BASIS OF PRESENTATION - Property, Plant and Equipment Balances (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment    
In service $ 52,896 $ 50,107
Accumulated depreciation (14,548) (13,811)
Property, plant and equipment in service net of accumulated provision for depreciation 38,348 36,296
CWIP 2,754 2,116
Total 41,102 38,412
Finance leases 46 68
Financing lease, accumulated amortization 14 33
Corporate/Other    
Property, Plant and Equipment    
In service 1,062 1,116
Accumulated depreciation (607) (594)
Property, plant and equipment in service net of accumulated provision for depreciation 455 522
CWIP 74 48
Total 529 570
Distribution | Operating Segments    
Property, Plant and Equipment    
In service 21,245 20,423
Accumulated depreciation (7,338) (7,008)
Property, plant and equipment in service net of accumulated provision for depreciation 13,907 13,415
CWIP 618 417
Total 14,525 13,832
Integrated | Operating Segments    
Property, Plant and Equipment    
In service 17,080 16,180
Accumulated depreciation (3,943) (3,748)
Property, plant and equipment in service net of accumulated provision for depreciation 13,137 12,432
CWIP 1,076 823
Total 14,213 13,255
Stand-Alone Transmission | Operating Segments    
Property, Plant and Equipment    
In service 13,509 12,388
Accumulated depreciation (2,660) (2,461)
Property, plant and equipment in service net of accumulated provision for depreciation 10,849 9,927
CWIP 986 828
Total $ 11,835 $ 10,755
Minimum | Corporate/Other    
Property, Plant and Equipment    
Average Service Life 3 years  
Minimum | Distribution | Operating Segments    
Property, Plant and Equipment    
Average Service Life 5 years  
Minimum | Integrated | Operating Segments    
Property, Plant and Equipment    
Average Service Life 5 years  
Minimum | Stand-Alone Transmission | Operating Segments    
Property, Plant and Equipment    
Average Service Life 5 years  
Maximum | Corporate/Other    
Property, Plant and Equipment    
Average Service Life 63 years  
Maximum | Distribution | Operating Segments    
Property, Plant and Equipment    
Average Service Life 80 years  
Maximum | Integrated | Operating Segments    
Property, Plant and Equipment    
Average Service Life 100 years  
Maximum | Stand-Alone Transmission | Operating Segments    
Property, Plant and Equipment    
Average Service Life 85 years  
v3.25.0.1
REVENUE - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
MW
Disaggregation of Revenue [Line Items]  
Utility customer payment period 30 days
Distribution  
Disaggregation of Revenue [Line Items]  
Plant generation capacity (in MW's) 3,604
v3.25.0.1
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenues [1] $ 13,472 $ 12,870 $ 12,459
Operating Segments      
Disaggregation of Revenue [Line Items]      
Total revenues 13,526 12,922 12,492
Operating Segments | Distribution      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 6,783 6,779 6,353
Total revenues 6,863 6,854 6,425
Operating Segments | Distribution | Wholesale      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 6 20 19
Operating Segments | Distribution | Other revenue from contracts with customers      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 80 89 86
Operating Segments | Distribution | Other revenue unrelated to contracts with customers      
Disaggregation of Revenue [Line Items]      
Total revenues 80 75 72
Operating Segments | Distribution | Distribution services and retail generation | Ohio Stipulation      
Disaggregation of Revenue [Line Items]      
Rate refunds     58
Operating Segments | Integrated      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 4,824 4,285 4,442
Total revenues 4,876 4,320 4,470
Operating Segments | Integrated | Wholesale      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 146 208 475
Operating Segments | Integrated | Transmission      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 380 318 282
Operating Segments | Integrated | Other revenue from contracts with customers      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 19 24 17
Operating Segments | Integrated | Other revenue unrelated to contracts with customers      
Disaggregation of Revenue [Line Items]      
Total revenues 42 35 28
Operating Segments | Stand-Alone Transmission      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 1,768 1,731 1,581
Total revenues 1,787 1,748 1,597
Operating Segments | Stand-Alone Transmission | Other revenue unrelated to contracts with customers      
Disaggregation of Revenue [Line Items]      
Total revenues 19 17 16
Operating Segments | Residential | Distribution      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 4,514 4,344 3,954
Operating Segments | Residential | Integrated      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 2,528 2,137 2,121
Operating Segments | Commercial | Distribution      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 1,522 1,528 1,432
Operating Segments | Commercial | Integrated      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 1,142 1,023 1,016
Operating Segments | Industrial | Distribution      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 588 726 806
Operating Segments | Industrial | Integrated      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 577 545 505
Operating Segments | Other | Distribution      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 73 72 56
Operating Segments | Other | Integrated      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 32 30 26
Operating Segments | ARP | Integrated | Other revenue unrelated to contracts with customers      
Disaggregation of Revenue [Line Items]      
Total revenues 10 0 0
Operating Segments | ATSI | Stand-Alone Transmission      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 980 967 911
Operating Segments | TrAIL | Stand-Alone Transmission      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 269 279 270
Operating Segments | MAIT | Stand-Alone Transmission      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 436 394 340
Operating Segments | KATCo | Stand-Alone Transmission      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 85 89 59
Operating Segments | Other | Stand-Alone Transmission      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers (2) 2 1
Corporate/Other and Reconciling Adjustments      
Disaggregation of Revenue [Line Items]      
Total revenues (54) (52) (33)
Corporate/Other and Reconciling Adjustments | Wholesale      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 9 11 27
Corporate/Other and Reconciling Adjustments | Eliminations and reconciling adjustments      
Disaggregation of Revenue [Line Items]      
Total revenues $ (63) $ (63) $ (60)
[1] Includes excise and gross receipts tax collections of $429 million, $420 million and $406 million in 2024, 2023 and 2022, respectively.
v3.25.0.1
REVENUE - Receivables from Customers (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers $ 1,585 $ 1,382
Less: Uncollectible Reserve 55 64
Receivable 1,530 1,318
Billed    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers 867 717
Billed | Financial Asset, Greater than 30 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers 284 288
Unbilled    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Customers $ 718 $ 665
v3.25.0.1
REVENUE - Activity in Uncollectable Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Deferred for recovery $ 17 $ (15) $ 11
Customer Receivables:      
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 64 137 159
Charged to income 73 8 59
Charged to other accounts 39 34 62
Write-offs (121) (115) (143)
Ending balance 55 64 137
Other Receivables:      
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 15 11 10
Charged to income 1 7 4
Charged to other accounts (5) (1)  
Charged to other accounts     4
Write-offs (5) (2) (7)
Ending balance $ 6 $ 15 $ 11
v3.25.0.1
EARNINGS PER SHARE OF COMMON STOCK - Reconciliation of Basic and Diluted EPS Attributable to FE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Earnings Attributable to FE - continuing operations $ 978 $ 1,123 $ 406
Earnings from discontinued operations [1] 0 (21) 0
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. $ 978 $ 1,102 $ 406
Share Count information:      
Weighted average number of basic shares outstanding (in shares) 575 573 571
Assumed exercise of dilutive share-based awards (in shares) 2 1 1
Weighted average number of diluted shares outstanding (in shares) 577 574 572
EPS Attributable to FE:      
Income from continuing operations, basic (in dollars per share) $ 1.70 $ 1.96 $ 0.71
Discontinued operations, basic (in dollars per share) 0 (0.04) 0
Basic EPS (in dollars per share) 1.70 1.92 0.71
Income from continuing operations, diluted (in dollars per share) 1.70 1.96 0.71
Discontinued operations, diluted (in dollars per share) 0 (0.04) 0
Diluted EPS (in dollars per share) $ 1.70 $ 1.92 $ 0.71
[1] Consists of income taxes of $21 million in 2023.
v3.25.0.1
EARNINGS PER SHARE OF COMMON STOCK - Narrative (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
4.00%, $1,500 Million Notes Maturity 2026 | Promissory Notes | FE      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Debt instrument, conversation 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 0
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 10,437    
Income tax on other comprehensive income 1 $ (1) $ (1)
Other comprehensive income, net of tax 3 (3) 1
Ending balance 12,455 10,437  
Total FirstEnergy Corp. AOCI      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (17) (14) (15)
Other comprehensive income, net of tax 3 (3) 1
Ending balance (14) (17) (14)
Gains & Losses on Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 2 0 (7)
Amounts reclassified from AOCI 3 2 9
Income tax on other comprehensive income 1 0 2
Other comprehensive income, net of tax 2 2 7
Ending balance 4 2 0
Defined Benefit Pension & OPEB Plans      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (19) (14) (8)
Amounts reclassified from AOCI 1 (6) (9)
Income tax on other comprehensive income 0 (1) (3)
Other comprehensive income, net of tax 1 (5) (6)
Ending balance $ (18) $ (19) $ (14)
v3.25.0.1
PENSION AND OTHER POSTEMPLOYMENT BENEFITS - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
May 12, 2023
USD ($)
Jan. 31, 2025
USD ($)
numberOfEmployee
Dec. 31, 2023
USD ($)
numberOfEmployee
Jun. 30, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
numberOfEmployee
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]              
Defined benefit plan, assumptions used calculating benefit obligation, increase (decrease) in discount rate         0.67%    
Pensions and OPEB              
Defined Benefit Plan Disclosure [Line Items]              
Pension & OPEB mark-to-market         $ 22    
Pensions and OPEB | Integrated              
Defined Benefit Plan Disclosure [Line Items]              
Mark-to-market adjustment, net of capitalized amounts         $ (8) $ 36 $ 15
Pension              
Defined Benefit Plan Disclosure [Line Items]              
Weighted-average discount rate         8.50%    
Expected future contributions         $ 300    
Defined benefit plan, number of covered employees by plan | numberOfEmployee     1,900     1,900  
Defined benefit plan, plan assets pre tax gain     $ 36        
Voluntary cash contribution $ 750            
Pre-tax pension mark-to-market adjustment gain       $ 59 (66) $ (108) 98
Pension | Banner Life Insurance Company and Reinsurance Group of America              
Defined Benefit Plan Disclosure [Line Items]              
Transfer of plan assets     (683)        
Transfer of benefit obligations     $ (719)        
Pension | MetLife | Subsequent Event              
Defined Benefit Plan Disclosure [Line Items]              
Transfer of plan assets   $ 640          
Transfer of benefit obligations   $ 652          
Defined benefit plan, number of covered employees by plan | numberOfEmployee   2,000          
OPEB              
Defined Benefit Plan Disclosure [Line Items]              
Pre-tax pension mark-to-market adjustment gain         $ 44 $ 30 $ (26)
v3.25.0.1
PENSION AND OTHER POSTEMPLOYMENT BENEFITS - Assumptions Used to Determine Net Periodic Benefit Cost (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate 5.72% 5.05% 5.23%
Rate of compensation increase 4.30% 4.30% 4.30%
Cash balance weighted average interest crediting rate 4.37% 4.94% 4.04%
Effective rate for interest on benefit obligations 4.92%   2.44%
Effective rate for service costs 5.17%   3.28%
