CAPITALIZATION (Tables)

12 Months Ended

Dec. 31, 2022

Capitalization, Long-Term Debt and Equity [Abstract]

Schedule of Preferred stock and preference stock authorizations

FirstEnergy and the Utilities were authorized to issue preferred stock and preference stock as of December 31, 2022, as follows:

	Preferred Stock			Preference Stock
	Shares Authorized	Par Value		Shares Authorized	Par Value
FE	5,000,000	$	100
OE	6,000,000	$	100	8,000,000	no par
OE	8,000,000	$	25
Penn	1,200,000	$	100
CEI	4,000,000	no par		3,000,000	no par
TE	3,000,000	$	100	5,000,000	$	25
TE	12,000,000	$	25
JCP&L	15,600,000	no par
ME	10,000,000	no par
PN	11,435,000	no par
MP	940,000	$	100
PE	10,000,000	$	0.01
WP	32,000,000	no par

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, 2022 and 2021:

	As of December 31, 2022		As of December 31,
(Dollar amounts in millions)	Maturity Date	Interest Rate	2022		2021
FMBs and secured notes - fixed rate	2023-2059	2.650% - 8.250%	$	5,153	$	5,021
Unsecured notes - fixed rate	2023-2050	1.600% - 7.375%	16,488		18,925
Finance lease obligations			23		36
Unamortized debt discounts			(5)		(8)
Unamortized debt issuance costs			(110)		(126)
Unamortized fair value adjustments			5		6
Currently payable long-term debt			(351)		(1,606)
Total long-term debt and other long-term obligations			$	21,203	$	22,248

FirstEnergy had the following redemptions and issuances during the twelve months ended December 31, 2022:

Company	Type	Redemption/Issuance Date	Interest Rate	Maturity	Amount (in Millions)	Description
Redemptions
FE	Unsecured Notes	January, 2022	4.25%	2023	$850	In December 2021, FE provided notice of redemption with a make-whole premium of approximately $38 million ($30 million after-tax).
TE	Senior Secured Notes	February, 2022	2.65%	2028	$25	On January 27, 2022, TE instructed its indenture trustee to provide notice of partial redemption.
CEI	Senior Notes, Series A	March, 2022	2.77%	2034	$150	On February 11, 2022, CEI instructed its indenture trustee to provide notice of full redemption.
WP	FMBs	April, 2022	3.34%	2022	$100	WP redeemed FMBs that became due.
FE	Unsecured Notes	June, 2022	2.85%	2022	$500	On May 23, 2022 FE provided notice of redemption.
FE	Unsecured Notes	June, 2022	7.375%	2031	$715	On May 25, 2022, FE commenced an offer to purchase for cash a portion of its 2031 Notes and 2047 Notes, which had $1.5 billion and $1 billion principal amounts outstanding, respectively. A portion of these notes were redeemed for approximately $1.1 billion, including a tender premium of approximately $101 million ($80 million after-tax). In addition, FE recognized approximately $7 million ($5 million after-tax) of deferred cash flow hedge losses and $10 million ($8 million after-tax) in other unamortized debt costs and fees associated with the FE debt redemptions.
FE	Unsecured Notes	June, 2022	4.85%	2047	$284
Penn	FMBs	June, 2022	6.09%	2022	$100	Penn redeemed FMBs that became due.
FE	Unsecured Notes	August-November 2022	7.375%	2031	$128	Beginning in the third quarter of 2022, FE repurchased a portion of the principal amount of its 2031 Notes and 2047 Notes through the open market for approximately $249 million including a premium of approximately $11 million ($9 million after tax). In addition, FE recognized approximately $3 million ($2 million after-tax) in other unamortized debt costs related to the FE open market repurchases.
FE	Unsecured Notes	August-September 2022	4.85%	2047	$110
Issuances
OE	Senior Unsecured Notes	September, 2022	5.50%	2033	$300	Proceeds were used to repay borrowings outstanding under the regulated money pool, to finance capital expenditures, to fund working capital needs and for other general corporate purposes.
Penn	FMBs	November, 2022	3.79%	2032	$150	Proceeds were used to repay short-term borrowings.
WP	FMBs	November, 2022	5.29%	2033	$250	Proceeds were used to repay short-term borrowings.

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, 2022.

(In millions)	2023	2024	2025	2026	2027
Scheduled debt repayments	$344	$1,246	$2,023	$1,076	$2,003