Effective rate for interest on service costs 5.05%   2.96%
Expected return on plan assets 8.00% 8.00% 7.50%
Rate of compensation increase 4.30% 4.30% 4.10%
Pension | Minimum      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Effective rate for interest on benefit obligations   5.10%  
Effective rate for service costs   5.34%  
Effective rate for interest on service costs   5.22%  
Pension | Maximum      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Effective rate for interest on benefit obligations   4.80%  
Effective rate for service costs   5.11%  
Effective rate for interest on service costs   4.94%  
OPEB      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate 5.60% 4.97% 5.16%
Effective rate for interest on benefit obligations 4.88% 5.06%  
Effective rate for service costs 5.23% 5.41%  
Effective rate for interest on service costs 5.16% 5.33%  
Expected return on plan assets 7.00% 7.00% 7.50%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.50% 4.50% 4.50%
OPEB | Minimum      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Effective rate for interest on benefit obligations     2.18%
Effective rate for service costs     3.41%
Effective rate for interest on service costs     3.24%
Other Postretirement Benefits Plan - Pre Medicare      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Health care cost trend rate assumed (pre/post-Medicare) 7.00% 7.00% 6.00%
Other Postretirement Benefits Plan - Post Medicare      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Health care cost trend rate assumed (pre/post-Medicare) 6.00% 6.50% 5.50%
v3.25.0.1
PENSION AND OTHER POSTEMPLOYMENT BENEFITS - Schedule of Assumed Rate of Return on Pension Plan Assets Considers Historical Market Returns and Economic Forecasts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pensions and OPEB      
Defined Benefit Plan Disclosure [Line Items]      
Actual gains or (losses) on plan assets - $ millions $ 3 $ 751 $ (1,830)
Actual gains or (losses) on plan assets - % 0.70% 11.20% (19.10%)
Expected return on plan assets - $ millions $ 565 $ 601 $ 696
Expected return on plan assets     7.50%
Pension      
Defined Benefit Plan Disclosure [Line Items]      
Actual gains or (losses) on plan assets - $ millions (62) 682  
Expected return on plan assets - $ millions $ 530 $ 570 $ 657
Expected return on plan assets 8.00% 8.00% 7.50%
OPEB      
Defined Benefit Plan Disclosure [Line Items]      
Actual gains or (losses) on plan assets - $ millions $ 65 $ 69  
Expected return on plan assets - $ millions $ 35 $ 31 $ 39
Expected return on plan assets 7.00% 7.00% 7.50%
v3.25.0.1
PENSION AND OTHER POSTEMPLOYMENT BENEFITS - Components of Net Periodic Benefit Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost   $ 140 $ 139 $ 184
Interest cost   398 428 273
Expected return on plan assets   (530) (570) (657)
Amortization of prior service costs (credits)   2 2 2
Special termination benefits   0 21 0
Pension & OPEB mark-to-market $ (59) 66 108 (98)
Net periodic benefit costs (credits)   76 128 (296)
OPEB        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost   3 2 3
Interest cost   20 21 11
Expected return on plan assets   (35) (31) (39)
Amortization of prior service costs (credits)   (1) (8) (11)
Special termination benefits   0 8 0
Pension & OPEB mark-to-market   (44) (30) 26
Net periodic benefit costs (credits)   $ (57) $ (38) $ (10)
v3.25.0.1
PENSION AND OTHER POSTEMPLOYMENT BENEFITS - Obligations and Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension      
Change in benefit obligation:      
Benefit obligation as of January 1 $ 8,363 $ 8,828  
Service cost 140 139 $ 184
Interest cost 398 428 273
Plan participants’ contributions 0 0  
Special termination benefits 0 21  
Medicare retiree drug subsidy 0 0  
Lift-out transaction 0 (719)  
Actuarial loss (gain) (526) 256  
Benefits paid (551) (590)  
Benefit obligation as of December 31 7,824 8,363 8,828
Change in fair value of plan assets:      
Fair value of plan assets as of January 1 6,879 6,693  
Actual return on plan assets (62) 682  
Lift-out transaction 0 (683)  
Company contributions 30 777  
Plan participants’ contributions 0 0  
Benefits paid (551) (590)  
Fair value of plan assets as of December 31 6,296 6,879 6,693
Funded Status:      
Funded Status - Net asset (liability) as of December 31 (1,528) (1,484)  
Accumulated benefit obligation 7,572 7,324  
Amounts Recognized in AOCI:      
Prior service cost (credit) 2 4  
Pension | Qualified plan      
Funded Status:      
Funded Status - Net asset (liability) as of December 31 (1,165) (1,090)  
Pension | Non-qualified plans      
Funded Status:      
Funded Status - Net asset (liability) as of December 31 (363) (394)  
OPEB      
Change in benefit obligation:      
Benefit obligation as of January 1 441 439  
Service cost 3 2 3
Interest cost 20 21 11
Plan participants’ contributions 4 4  
Special termination benefits 0 8  
Medicare retiree drug subsidy 1 0  
Lift-out transaction 0 0  
Actuarial loss (gain) (14) 8  
Benefits paid (48) (41)  
Benefit obligation as of December 31 407 441 439
Change in fair value of plan assets:      
Fair value of plan assets as of January 1 516 460  
Actual return on plan assets 65 69  
Lift-out transaction 0 0  
Company contributions 30 24  
Plan participants’ contributions 4 4  
Benefits paid (48) (41)  
Fair value of plan assets as of December 31 567 516 $ 460
Funded Status:      
Funded Status - Net asset (liability) as of December 31 160 75  
Accumulated benefit obligation 0 0  
Amounts Recognized in AOCI:      
Prior service cost (credit) 1 (1)  
OPEB | Qualified plan      
Funded Status:      
Funded Status - Net asset (liability) as of December 31 0 0  
OPEB | Non-qualified plans      
Funded Status:      
Funded Status - Net asset (liability) as of December 31 $ 0 $ 0  
v3.25.0.1
PENSION AND OTHER POSTEMPLOYMENT BENEFITS - Pension Investments Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 6,249 $ 6,927
Asset Allocation 100.00% 100.00%
Excluded from total investments $ 47 $ (48)
Pension | Investments Excluding in Investments at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 4,130 $ 4,393
Asset Allocation 66.00% 63.00%
Pension | Cash and short-term securities    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 1,173 $ 755
Asset Allocation 19.00% 11.00%
Pension | Public equity    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 1,590 $ 1,815
Asset Allocation 25.00% 26.00%
Pension | Fixed income    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 1,425 $ 1,784
Asset Allocation 23.00% 26.00%
Pension | Derivatives    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value   $ 39
Asset Allocation   0.00%
Pension | Derivatives    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ (58)  
Asset Allocation (1.00%)  
Pension | Private - equity and debt funds    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 1,273 $ 1,296
Asset Allocation 20.00% 19.00%
Pension | Insurance-linked securities    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 39 $ 107
Asset Allocation 1.00% 2.00%
Pension | Hedge funds    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 253 $ 410
Asset Allocation 4.00% 6.00%
Pension | Real estate funds    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 554 $ 721
Asset Allocation 9.00% 10.00%
Pension | Level 1 | Investments Excluding in Investments at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 1,490 $ 1,813
Pension | Level 1 | Cash and short-term securities    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
Pension | Level 1 | Public equity    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 1,585 1,811
Pension | Level 1 | Fixed income    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
Pension | Level 1 | Derivatives    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value   2
Pension | Level 1 | Derivatives    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value (95)  
Pension | Level 2 | Investments Excluding in Investments at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 2,640 2,580
Pension | Level 2 | Cash and short-term securities    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 1,173 755
Pension | Level 2 | Public equity    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 5 4
Pension | Level 2 | Fixed income    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 1,425 1,784
Pension | Level 2 | Derivatives    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value   37
Pension | Level 2 | Derivatives    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 37  
Pension | Level 3 | Investments Excluding in Investments at NAV    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
Pension | Level 3 | Cash and short-term securities    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
Pension | Level 3 | Public equity    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
Pension | Level 3 | Fixed income    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
Pension | Level 3 | Derivatives    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value   0
Pension | Level 3 | Derivatives    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0  
OPEB    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 572 $ 516
Asset Allocation 100.00% 100.00%
Excluded from total investments   $ (5)
OPEB | Cash and short-term securities    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 112 $ 100
Asset Allocation 20.00% 19.00%
OPEB | Public equity    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 314 $ 258
Asset Allocation 55.00% 50.00%
OPEB | Fixed income    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 146 $ 158
Asset Allocation 25.00% 31.00%
OPEB | Level 1    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 314 $ 258
OPEB | Level 1 | Cash and short-term securities    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
OPEB | Level 1 | Public equity    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 314 258
OPEB | Level 1 | Fixed income    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
OPEB | Level 2    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 258 258
OPEB | Level 2 | Cash and short-term securities    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 112 100
OPEB | Level 2 | Public equity    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
OPEB | Level 2 | Fixed income    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 146 158
OPEB | Level 3    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
OPEB | Level 3 | Cash and short-term securities    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
OPEB | Level 3 | Public equity    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value 0 0
OPEB | Level 3 | Fixed income    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Pension investments measured at fair value $ 0 $ 0
v3.25.0.1
PENSION AND OTHER POSTEMPLOYMENT BENEFITS - Target Asset Allocations for Pension and OPEB Portfolio (Details)
Dec. 31, 2024
Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 100.00%
OPEB  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 100.00%
Equities | Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 30.00%
Equities | OPEB  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 50.00%
Fixed income | Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 28.50%
Fixed income | OPEB  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 50.00%
Alternative investments | Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 5.00%
Alternative investments | OPEB  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 0.00%
Real estate | Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 10.00%
Real estate | OPEB  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 0.00%
Private - equity and debt funds | Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 20.00%
Private - equity and debt funds | OPEB  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 0.00%
Cash and derivatives | Pension  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 6.50%
Cash and derivatives | OPEB  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Target Asset Allocations 0.00%
v3.25.0.1
PENSION AND OTHER POSTEMPLOYMENT BENEFITS - Estimated Future Benefit Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Benefit Payments  
Estimated Future Benefit Payments  
2025 $ 1,150
2026 514
2027 519
2028 524
2029 528
Years 2030-2034 2,652
OPEB  
Estimated Future Benefit Payments  
2025 43
2026 42
2027 41
2028 39
2029 37
Years 2030-2034 163
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt [Abstract]  
2025 0
2026 (1)
2027 0
2028 (1)
2029 0
Years 2030-2034 $ (3)
v3.25.0.1
STOCK-BASED COMPENSATION PLANS - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Realized tax benefits $ 17 $ 6 $ 8
Tax benefit associated with stock-based compensation expense 5 6 $ 8
Cash portion of RSU paid 17    
EDCP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Net liability recognized 166 175  
DCPD      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Net liability recognized $ 4 $ 4  
Restricted stock units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized cost, period for recognition 3 years 3 years 3 years
Granted (in dollars per share) | $ / shares $ 36.79 $ 38.36 $ 41.49
Fair value of restricted stock units vested $ 55 $ 24 $ 26
Unrecognized cost $ 30    
Performance-based Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted total shareholder return percentage 0.35    
Award performance period 3 years    
Maximum payout of awards during negative performance period 100.00%    
Award paid in stock, percentage 66.67%    
Award paid in cash, percentage 33.33%    
Liability recognized $ 14    
Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized cost, period for recognition 3 years    
Granted (in dollars per share) | $ / shares $ 40.26    
Fair value of restricted stock units vested $ 5    
Share-based payment arrangement, nonvested award, cost not yet recognized, weighted average vesting period 2 years 7 months 6 days    
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation award vesting period 1 year    
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation award vesting period 4 years    
ICP 2015      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) | shares 10,000,000    
ICP 2020      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) | shares 10,000,000    
Share-based compensation arrangement by share-based payment, award, number of shares available for grant (in shares) | shares 8,500,000    
401(k) savings plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares authorized for issuance | shares 1,000,000 1,000,000  
v3.25.0.1
STOCK-BASED COMPENSATION PLANS - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total $ 86 $ 83 $ 101
Stock-based compensation costs, net of amounts capitalized 43 44 54
401(k) savings plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total 41 38 36
EDCP & DCPD      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total 6 1 7
Restricted stock units | Incentive Plans      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total 32 39 55
Restricted stock | Incentive Plans      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total $ 7 $ 5 $ 3
v3.25.0.1
STOCK-BASED COMPENSATION PLANS - Schedule of Nonvested Restricted Stock Units Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Weighted-Average Grant Date Fair Value (per share)      
Dividend shares earned during period, number of shares 175    
Restricted stock units      
Shares (in millions)      
Nonvested, beginning balance (in shares) 2,500    
Granted (in shares) 2,000    
Forfeited (in shares) (200)    
Vested (in shares) (1,500)    
Nonvested, ending balance (in shares) 2,800 2,500  
Weighted-Average Grant Date Fair Value (per share)      
Beginning balance (in dollars per share) $ 38.82    
Granted (in dollars per share) 36.79 $ 38.36 $ 41.49
Forfeited (in dollars per share) 38.08    
Vested (in dollars per share) 36.61    
Ending balance (in dollars per share) $ 37.32 $ 38.82  
Restricted stock      
Shares (in millions)      
Nonvested, beginning balance (in shares) 460    
Granted (in shares) 30    
Forfeited (in shares) (10)    
Vested (in shares) (210)    
Nonvested, ending balance (in shares) 270 460  
Weighted-Average Grant Date Fair Value (per share)      
Beginning balance (in dollars per share) $ 39.57    
Granted (in dollars per share) 40.26    
Forfeited (in dollars per share) 42.24    
Vested (in dollars per share) 41.02    
Ending balance (in dollars per share) $ 38.29 $ 39.57  
v3.25.0.1
TAXES - Narrative (Details) - USD ($)
 3 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Mar. 25, 2024
Dec. 31, 2022
Aug. 16, 2022
May 31, 2022
Provision for Income Tax [Line Items]                
Effective income tax rate reconciliation, disposition of business, amount $ 58,000,000              
Operating loss carryforwards, subject to expiration 8,100,000,000              
Net deferred income tax liability 4,530,000,000   $ 5,613,000,000 $ 46,000,000        
Deferred tax assets       $ 803,000,000        
Operating loss carryforwards, not subject to expiration, net of tax             $ 1,000,000,000  
Income tax examination, liability (refund) adjustment from settlement with taxing authority $ 9,000,000              
Federal Tax Authority                
Provision for Income Tax [Line Items]                
Operating loss carryforwards, not subject to expiration     1,600,000,000          
Operating loss carryforwards, not subject to expiration, net of tax     343,000,000          
State and Local Jurisdiction                
Provision for Income Tax [Line Items]                
Operating loss carryforwards, not subject to expiration     12,900,000,000          
Operating loss carryforwards, not subject to expiration, net of tax     403,000,000          
Pre-tax net operating loss carryforwards expected to utilized     4,700,000,000          
Operating loss carryforwards expected to utilized, net of tax     $ 185,000,000          
Forecast                
Provision for Income Tax [Line Items]                
Operating loss carryforwards, subject to expiration   $ 1,600,000,000            
Brookfield II | FET                
Provision for Income Tax [Line Items]                
Operating loss carryforwards, subject to expiration         $ 7,000,000,000      
Sale of ownership interest by parent     19.90% 19.90% 49.90% 19.90%   19.90%
v3.25.0.1
TAXES - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Currently payable -      
Federal $ 32 $ 14 $ 0
State 29 1 11
Currently payable (receivable) Total 61 15 11
Deferred, net -      
Federal 190 279 946
State 130 (24) 47
Deferred Tax Total 320 255 993
Investment tax credit amortization (4) (3) (4)
Total income taxes on income from continuing operations $ 377 267 $ 1,000
Discontinued Operations, Disposed of by Means Other than Sale | FES and FENOC | Federal      
Deferred, net -      
Federal   $ 21  
v3.25.0.1
TAXES - Reconciliation of Federal Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of federal income tax expense at the federal statutory rate to the total provision for income taxes      
Income from continuing operations, before income taxes $ 1,504 $ 1,464 $ 1,439
Federal income tax expense at the 21% statutory rate 316 307 302
Increases (reductions) in taxes resulting from-      
State and municipal income taxes, net of federal tax benefit 140 80 56
AFUDC equity and other flow-through (30) (30) (26)
Amortization of investment tax credits (4) (3) (4)
Deductions associated with certain equity method investments (19) 0 0
Taxes related to the combined sale of 49.9% of the equity interests of FET 6 58 752
Federal tax credits claimed (2) (3) (3)
Tax on distributions from FET 16 0 0
Excess deferred tax amortization due to the Tax Act (52) (46) (51)
Nondeductible SEC and OAG settlements 27 0 0
Remeasurement of excess deferred income taxes (43) 0 0
Uncertain tax positions 0 41 2
Valuation allowances 16 (146) (47)
Other, net 6 9 19
Total income taxes on income from continuing operations $ 377 $ 267 $ 1,000
Effective income tax rate (percent) 25.10% 18.20% 69.50%
v3.25.0.1
TAXES - Accumulated Deferred Income Taxes (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Mar. 31, 2024
Mar. 25, 2024
Dec. 31, 2023
Dec. 31, 2022
May 31, 2022
Income Tax Disclosure [Abstract]            
Property basis differences $ 6,079     $ 5,787    
Pension and OPEB (322)     (331)    
Regulatory asset/liability 744     647    
Deferred compensation (127)     (153)    
Deferred gain on 19.9% FET equity interest sale 0     810    
Loss carryforwards and tax credits (762)     (2,192)    
Valuation allowances 240     226    
Other (239)     (264)    
Net accumulated deferred income tax liability $ 5,613 $ 46   $ 4,530    
Brookfield II | FET            
Provision for Income Tax [Line Items]            
Sale of ownership interest by parent 19.90% 19.90% 49.90%   19.90% 19.90%
v3.25.0.1
TAXES - Pre-tax Net Operating Loss Expiration Period (Details)
$ in Millions
Dec. 31, 2024
USD ($)
State  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes $ 7,157
Local  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes 5,706
2025-2029 | State  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes 1,569
2025-2029 | Local  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes 5,706
2030-2034 | State  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes 1,279
2030-2034 | Local  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes 0
2035-2039 | State  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes 881
2035-2039 | Local  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes 0
2040-2044 | State  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes 978
2040-2044 | Local  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes 0
Indefinite | State  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes 2,450
Indefinite | Local  
Pre-tax net operating loss expiration period  
Pre-tax net operating loss carryforwards for state and local income tax purposes $ 0
v3.25.0.1
TAXES - Changes in Valuation Allowances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loss Carry Forward Valuation Reserve      
Beginning of year balance $ 226 $ 440 $ 484
Charged to income 14 (214) (44)
Charged to other accounts 0 0 0
Write-offs 0 0 0
End of year balance $ 240 $ 226 $ 440
v3.25.0.1
TAXES - Changes in Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in unrecognized tax benefits      
Beginning balance $ 105 $ 42 $ 47
Prior years increases 0 88 2
Effectively settled with taxing authorities 0 (24)  
Decrease for lapse in statute 0 (1) (7)
Ending balance $ 105 $ 105 $ 42
v3.25.0.1
TAXES - Details of General Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
General Taxes      
kWh excise $ 186 $ 185 $ 191
State gross receipts 247 235 219
Real and personal property 642 615 596
Social security and unemployment 113 113 105
Other 24 16 18
Total general taxes $ 1,212 $ 1,164 $ 1,129
v3.25.0.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessor, Lease, Description [Line Items]      
Amount of leases $ 40    
Lease, cost $ 97 $ 92 $ 89
Building      
Lessor, Lease, Description [Line Items]      
Operating lease, term of contract 22 years    
Lease, cost $ 2    
Minimum      
Lessor, Lease, Description [Line Items]      
Renewal term of lease yet to be commenced 1 year    
Operating lease, term of contract 5 years    
Maximum      
Lessor, Lease, Description [Line Items]      
Renewal term of lease yet to be commenced 40 years    
Operating lease, term of contract 30 years    
v3.25.0.1
LEASES - Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]      
Operating lease costs $ 91 $ 79 $ 73
Amortization of right-of-use assets 4 8 13
Interest on lease liabilities 2 5 3
Total finance lease cost 6 13 16
Total lease cost 97 92 89
Short-term lease costs 35 27 19
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases 60 54 56
Operating cash flows from finance leases 2 3 3
Finance cash flows from finance leases 2 8 12
Right-of-use assets obtained in exchange for lease obligations:      
Operating leases 69 13 26
Finance leases 0 0 0
Vehicles      
Lessee, Lease, Description [Line Items]      
Operating lease costs 82 60 50
Amortization of right-of-use assets 1 4 10
Interest on lease liabilities 0 0 0
Total finance lease cost 1 4 10
Total lease cost 83 64 60
Buildings      
Lessee, Lease, Description [Line Items]      
Operating lease costs 3 5 8
Amortization of right-of-use assets 1 2 1
Interest on lease liabilities 2 5 3
Total finance lease cost 3 7 4
Total lease cost 6 12 12
Other      
Lessee, Lease, Description [Line Items]      
Operating lease costs 6 14 15
Amortization of right-of-use assets 2 2 2
Interest on lease liabilities 0 0 0
Total finance lease cost 2 2 2
Total lease cost $ 8 $ 16 $ 17
v3.25.0.1
LEASES - Assets and Liabilities, Lessee (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Weighted-average remaining lease terms (years)      
Operating leases 5 years 7 months 13 days 5 years 11 months 4 days 7 years 3 months 18 days
Finance leases 12 years 4 months 17 days 12 years 3 months 3 days 11 years 3 months 29 days
Weighted-average discount rate      
Operating leases 5.00% 4.51% 4.22%
Finance leases 15.39% 14.73% 14.77%
Assets      
Operating lease $ 228 $ 205  
Finance lease 32 35  
Total leased assets 260 240  
Current:      
Operating 51 47  
Finance 3 3  
Noncurrent:      
Operating 192 179  
Finance 9 11  
Total leased liabilities 255 240  
Operating lease assets, accumulated amortization 174 139  
Financing lease, accumulated amortization $ 14 $ 33  
Operating lease, right-of-use asset, Statement of financial position [extensible list] Other Other  
Finance lease, right-of-use asset, Statement of financial position [extensible list] In service In service  
Operating lease, liability, current, statement of financial position [extensible list] Other Other  
Finance lease, liability, current, statement of financial position [extensible list] Currently payable long-term debt Currently payable long-term debt  
Operating lease, liability, noncurrent, statement of financial position [extensible list] Other Other  
Finance lease, liability, noncurrent, statement of financial position [extensible list] Total long-term debt and other long-term obligations Total long-term debt and other long-term obligations  
v3.25.0.1
LEASES - Maturity of Operating and Finance Lease Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Leases    
2025 $ 61  
2026 56  
2027 48  
2028 43  
2029 28  
Thereafter 46  
Total lease payments 282  
Less imputed interest 39  
Total net present value 243  
Finance Leases    
2025 4  
2026 4  
2027 3  
2028 4  
2029 0  
Thereafter 0  
Total lease payments 15  
Less imputed interest 3  
Total net present value 12 $ 14
Total    
2025 65  
2026 60  
2027 51  
2028 47  
2029 28  
Thereafter 46  
Total lease payments 297  
Less imputed interest 42  
Total net present value 255  
Sublease income $ 7  
Sublease income term 8 years  
v3.25.0.1
VARIABLE INTEREST ENTITIES - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
subsidiary
agreement
Dec. 31, 2023
USD ($)
Feb. 02, 2023
Jun. 30, 2013
USD ($)
Business Acquisition [Line Items]        
Total Assets $ 52,044 $ 48,767    
Liabilities $ 38,324 37,851    
Number of subsidiaries that issued environmental control bonds | subsidiary 2      
Environmental control bonds outstanding $ 188 218    
Restricted cash $ 43 42    
Power Purchase Agreements        
Business Acquisition [Line Items]        
Number of long term power purchase agreements maintained by parent company with non utility generation entities | agreement 4      
Power Purchase Agreements | Global Holding And PATH WV        
Business Acquisition [Line Items]        
Equity method investment, ownership percentage 0.00%      
FET        
Business Acquisition [Line Items]        
Noncontrolling interest ownership percentage 49.90%      
Phase In Recovery Bonds        
Business Acquisition [Line Items]        
Long-term debt and other long-term obligations $ 175 191    
FE | FET        
Business Acquisition [Line Items]        
Minority interest ownership percentage sold percentage     0.30  
Ownership percentage by parent 50.10%      
Ohio Funding Companies | Phase In Recovery Bonds        
Business Acquisition [Line Items]        
Face amount of loan       $ 445
MP, PE and the Ohio Companies        
Business Acquisition [Line Items]        
Restricted cash $ 40 40    
Variable Interest Entity, Primary Beneficiary        
Business Acquisition [Line Items]        
Total Assets 11,936 10,984    
Liabilities 8,706 7,426    
Variable Interest Entity, Primary Beneficiary | FE        
Business Acquisition [Line Items]        
Total Assets 12,000 11,000    
Liabilities $ 9,100 $ 7,800    
v3.25.0.1
VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 111 $ 137
Receivables 1,530 1,318
Materials and supplies, at average cost 549 512
Prepaid taxes and other 240 293
Total current assets 2,776 2,568
Goodwill 5,618 5,618
Investments 652 663
Regulatory assets 617 369
Other 1,279 1,137
TOTAL ASSETS 52,044 48,767
Current:    
Currently payable long-term debt 977 1,250
Short-term borrowings 550 775
Accounts payable 1,575 1,362
Accrued interest 269 292
Accrued taxes 727 700
Other 216 241
Total current liabilities 4,997 5,386
Long-term debt and other long-term obligations 22,496 22,885
Accumulated deferred income taxes 5,613 4,530
Regulatory liabilities 995 1,214
Other 2,525 2,173
Total noncurrent liabilities 33,327 32,465
TOTAL LIABILITIES 38,324 37,851
Variable Interest Entity, Primary Beneficiary    
Current Assets    
Cash and cash equivalents 8 76
Receivables 94 88
Materials and supplies, at average cost 1 1
Prepaid taxes and other 21 23
Total current assets 124 188
Property, plant and equipment, net 11,217 10,227
Goodwill 224 224
Investments 19 19
Regulatory assets 18 16
Other 334 310
Total noncurrent assets 11,812 10,796
TOTAL ASSETS 11,936 10,984
Current:    
Currently payable long-term debt 625 0
Short-term borrowings 300 0
Accounts payable 0 2
Accrued interest 68 63
Accrued taxes 306 262
Other 15 14
Total current liabilities 1,314 341
Long-term debt and other long-term obligations 5,239 5,275
Accumulated deferred income taxes 1,412 1,218
Regulatory liabilities 442 307
Other 299 285
Total noncurrent liabilities 7,392 7,085
TOTAL LIABILITIES $ 8,706 $ 7,426
v3.25.0.1
ASSET RETIREMENT OBLIGATIONS - Schedule of Changes to the ARO Balances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
Beginning balance $ 209 $ 185
Changes in timing and amount of estimated cash flows 131 10
Liabilities incurred 95  
Liabilities settled (4) (2)
Accretion 24 16
Ending balance $ 455 $ 209
v3.25.0.1
ASSET RETIREMENT OBLIGATIONS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Feb. 03, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows     $ 131 $ 10
Regulation of Waste Disposal        
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows   $ 139 139  
Regulation of Waste Disposal | Other Operating Income (Expense)        
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows     113  
Regulation of Waste Disposal | Other Operating Income (Expense) | Corporate/Other        
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows     51  
Environmental Liability | Subsequent Event        
Segment Reporting Information [Line Items]        
Asset retirement obligation, escrow deposit $ 160      
Agreed funding period 5 years      
Corporate Non Segment        
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows   $ 87    
Integrated | Regulation of Waste Disposal | Other Operating Income (Expense) | Operating Segments        
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows     16  
Distribution | Regulation of Waste Disposal | Other Operating Income (Expense) | Operating Segments        
Segment Reporting Information [Line Items]        
Changes in timing and amount of estimated cash flows     $ 46  
v3.25.0.1
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Liabilities    
Restricted cash $ 43 $ 42
Recurring    
Assets    
Total assets 484 500
Liabilities    
Total liabilities 0 (1)
Net assets (liabilities) 484 499
Recurring | Derivative Liabilities | FTRs    
Liabilities    
Total liabilities 0 (1)
Level 1 | Recurring    
Assets    
Total assets 156 181
Liabilities    
Total liabilities 0 0
Net assets (liabilities) 156 181
Level 1 | Recurring | Derivative Liabilities | FTRs    
Liabilities    
Total liabilities 0 0
Level 2 | Recurring    
Assets    
Total assets 321 315
Liabilities    
Total liabilities 0 0
Net assets (liabilities) 321 315
Level 2 | Recurring | Derivative Liabilities | FTRs    
Liabilities    
Total liabilities 0 0
Level 3 | Recurring    
Assets    
Total assets 7 4
Liabilities    
Total liabilities 0 (1)
Net assets (liabilities) 7 3
Level 3 | Recurring | Derivative Liabilities | FTRs    
Liabilities    
Total liabilities 0 (1)
FTRs | Recurring | Derivative Assets    
Assets    
Total assets 7 4
FTRs | Level 1 | Recurring | Derivative Assets    
Assets    
Total assets 0 0
FTRs | Level 2 | Recurring | Derivative Assets    
Assets    
Total assets 0 0
FTRs | Level 3 | Recurring | Derivative Assets    
Assets    
Total assets 7 4
Equity securities | Recurring    
Assets    
Total assets 2 2
Equity securities | Level 1 | Recurring    
Assets    
Total assets 2 2
Equity securities | Level 2 | Recurring    
Assets    
Total assets 0 0
Equity securities | Level 3 | Recurring    
Assets    
Total assets 0 0
U.S. state debt securities | Recurring    
Assets    
Total assets 276 275
U.S. state debt securities | Level 1 | Recurring    
Assets    
Total assets 0 0
U.S. state debt securities | Level 2 | Recurring    
Assets    
Total assets 276 275
U.S. state debt securities | Level 3 | Recurring    
Assets    
Total assets 0 0
Cash, cash equivalents and restricted cash | Recurring    
Assets    
Total assets 154 179
Cash, cash equivalents and restricted cash | Level 1 | Recurring    
Assets    
Total assets 154 179
Cash, cash equivalents and restricted cash | Level 2 | Recurring    
Assets    
Total assets 0 0
Cash, cash equivalents and restricted cash | Level 3 | Recurring    
Assets    
Total assets 0 0
Other | Recurring    
Assets    
Total assets 45 40
Other | Level 1 | Recurring    
Assets    
Total assets 0 0
Other | Level 2 | Recurring    
Assets    
Total assets 45 40
Other | Level 3 | Recurring    
Assets    
Total assets $ 0 $ 0
v3.25.0.1
FAIR VALUE MEASUREMENTS - Amortized Cost Basis, Unrealized Gains and Losses and Fair Values of Investments in Available-for-sale Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Abstract]    
Short-term cash investments $ 6 $ 6
Debt Securities    
Debt Securities, Available-for-sale [Abstract]    
Cost Basis 299 301
Unrealized Gains 0 1
Unrealized Losses (23) (27)
Fair Value $ 276 $ 275
v3.25.0.1
FAIR VALUE MEASUREMENTS - Proceeds from the Sale of Investments in Available-for-sale Debt Securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]      
Sale Proceeds $ 121 $ 38 $ 48
Realized Gains 0 0 8
Realized Losses (15) (3) (13)
Interest and Dividend Income $ 13 $ 12 $ 11
v3.25.0.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments not required to be disclosed $ 370 $ 382  
Corporate-Owned Life Insurance      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Gain (loss) on investments $ 16 $ 18 $ (20)
v3.25.0.1
FAIR VALUE MEASUREMENTS - Fair Value and Related Carrying Amounts of Long-term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
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 $ 23,594 $ 24,254
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 $ 22,128 $ 23,003
v3.25.0.1
CAPITALIZATION - Dividends Declared and Paid (Details) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Capitalization, Long-Term Debt and Equity [Abstract]                      
Dividends declared (in dollars per share) $ 0.425 $ 0.850 $ 0 $ 0.425 $ 0.410 $ 0.410 $ 0.390 $ 0.390 $ 1.700 $ 1.60 $ 1.56
Dividends paid (in dollars per share) $ 0.425 $ 0.425 $ 0.425 $ 0.410 $ 0.410 $ 0.390 $ 0.390 $ 0.390 $ 1.685 $ 1.580  
v3.25.0.1
CAPITALIZATION - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Mar. 25, 2024
USD ($)
May 04, 2023
USD ($)
tradingDay
May 01, 2023
Dec. 31, 2024
USD ($)
subsidiary
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
shares
Dec. 05, 2024
USD ($)
Sep. 30, 2024
Sep. 05, 2024
USD ($)
Apr. 30, 2023
Jun. 30, 2013
USD ($)
Debt Instrument [Line Items]                      
FERC-defined equity to total capitalization ratio       35.00%              
Preference shares outstanding (in shares) | shares       0 0            
Preferred shares, outstanding (in shares) | shares       0 0            
Number of subsidiaries that issued environmental control bonds | subsidiary       2              
Environmental control bonds outstanding       $ 188 $ 218            
Principal default amount specified in debt covenants       $ 100              
4.00%, $1,500 Million Notes Maturity 2026                      
Debt Instrument [Line Items]                      
Proceeds from issuance of debt   $ 1,480                  
2026 Convertible Notes                      
Debt Instrument [Line Items]                      
Debt instrument, convertible, conversion ratio       0.021362              
Phase In Recovery Bonds                      
Debt Instrument [Line Items]                      
Long-term debt and other long-term obligations       $ 175 $ 191            
Unsecured Debt | 2026 Convertible Notes                      
Debt Instrument [Line Items]                      
Issuance interest rate                   4.00%  
Registered Shareholders, Directors and Employees of Subsidiaries                      
Debt Instrument [Line Items]                      
Consolidated tax benefit allocation (in shares) | shares       3,000,000 2,000,000 2,000,000          
FET | Senior Notes | 5.15%, 300 Million Notes Maturing 2026                      
Debt Instrument [Line Items]                      
Face amount of loan                 $ 400    
FET | Promissory Notes | 4.55% Unsecured Senior Notes Maturing 2031                      
Debt Instrument [Line Items]                      
Face amount of loan                 $ 400    
Issuance interest rate               4.55%      
FET | Promissory Notes | 5.15%, 300 Million Notes Maturing 2026                      
Debt Instrument [Line Items]                      
Issuance interest rate               5.00%      
AGC                      
Debt Instrument [Line Items]                      
FERC-defined equity to total capitalization ratio       45.00%              
JCP&L | Promissory Notes | 5.10% Unsecured Senior Notes Maturing 2035                      
Debt Instrument [Line Items]                      
Face amount of loan             $ 700        
Effective shelf registration, effective period       60 days              
Interest accrual rate for the first 90 days       0.25%              
Additional interest accrual rate for subsequent 90 days       0.25%              
Additional interest accrual maximum rate per year       0.50%              
Issuance interest rate       5.10%              
FE | Promissory Notes | 4.00%, $1,500 Million Notes Maturity 2026                      
Debt Instrument [Line Items]                      
Face amount of loan   $ 1,500                  
Debt instrument, convertible, threshold trading days | tradingDay   20                  
Debt instrument, convertible, threshold consecutive trading days | tradingDay   30                  
Debt instrument, convertible, threshold percentage of stock price trigger   130.00%                  
Debt instrument, convertible, business days | tradingDay   5                  
Threshold trading days measurement period | tradingDay   10                  
Debt instrument, measurement period percentage   98.00%                  
Debt instrument, conversation price (in dollars per share) | $ / shares       $ 46.81              
Debt instrument convertible premium     0.20                
Repurchase price, percentage     1                
Ohio Funding Companies | Phase In Recovery Bonds                      
Debt Instrument [Line Items]                      
Face amount of loan                     $ 445
Brookfield II | FET                      
Debt Instrument [Line Items]                      
Gain (loss) from disposal of discontinued operation $ 7,000                    
v3.25.0.1
CAPITALIZATION - Preferred and Preference Stock (Details)
Dec. 31, 2024
$ / shares
shares
CEI  
Preferred stock and preference stock authorizations  
Preferred Stock, Shares Authorized (in shares) 4,000,000
JCP&L  
Preferred stock and preference stock authorizations  
Preferred Stock, Shares Authorized (in shares) 15,600,000
PE  
Preferred stock and preference stock authorizations  
Preferred Stock, Shares Authorized (in shares) 10,000,000
Preferred Stock, Par Value (in dollars per share) | $ / shares $ 0.01
Preferred Stock With Par Value $100 | FE  
Preferred stock and preference stock authorizations  
Preferred Stock, Shares Authorized (in shares) 5,000,000
Preferred Stock, Par Value (in dollars per share) | $ / shares $ 100
Preferred Stock With Par Value $100 | OE  
Preferred stock and preference stock authorizations  
Preferred Stock, Shares Authorized (in shares) 6,000,000
Preferred Stock, Par Value (in dollars per share) | $ / shares $ 100
Preferred Stock With Par Value $100 | TE  
Preferred stock and preference stock authorizations  
Preferred Stock, Shares Authorized (in shares) 3,000,000
Preferred Stock, Par Value (in dollars per share) | $ / shares $ 100
Preferred Stock With Par Value $100 | MP  
Preferred stock and preference stock authorizations  
Preferred Stock, Shares Authorized (in shares) 940,000
Preferred Stock, Par Value (in dollars per share) | $ / shares $ 100
Preferred Stock With Par Value $25 | OE  
Preferred stock and preference stock authorizations  
Preferred Stock, Shares Authorized (in shares) 8,000,000
Preferred Stock, Par Value (in dollars per share) | $ / shares $ 25
Preferred Stock With Par Value $25 | TE  
Preferred stock and preference stock authorizations  
Preferred Stock, Shares Authorized (in shares) 12,000,000
Preferred Stock, Par Value (in dollars per share) | $ / shares $ 25
Preference Stock | OE  
Preferred stock and preference stock authorizations  
Preference Stock, Shares Authorized (in shares) 8,000,000
Preference Stock | CEI  
Preferred stock and preference stock authorizations  
Preference Stock, Shares Authorized (in shares) 3,000,000
Preference Stock | TE  
Preferred stock and preference stock authorizations  
Preference Stock, Shares Authorized (in shares) 5,000,000
Preference Stock, Par Value (in dollars per share) | $ / shares $ 25
v3.25.0.1
CAPITALIZATION - Long-term Debt and Other Long-term Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Capitalization [Line Items]    
Finance lease obligations $ 12 $ 14
Unamortized debt discounts (14) (9)
Unamortized debt issuance costs (122) (127)
Unamortized fair value adjustments 3 3
Currently payable long-term debt (977) (1,250)
Total long-term debt and other long-term obligations 22,496 22,885
FMBs and secured notes - fixed rate    
Schedule of Capitalization [Line Items]    
FMBs and secured notes - fixed rate 4,963 5,709
Unsecured notes - fixed rate    
Schedule of Capitalization [Line Items]    
Unsecured notes - fixed rate $ 18,631 $ 18,545
Minimum | FMBs and secured notes - fixed rate    
Schedule of Capitalization [Line Items]    
Interest rate (percent) 2.65%  
Minimum | Unsecured notes - fixed rate    
Schedule of Capitalization [Line Items]    
Interest rate (percent) 1.60%  
Maximum | FMBs and secured notes - fixed rate    
Schedule of Capitalization [Line Items]    
Interest rate (percent) 8.25%  
Maximum | Unsecured notes - fixed rate    
Schedule of Capitalization [Line Items]    
Interest rate (percent) 6.875%  
v3.25.0.1
CAPITALIZATION - Long-term Debt Redemption and Issuance (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Apr. 30, 2024
Dec. 31, 2024
Nov. 30, 2024
Sep. 30, 2024
Aug. 31, 2024
May 31, 2024
Apr. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 05, 2024
Sep. 05, 2024
Debt Instrument [Line Items]                          
Debt issuances                 $ 2,100 $ 3,150 $ 700    
Repayments of debt                 $ 2,760 $ 537 $ 3,005    
7.375% Unsecured Notes Due April, 2034 | Unsecured Notes | FE                          
Debt Instrument [Line Items]                          
Issuance interest rate 7.375%           7.375%            
Repayments of debt             $ 463            
Make-whole premium $ 80           80            
Losses on deferred cash flows 4                        
Losses on deferred cash flows, net 3                        
Unamortized debt issuance expense 1           1            
Make-whole premium, net $ 63           $ 63            
4.70% Secured Senior Notes Maturing 2024 | Unsecured Notes | JCP&L                          
Debt Instrument [Line Items]                          
Issuance interest rate 4.70%           4.70%            
Repayments of debt             $ 500            
4.10% Secured Senior Notes Maturing 2024 | First Mortgage Bond | MP                          
Debt Instrument [Line Items]                          
Issuance interest rate 4.10%           4.10%            
Repayments of debt             $ 400            
5.50% Unsecured Senior Notes Maturing 2024 | First Mortgage Bond | CEI                          
Debt Instrument [Line Items]                          
Issuance interest rate         5.50%                
Repayments of debt         $ 300                
4.00% Unsecured Senior Notes Maturing 2025 | Unsecured Notes | FE PA                          
Debt Instrument [Line Items]                          
Issuance interest rate   4.00%             4.00%        
Repayments of debt   $ 250                      
4.15% Unsecured Senior Notes Maturing 2025 | Unsecured Notes | FE PA                          
Debt Instrument [Line Items]                          
Issuance interest rate   4.15%             4.15%        
Repayments of debt   $ 200                      
4.35% Unsecured Senior Notes Maturing 2025 | Unsecured Notes | FET                          
Debt Instrument [Line Items]                          
Issuance interest rate   4.35%   4.35%         4.35%        
Repayments of debt   $ 600   $ 600                  
5.63% Secured Senior Notes Maturing 2034 | Unsecured Notes | ATSI                          
Debt Instrument [Line Items]                          
Issuance interest rate               5.63%          
Debt issuances               $ 150          
5.94% Secured Senior Notes Maturing 2031 | Unsecured Notes | MAIT                          
Debt Instrument [Line Items]                          
Issuance interest rate           5.94%              
Debt issuances           $ 250              
4.55% Unsecured Senior Notes Maturing 2031 | Unsecured Notes | FET                          
Debt Instrument [Line Items]                          
Issuance interest rate       4.55%                  
Face amount of loan                         $ 400
Debt issuances       $ 400                  
5.15%, 300 Million Notes Maturing 2026 | Unsecured Notes | FET                          
Debt Instrument [Line Items]                          
Issuance interest rate       5.00%                  
Debt issuances       $ 400                  
5.15%, 300 Million Notes Maturing 2026 | Senior Notes | FET                          
Debt Instrument [Line Items]                          
Face amount of loan                         $ 400
5.17% Unsecured Senior Notes Maturing 2035 | Unsecured Notes | KATCo                          
Debt Instrument [Line Items]                          
Issuance interest rate     5.17%                    
Debt issuances     $ 200                    
5.10% Unsecured Senior Notes Maturing 2035 | Unsecured Notes | JCP&L                          
Debt Instrument [Line Items]                          
Issuance interest rate   5.10%             5.10%        
Face amount of loan                       $ 700  
Debt issuances   $ 700                      
v3.25.0.1
CAPITALIZATION - Sinking Fund Requirements (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Capitalization, Long-Term Debt and Equity [Abstract]  
2025 $ 973
2026 2,876
2027 2,003
2028 2,453
2029 $ 1,064
v3.25.0.1
SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT - Narrative (Details) - USD ($)
 12 Months Ended
Oct. 24, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2021
Oct. 23, 2024
Short-term Debt [Line Items]          
Short-term borrowings   $ 550,000,000 $ 775,000,000    
Short-term debt, weighted average interest rate, at point in time (percent)   7.10% 6.96%    
Maximum | Money Pool          
Short-term Debt [Line Items]          
Debt term   364 days      
Minimum | Available for Issuance of Letters of Credit          
Short-term Debt [Line Items]          
Cross-default provision for other indebtedness   $ 100,000,000      
Revolving Credit Facility | Line of Credit          
Short-term Debt [Line Items]          
Maximum amount borrowed under revolving credit facility $ 1,000,000,000.0        
Available liquidity   5,300,000,000      
Revolving Credit Facility | Line of Credit | FE          
Short-term Debt [Line Items]          
Debt term 1 year        
Maximum amount borrowed under revolving credit facility $ 750,000,000       $ 500,000,000
Revolving Credit Facility | Line of Credit | FET          
Short-term Debt [Line Items]          
Maximum amount borrowed under revolving credit facility 1,000,000,000.0        
Revolving Credit Facility | Line of Credit | Ohio Companies          
Short-term Debt [Line Items]          
Maximum amount borrowed under revolving credit facility 800,000,000        
Revolving Credit Facility | Line of Credit | Pennsylvania Companies          
Short-term Debt [Line Items]          
Maximum amount borrowed under revolving credit facility 950,000,000        
Revolving Credit Facility | Line of Credit | JCP&L          
Short-term Debt [Line Items]          
Maximum amount borrowed under revolving credit facility 750,000,000        
Revolving Credit Facility | Line of Credit | MP and PE          
Short-term Debt [Line Items]          
Maximum amount borrowed under revolving credit facility 400,000,000        
Revolving Credit Facility | Line of Credit | Transmission companies          
Short-term Debt [Line Items]          
Maximum amount borrowed under revolving credit facility 850,000,000        
Revolving Credit Facility | Line of Credit | KATCo          
Short-term Debt [Line Items]          
Maximum amount borrowed under revolving credit facility $ 150,000,000        
Revolving Credit Facility | Line of Credit | Parent, FET, the Utilities and the Transmission Companies | Maximum          
Short-term Debt [Line Items]          
Debt term       364 days  
Revolving Credit Facility | Line of Credit | FET, the Utilities and the Transmission Companies          
Short-term Debt [Line Items]          
Coverage ratio       250.00%  
Revolving Credit Facility | Line of Credit | FET, the Utilities and the Transmission Companies | Maximum          
Short-term Debt [Line Items]          
Consolidated debt to total capitalization ratio (percent)       75.00%  
Revolving Credit Facility | Line of Credit | FET, the Utilities and the Transmission Companies | Minimum          
Short-term Debt [Line Items]          
Consolidated debt to total capitalization ratio (percent)       65.00%  
Letter of Credit | Line of Credit          
Short-term Debt [Line Items]          
Debt term     1 year    
Outstanding borrowings   170,000,000      
Letter of Credit | FE | Line of Credit          
Short-term Debt [Line Items]          
Letters of credit outstanding, amount   $ 139,000,000      
v3.25.0.1
SHORT-TERM BORROWINGS AND BANK LINES OF CREDIT - Schedule of Interest Rate (Details)
Dec. 31, 2024
Dec. 31, 2023
Regulated Companies’ Money Pool    
Short-term Debt [Line Items]    
Average Interest Rates 5.74% 6.30%
Unregulated Companies’ Money Pool    
Short-term Debt [Line Items]    
Average Interest Rates 6.44% 6.01%
v3.25.0.1
REGULATORY MATTERS - Distribution Rate Orders (Details)
 12 Months Ended
Dec. 31, 2024
CEI  
Public Utilities, General Disclosures [Line Items]  
Allowed debt 51.00%
Allowed equity 49.00%
Allowed ROE 10.50%
MP  
Public Utilities, General Disclosures [Line Items]  
Allowed ROE 9.80%
JCP&L  
Public Utilities, General Disclosures [Line Items]  
Allowed debt 48.10%
Allowed equity 51.90%
Allowed ROE 9.60%
OE  
Public Utilities, General Disclosures [Line Items]  
Allowed debt 51.00%
Allowed equity 49.00%
Allowed ROE 10.50%
PE | West Virginia  
Public Utilities, General Disclosures [Line Items]  
Allowed ROE 9.80%
PE | Maryland  
Public Utilities, General Disclosures [Line Items]  
Allowed debt 47.00%
Allowed equity 53.00%
Allowed ROE 9.50%
TE  
Public Utilities, General Disclosures [Line Items]  
Allowed debt 51.00%
Allowed equity 49.00%
Allowed ROE 10.50%
v3.25.0.1
REGULATORY MATTERS - Maryland and New Jersey (Details)
 1 Months Ended 12 Months Ended
Oct. 18, 2024
USD ($)
Aug. 15, 2024
USD ($)
Jul. 01, 2024
USD ($)
May 22, 2024
USD ($)
Mar. 21, 2024
Feb. 27, 2024
USD ($)
Feb. 01, 2024
USD ($)
circuit
Dec. 29, 2023
USD ($)
Dec. 01, 2023
USD ($)
program
Nov. 09, 2023
USD ($)
Oct. 31, 2023
MW
windFarm
Oct. 19, 2023
Aug. 01, 2023
USD ($)
scenario
Apr. 17, 2023
Oct. 26, 2022
USD ($)
Apr. 30, 2021
USD ($)
Dec. 31, 2024
Mar. 31, 2024
USD ($)
FERC | Integrated                                    
Regulatory Matters [Line Items]                                    
Pre-tax impairment of regulatory asset                                   $ 53,000,000
PE | Integrated                                    
Regulatory Matters [Line Items]                                    
Allowed ROE                                 10.45%  
JCP&L                                    
Regulatory Matters [Line Items]                                    
Allowed ROE                                 9.60%  
JCP&L | Integrated                                    
Regulatory Matters [Line Items]                                    
Allowed ROE                                 10.20%  
Maryland | PE                                    
Regulatory Matters [Line Items]                                    
Incremental energy savings goal per year (percent)                       0.20%            
Incremental energy savings goal thereafter (percent)                       2.00%            
Maryland | PE | Per Year 2022 Through 2024                                    
Regulatory Matters [Line Items]                                    
Incremental energy savings goal thereafter (percent)         2.00%                          
Maryland | PE | Per Year 2025 And 2026                                    
Regulatory Matters [Line Items]                                    
Incremental energy savings goal thereafter (percent)         2.25%                          
Maryland | PE | Per Year 2027                                    
Regulatory Matters [Line Items]                                    
Incremental energy savings goal thereafter (percent)         2.50%                          
Maryland | PE | 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                         $ 311,000,000          
Public utilities, requested year two                         354,000,000          
Public utilities, requested year three                         $ 510,000,000          
Approved amount of rate increase (decrease)               $ 311,000,000                    
Public utilities, revised requested rate, amount   $ 314,000,000                                
Amortization period                                 5 years  
Public utilities, requested cost percentage, year one                         0.33          
Public utilities, requested cost percentage, year two                         0.67          
Public utilities, requested cost percentage, year three                         1          
Maryland | PE | 2024-2030 EmPOWER Program Cycle | Minimum                                    
Regulatory Matters [Line Items]                                    
Public utilities, expected reduction to pre-tax return on programs     $ 25,000,000                              
Maryland | PE | 2024-2030 EmPOWER Program Cycle | Maximum                                    
Regulatory Matters [Line Items]                                    
Public utilities, expected reduction to pre-tax return on programs     $ 30,000,000                              
New Jersey | JCP And L                                    
Regulatory Matters [Line Items]                                    
Approved amount of rate increase (decrease)                             $ 723,000,000      
Allowed ROE                             10.20%      
Public utility, offshore development, percent                             20.00%      
Recovery of transmission incentive rates, percentage                           100.00%        
Recovery of transmission incentive rates, percentage                           50.00%        
Number of cease development | windFarm                     2              
Plant capacity (in MW's) | MW                     2,248              
New Jersey | JCP And L | Energy Efficiency and Peak Demand Reduction Stipulation Settlement | NJBPU | Distribution                                    
Regulatory Matters [Line Items]                                    
Number of extension period       6 months                            
Amount of requested rate increase       $ 69,000,000                       $ 203,000,000    
Public utilities, amended, amount of investments $ 784,000,000                                  
Requested increase to ROE 9.60%                                  
Public utilities, requested equity capital structure, percentage 52.00%                                  
Recovery period 10 years                                  
Revised requested rate increase $ 817,000,000               $ 964,000,000                  
Number of energy program | program                 10                  
Number of peak demand reduction program | program                 1                  
Building decarbonization program | program                 1                  
Remaining amount of regulatory liability amortization             $ 18,000,000                      
Number of high-priority circuits | circuit             18                      
Initial investment             $ 95,000,000                      
Approved rate plan period                               3 years    
Approved amount of investment recovery over amortization period                               $ 160,000,000    
Approved amount of operation costs and maintenance recovery                               $ 43,000,000    
New Jersey | JCP And L | Energy Efficiency and Peak Demand Reduction | NJBPU | Distribution                                    
Regulatory Matters [Line Items]                                    
Amortization period                               10 years    
New Jersey | JCP&L | Energy Efficiency and Peak Demand Reduction | NJBPU | Distribution                                    
Regulatory Matters [Line Items]                                    
Amount of requested rate increase           $ 930,500,000       $ 935,000,000                
Recovery period           5 years                        
Amount of requested rate increase, capital commitments                   906,000,000                
Amount of requested rate increase, operating and maintenance expense                   $ 29,000,000                
v3.25.0.1
REGULATORY MATTERS - Ohio (Details)
meter in Thousands, $ in Thousands
 1 Months Ended 12 Months Ended
Feb. 21, 2025
USD ($)
Dec. 18, 2024
USD ($)
Sep. 30, 2024
USD ($)
payment
Jul. 31, 2024
USD ($)
May 31, 2024
USD ($)
Apr. 12, 2024
USD ($)
meter
Apr. 05, 2023
Jul. 15, 2022
USD ($)
circuit
meter
Jan. 31, 2025
USD ($)
Dec. 31, 2024
May 15, 2024
USD ($)
Sep. 13, 2021
requirement
Aug. 06, 2021
USD ($)
CEI                          
Regulatory Matters [Line Items]                          
Allowed ROE                   10.50%      
Allowed debt                   51.00%      
Approved capital structure                   49.00%      
MAIT                          
Regulatory Matters [Line Items]                          
Allowed ROE                   10.50%      
Allowed debt                   51.00%      
Approved capital structure                   49.00%      
PUCO | Subsequent Event                          
Regulatory Matters [Line Items]                          
Commitment to spend                 $ 6,500        
PUCO | Minimum | Subsequent Event                          
Regulatory Matters [Line Items]                          
Amount of revenue increase                 37,000        
PUCO | Minimum | Ohio Companies                          
Regulatory Matters [Line Items]                          
Approved rate plan period             8 years            
PUCO | Maximum | Subsequent Event                          
Regulatory Matters [Line Items]                          
Amount of revenue increase                 $ 43,000        
ESP V | PUCO | Ohio Companies                          
Regulatory Matters [Line Items]                          
Public utilities, approved bill assistance contribution, amount                     $ 32,500    
Ohio | PUCO                          
Regulatory Matters [Line Items]                          
Proposed goal to reduce CO2 pollution (percent)   90.00%                      
Ohio | DCR Rider | PUCO                          
Regulatory Matters [Line Items]                          
Annual revenue cap for rider   $ 390,000                      
Annual revenue cap for DCR rider   390,000                      
Requested increase in revenue cap   15,000                      
Ohio | DCR Rider | PUCO | CEI | Distribution                          
Regulatory Matters [Line Items]                          
Allowed ROE         10.80%                
Allowed debt         44.00%                
Approved capital structure         56.00%                
Ohio | DCR Rider | PUCO | CEI | Distribution | Subsequent Event                          
Regulatory Matters [Line Items]                          
Allowed ROE 9.63%                        
Allowed debt 48.80%                        
Approved capital structure 51.20%                        
Ohio | DCR Rider | PUCO | MAIT | Distribution                          
Regulatory Matters [Line Items]                          
Allowed debt         46.00%                
Approved capital structure         54.00%                
Ohio | DCR Rider | PUCO | TE | Distribution                          
Regulatory Matters [Line Items]                          
Allowed debt         45.00%                
Approved capital structure         55.00%                
Ohio | Energy Efficiency and Peak Demand Reduction Stipulation Settlement | PUCO | CEI | Distribution                          
Regulatory Matters [Line Items]                          
Increase base distribution rate         $ 94,000                
Public utilities, adjusted rate increase base distribution       $ 190,000                  
Ohio | Energy Efficiency and Peak Demand Reduction Stipulation Settlement | PUCO | CEI | Distribution | Subsequent Event                          
Regulatory Matters [Line Items]                          
Increase base distribution rate $ 8,000                        
Ohio | Phase Two of Grid Modernization Plan | PUCO | Ohio Companies                          
Regulatory Matters [Line Items]                          
Numbers of additional meters to be installed | meter           1,400   700          
Number of circuits additional automation equipment to be installed on | circuit               240          
Number of circuits additional voltage regulating equipment to be installed on | circuit               220          
Period of grid modernization plan           4 years   4 years          
Requested amount of capital investments           $ 421,000   $ 626,000          
Requested amount of operations and maintenance expenses               $ 144,000          
Ohio | Rider Delivery Capital Recovery Audit Report | PUCO | Ohio Companies                          
Regulatory Matters [Line Items]                          
Refund to customer of pole attachment rates     $ 15                   $ 15
Number of minor non-compliance with requirements | requirement                       8  
Number of requirements were in compliance | requirement                       23  
Loss contingency, payment audit, number of payments examined | payment     53                    
Loss contingency, payment audit, total payments in support of Passage of house bill     $ 75,000                    
Ohio | Rider Delivery Capital Recovery Audit Report | PUCO | Maximum | Ohio Companies                          
Regulatory Matters [Line Items]                          
Loss contingency, payment audit, payments in support of passage of house bill allocated to defendants     $ 5,000                    
Ohio | Energy Conservation, Economic Development and Job Retention | PUCO                          
Regulatory Matters [Line Items]                          
Contribution amount   $ 6,390                      
v3.25.0.1
REGULATORY MATTERS - Pennsylvania and West Virginia (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 13, 2024
USD ($)
Jul. 22, 2024
USD ($)
Apr. 02, 2024
USD ($)
Mar. 26, 2024
USD ($)
Jan. 23, 2024
USD ($)
Nov. 30, 2023
USD ($)
Aug. 31, 2023
USD ($)
Aug. 22, 2023
USD ($)
May 31, 2023
USD ($)
Apr. 24, 2023
MW
Jan. 13, 2023
USD ($)
May 01, 2022
MW
Nov. 22, 2021
site
Jan. 16, 2020
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Pennsylvania | ENEC Phase IV | PPUC                                
Regulatory Matters [Line Items]                                
Public utilities, approved energy consumption reduction targets, cost recovery                               $ 390.0
Pennsylvania | ENEC Phase IV | PPUC | ME                                
Regulatory Matters [Line Items]                                
Demand reduction targets                               2.90%
Energy consumption reduction targets                               3.10%
Pennsylvania | ENEC Phase IV | PPUC | PN                                
Regulatory Matters [Line Items]                                
Demand reduction targets                               3.30%
Energy consumption reduction targets                               3.00%
Pennsylvania | ENEC Phase IV | PPUC | Penn                                
Regulatory Matters [Line Items]                                
Demand reduction targets                               2.00%
Energy consumption reduction targets                               2.70%
Pennsylvania | ENEC Phase IV | PPUC | WP                                
Regulatory Matters [Line Items]                                
Demand reduction targets                               2.50%
Energy consumption reduction targets                               2.40%
Pennsylvania | New LTIP's | PPUC | Pennsylvania Companies                                
Regulatory Matters [Line Items]                                
Recovery period                           5 years    
Public utilities, approved project, total capital investments                           $ 572.0    
Public utilities, requested program phase approval, proposed investment amount   $ 1,600.0                            
Pennsylvania | Long-Term Infrastructure Improvement Plan From 2025-2029 | PPUC | Pennsylvania Companies                                
Regulatory Matters [Line Items]                                
Public utilities, requested program phase approval, proposed investment amount   $ 1,400.0                            
Pennsylvania | Energy Efficiency and Peak Demand Reduction Stipulation Settlement | PPUC | FE PA | Distribution                                
Regulatory Matters [Line Items]                                
Increase base distribution rate     $ 502.0                          
Allowed ROE     11.30%                          
Allowed debt     46.20%                          
Approved capital structure     53.80%                          
Public utilities, net average rate increase, percentage     0.077                          
Public utilities, residential rate increase, percentage     0.105                          
Pennsylvania | Enhanced Vegetation Management Program | PPUC | FE PA | Distribution                                
Regulatory Matters [Line Items]                                
Recovery period     10 years                          
Amount of requested rate increase $ 225.0                              
West Virginia | WVPSC | MP and PE                                
Regulatory Matters [Line Items]                                
Amount of requested rate increase                 $ 207.0              
Approved amount of rate increase (decrease)       $ 105.0 $ 105.0                      
Requested amount of annual depreciation expense                 $ 75.0   $ 76.0          
Increase in annual amount of depreciation expense         $ 33.0     $ 33.0                
Public utilities, approved rate increase, amount of income (loss) from continuing operations before equity method investments, income taxes, noncontrolling interest                             $ 60.0  
West Virginia | WVPSC | MP and PE | Solar Generation Project                                
Regulatory Matters [Line Items]                                
Percent of subscriptions required prior to commencement                       85.00%        
Plant capacity (in MW's) | MW                   30   50        
Number of approved solar sites | site                         3      
West Virginia | ENEC | WVPSC | MP and PE                                
Regulatory Matters [Line Items]                                
Amount of requested rate increase             $ 167.5                  
Under recovered amount, percent             9.90%                  
Deferred requested rate increase             $ 92.0                  
Supplemental requested decrease             267.0                  
Amount not recovered             $ 75.6                  
Public utilities, requested under recovery, not recovered, carrying charge, percent             0.04                  
Approved amount of rate increase (decrease)           $ 55.4                    
Recovery amounts           50.0                    
West Virginia | Expanded Net Energy Cost Through 2026 | WVPSC | MP and PE                                
Regulatory Matters [Line Items]                                
Approved amount of rate increase (decrease)           $ 184.0                    
v3.25.0.1
REGULATORY MATTERS - Reliability and FERC Matters (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jan. 17, 2025
Dec. 08, 2023
auditMatter
Feb. 24, 2022
Dec. 31, 2024
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2024
USD ($)
Transmission ROE Incentive | FERC            
Regulatory Matters [Line Items]            
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 | Subsequent Event            
Regulatory Matters [Line Items]            
Utilities, transmission owing utilities join an RTO 0.00500000          
Transmission ROE Incentive | FERC | Transmission | Transmission Revenues            
Regulatory Matters [Line Items]            
Public utilities, amount awarded from other party       $ 42    
FE | Transmission Related Vegetation Management Programs | FERC            
Regulatory Matters [Line Items]            
Utilities, transmission owing utilities join an RTO     0.00500000      
Refund payments         $ 45  
Refund payments, net         34  
Capital assets reclassified into earnings         195  
Utilities operating expense         90  
Utilities operating expense, net         $ 67  
Utilities reclassification to operating expense           $ 105
Utilities reduction in operating expense           160
Utilities cooperate support           $ 100
Public utilities, number of unresolved audit matters referred to other offices | auditMatter   2        
JCP&L            
Regulatory Matters [Line Items]            
Allowed ROE           9.60%
Allowed debt           48.10%
Integrated | ATSI            
Regulatory Matters [Line Items]            
Allowed ROE           9.88%
Demand reduction targets       0.50%   0.50%
Approved ROE prior to demand reduction targets           10.38%
Utilities, transmission owing utilities join an RTO           0.0050
Integrated | JCP&L            
Regulatory Matters [Line Items]            
Allowed ROE           10.20%
Integrated | MP            
Regulatory Matters [Line Items]            
Allowed ROE           10.45%
Allowed debt           56.00%
Integrated | PE            
Regulatory Matters [Line Items]            
Allowed ROE           10.45%
Allowed debt           56.00%
Integrated | KATCo            
Regulatory Matters [Line Items]            
Allowed ROE           10.45%
Integrated | MAIT            
Regulatory Matters [Line Items]            
Allowed ROE           10.30%
Allowed debt           60.00%
Integrated | TrAIL | TrAIL the Line and Black Oak SVC            
Regulatory Matters [Line Items]            
Allowed ROE           12.70%
Integrated | TrAIL | All Other Projects            
Regulatory Matters [Line Items]            
Allowed ROE           11.70%
v3.25.0.1
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Potential Amount of Future Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances $ 923
FE's Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances 495
FE's Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances 428
Deferred compensation arrangements | FE's Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances 406
Deferred compensation arrangements | FE's Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances 97
Vehicle leases | FE's Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances 75
Other | FE's Guarantees on Behalf of its Consolidated Subsidiaries  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances 14
Surety Bonds  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances 146
Surety Bonds | FE's Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances 161
LOCs | FE's Guarantees on Other Assurances  
Guarantor Obligations [Line Items]  
Total Guarantees and Other Assurances $ 170
v3.25.0.1
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Feb. 03, 2025
USD ($)
Sep. 25, 2024
USD ($)
Feb. 09, 2022
USD ($)
Jul. 21, 2021
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Feb. 12, 2024
officer
Guarantor Obligations [Line Items]              
Total Guarantees and Other Assurances           $ 923.0  
Company posted collateral related to net liability positions           170.0  
Collateral received           29.0  
Liabilities incurred           $ 95.0  
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]           Regulatory liabilities  
United States v. Householder, et al.              
Guarantor Obligations [Line Items]              
Litigation indictment, number of senior officers | officer             2
United States v. Householder, et al. | U.S. Attorney's Office              
Guarantor Obligations [Line Items]              
Term of DPA       3 years      
Loss in period       $ 230.0      
Term of payments       60 days      
United States v. Householder, et al. | United States Treasury              
Guarantor Obligations [Line Items]              
Proposed penalty       $ 115.0      
United States v. Householder, et al. | Ohio Development Service              
Guarantor Obligations [Line Items]              
Proposed penalty       $ 115.0      
Shareholder Derivative Lawsuit              
Guarantor Obligations [Line Items]              
Proposed penalty     $ 36.0        
Settlement payment awarded     180.0        
Litigation settlement, amount awarded, net return on deposited funds     $ 7.0        
United States v. Householder, et al. Related OOCIC Investigation              
Guarantor Obligations [Line Items]              
Loss contingency accrual, period increase (decrease)         $ 19.5    
United States v. Householder, et al. Related SEC Investigation              
Guarantor Obligations [Line Items]              
Payments for legal settlements   $ 100.0          
Loss contingency accrual, period increase (decrease)         100.0    
Regulation of Waste Disposal              
Guarantor Obligations [Line Items]              
Changes in timing and amount of estimated cash flows         139.0 $ 139.0  
Accrual for environmental loss contingencies           98.0  
Environmental liabilities former gas facilities           $ 69.0  
Regulation of Waste Disposal | Corporate Non Segment              
Guarantor Obligations [Line Items]              
Liabilities incurred         $ 87.0    
Environmental Liability | Subsequent Event              
Guarantor Obligations [Line Items]              
Asset retirement obligation, escrow deposit $ 160.0            
Agreed funding period 5 years            
v3.25.0.1
COMMITMENTS, GUARANTEES AND CONTINGENCIES - Potential Collateral Obligations (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Guarantor Obligations [Line Items]  
Potential additional collateral obligations $ 923
Percent of face amount of debt 100.00%
Curing period 30 days
Credit Risk Contractual Obligation  
Guarantor Obligations [Line Items]  
Potential additional collateral obligations $ 224
Credit Risk Contractual Obligation | FE  
Guarantor Obligations [Line Items]  
Potential additional collateral obligations 50
Credit Risk Contractual Obligation | Electric Companies and Transmission Companies  
Guarantor Obligations [Line Items]  
Potential additional collateral obligations 174
Upon Further Downgrade  
Guarantor Obligations [Line Items]  
Potential additional collateral obligations 78
Upon Further Downgrade | FE  
Guarantor Obligations [Line Items]  
Potential additional collateral obligations 1
Upon Further Downgrade | Electric Companies and Transmission Companies  
Guarantor Obligations [Line Items]  
Potential additional collateral obligations 77
Surety Bonds (collateralized amount)  
Guarantor Obligations [Line Items]  
Potential additional collateral obligations $ 146
Percent of face amount of debt 60.00%
Capped portion of surety bond obligations $ 38
Surety Bonds (collateralized amount) | FE  
Guarantor Obligations [Line Items]  
Potential additional collateral obligations 49
Surety Bonds (collateralized amount) | Electric Companies and Transmission Companies  
Guarantor Obligations [Line Items]  
Potential additional collateral obligations $ 97
v3.25.0.1
SEGMENT INFORMATION - Narrative (Details)
customer in Millions, $ in Billions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
site
Dec. 31, 2025
MW
site
Dec. 31, 2024
USD ($)
customer
MW
site
Jan. 01, 2024
Segment Reporting Information [Line Items]        
Number of customers | customer     6.0  
FEV | Global Holding        
Segment Reporting Information [Line Items]        
Investment ownership percentage     33.33% 33.33%
Distribution        
Segment Reporting Information [Line Items]        
Number of customers | customer     4.3  
Plant generation capacity (in MW's)     3,604  
Integrated        
Segment Reporting Information [Line Items]        
Number of customers | customer     2.0  
Integrated | Solar Generation Project | MP and PE        
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 | Solar Generation Project | MP and PE | Forecast        
Segment Reporting Information [Line Items]        
Plant capacity (in MW's)   26    
Public utilities, expected to be completed | site   3    
Integrated | Solar Generation Project | MP and PE | West Virginia        
Segment Reporting Information [Line Items]        
Plant generation capacity (in MW's)     24  
Other Business Operations | FE        
Segment Reporting Information [Line Items]        
Long-term debt and other long-term obligations | $     $ 6.1  
Other Business Operations | OVEC        
Segment Reporting Information [Line Items]        
Plant generation capacity (in MW's)     67  
v3.25.0.1
SEGMENT INFORMATION - Segment Financial Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Financial Information      
Total revenues [1] $ 13,472 $ 12,870 $ 12,459
Other operating expenses 4,159 3,594 3,817
Depreciation 1,581 1,461 1,375
Amortization (deferral) of regulatory assets, net (231) (261) (365)
Equity method investment earnings, net 58 175 168
Total Assets 1,144 1,124 1,039
Income taxes (benefits) 377 267 1,000
Other expense (income) items 5,522 5,737 5,355
Earnings Attributable to FE - continuing operations 978 1,123 406
Capital investments 4,030 3,356 2,848
Total Assets 52,044 48,767  
Total Goodwill 5,618 5,618  
External revenues      
Segment Financial Information      
Total revenues 13,472 12,870 12,459
Internal revenues      
Segment Financial Information      
Total revenues 0 0 0
Distribution      
Segment Financial Information      
Total Goodwill 3,222    
Operating Segments      
Segment Financial Information      
Total revenues 13,526 12,922 12,492
Other operating expenses 4,091 3,623 3,748
Depreciation 1,505 1,386 1,300
Amortization (deferral) of regulatory assets, net (231) (261) (365)
Equity method investment earnings, net 0 0 0
Total Assets 969 892 813
Income taxes (benefits) 461 330 393
Other expense (income) items 5,278 5,666 5,349
Earnings Attributable to FE - continuing operations 1,453 1,286 1,254
Capital investments 3,938 3,241 2,797
Total Assets 52,114 48,843  
Total Goodwill 5,618 5,618  
Operating Segments | External revenues      
Segment Financial Information      
Total revenues 13,463 12,859 12,432
Operating Segments | Internal revenues      
Segment Financial Information      
Total revenues 63 63 60
Operating Segments | Distribution      
Segment Financial Information      
Total revenues 6,863 6,854 6,425
Other operating expenses 2,408 2,129 2,094
Depreciation 648 620 593
Amortization (deferral) of regulatory assets, net (171) (259) (241)
Equity method investment earnings, net 0 0 0
Total Assets 432 390 325
Income taxes (benefits) 135 147 202
Other expense (income) items 2,787 3,240 2,778
Earnings Attributable to FE - continuing operations 624 587 674
Capital investments 1,130 936 925
Total Assets 19,949 19,235  
Total Goodwill 3,222 3,222  
Operating Segments | Distribution | External revenues      
Segment Financial Information      
Total revenues 6,824 6,813 6,386
Operating Segments | Distribution | Internal revenues      
Segment Financial Information      
Total revenues 39 41 39
Operating Segments | Integrated      
Segment Financial Information      
Total revenues 4,876 4,320 4,470
Other operating expenses 1,324 1,156 1,226
Depreciation 521 462 430
Amortization (deferral) of regulatory assets, net (66) (10) (128)
Equity method investment earnings, net 0 0 0
Total Assets 262 257 225
Income taxes (benefits) 153 37 80
Other expense (income) items 2,147 2,118 2,372
Earnings Attributable to FE - continuing operations 535 300 265
Capital investments 1,542 1,212 998
Total Assets 18,637 17,466  
Total Goodwill 1,953 1,953  
Operating Segments | Integrated | External revenues      
Segment Financial Information      
Total revenues 4,871 4,315 4,465
Operating Segments | Integrated | Internal revenues      
Segment Financial Information      
Total revenues 5 5 5
Operating Segments | Stand-Alone Transmission      
Segment Financial Information      
Total revenues 1,787 1,748 1,597
Other operating expenses 359 338 428
Depreciation 336 304 277
Amortization (deferral) of regulatory assets, net 6 8 4
Equity method investment earnings, net 0 0 0
Total Assets 275 245 263
Income taxes (benefits) 173 146 111
Other expense (income) items 344 308 199
Earnings Attributable to FE - continuing operations 294 399 315
Capital investments 1,266 1,093 874
Total Assets 13,528 12,142  
Total Goodwill 443 443  
Operating Segments | Stand-Alone Transmission | External revenues      
Segment Financial Information      
Total revenues 1,768 1,731 1,581
Operating Segments | Stand-Alone Transmission | Internal revenues      
Segment Financial Information      
Total revenues 19 17 16
Corporate/Other      
Segment Financial Information      
Total revenues 9 11 27
Other operating expenses 78 (19) 79
Depreciation 76 75 75
Amortization (deferral) of regulatory assets, net 0 0 0
Equity method investment earnings, net 58 175 168
Total Assets 360 340 354
Income taxes (benefits) (84) (63) 607
Other expense (income) items 59 (37) (122)
Earnings Attributable to FE - continuing operations (475) (163) (848)
Capital investments 92 115 51
Total Assets 1,975 2,372  
Total Goodwill 0 0  
Corporate/Other | External revenues      
Segment Financial Information      
Total revenues 9 11 27
Corporate/Other | Internal revenues      
Segment Financial Information      
Total revenues 0 0 0
Reconciling Adjustments      
Segment Financial Information      
Total revenues (63) (63) (60)
Other operating expenses (10) (10) (10)
Depreciation 0 0 0
Amortization (deferral) of regulatory assets, net 0 0 0
Equity method investment earnings, net 0 0 0
Total Assets (185) (108) (128)
Income taxes (benefits) 0 0 0
Other expense (income) items 185 108 128
Earnings Attributable to FE - continuing operations 0 0 0
Capital investments 0 0 0
Total Assets (2,045) (2,448)  
Total Goodwill 0 0  
Reconciling Adjustments | External revenues      
Segment Financial Information      
Total revenues 0 0 0
Reconciling Adjustments | Internal revenues      
Segment Financial Information      
Total revenues $ (63) $ (63) $ (60)
[1] Includes excise and gross receipts tax collections of $429 million, $420 million and $406 million in 2024, 2023 and 2022, respectively.