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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________
FE Logo.jpg
CommissionRegistrant; State of Incorporation;I.R.S. Employer
File NumberAddress; and Telephone NumberIdentification No.
 
333-21011FIRSTENERGY CORP.34-1843785
 (AnOhioCorporation) 
   76 South Main Street 
 AkronOH44308 
 Telephone(800)736-3402 
   
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, $0.10 par valueFENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
 
 No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
 
 No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
 No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
 OUTSTANDING
CLASSAs of September 30, 2023
Common Stock, $0.10 par value573,814,823
FirstEnergy Website and Other Social Media Sites and Applications

FirstEnergy’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, and all other documents filed with or furnished to the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available free of charge on or through the “Investors” page of FirstEnergy’s website at www.firstenergycorp.com. These documents are also available to the public from commercial document retrieval services and the website maintained by the SEC at www.sec.gov.

These SEC filings are posted on the website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Additionally, FirstEnergy routinely posts additional important information, including press releases, investor presentations, investor factbook, and notices of upcoming events under the “Investors” section of FirstEnergy’s website and recognizes FirstEnergy’s website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. Investors may be notified of postings to the website by signing up for email alerts and Rich Site Summary feeds on the “Investors” page of FirstEnergy’s website. FirstEnergy also uses X (the social networking site formerly known as Twitter®), LinkedIn®, YouTube® and Facebook® as additional channels of distribution to reach public investors and as a supplemental means of disclosing material non-public information for complying with its disclosure obligations under Regulation FD. Information contained on FirstEnergy’s website, X (the social networking site formerly known as Twitter®) handle, LinkedIn® profile, YouTube® channel or Facebook® page, and any corresponding applications of those sites, shall not be deemed incorporated into, or to be part of, this report.



Forward-Looking Statements: This Form 10-Q includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will," "intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following (see Glossary of Terms for definitions of capitalized terms):

The potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the DPA.
The risks and uncertainties associated with government investigations and audits regarding HB 6 and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates.
The risks and uncertainties associated with litigation, arbitration, mediation, and similar proceedings, particularly regarding HB 6 related matters, including risks associated with obtaining dismissal of the derivative shareholder lawsuits.
Changes in national and regional economic conditions, including recession, rising interest rates, inflationary pressure, supply chain disruptions, higher energy costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business.
Weather conditions, such as temperature variations and severe weather conditions, or other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions.
Legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity, cybersecurity, and climate change.
The risks associated with cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information.
The ability to meet our goals relating to EESG opportunities, improvements, and efficiencies, including our GHG reduction goals.
The ability to accomplish or realize anticipated benefits from our FE Forward initiative and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing our transmission and distribution investment plans, executing on our rate filing strategy, controlling costs, improving our credit metrics, growing earnings, strengthening our balance sheet, and satisfying the conditions necessary to close the FET Minority Equity Interest Sale.
Changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated.
Mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets.
Changes to environmental laws and regulations, including, but not limited to, those related to climate change.
Changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, or energy efficiency and peak demand reduction mandates.
The ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions.
Future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity.
Changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities.
The potential of non-compliance with debt covenants in our credit facilities.
The ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates.
Human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce.
Changes to significant accounting policies.
Any changes in tax laws or regulations, including, but not limited to, the IRA of 2022, or adverse tax audit results or rulings.
The risks and other factors discussed from time to time in our SEC filings.

Dividends declared from time to time on our common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FE Board at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.




Forward-looking and other statements in this Quarterly Report on Form 10-Q regarding our Climate Strategy, including our GHG emission reduction goals, are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current and forward-looking statements regarding climate matters, including GHG emissions, may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future.





TABLE OF CONTENTS
 Page
Part I. Financial Information 
 
 
Consolidated Statements of Equity
 
i


GLOSSARY OF TERMS
The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries:
AE SupplyAllegheny Energy Supply Company, LLC, an unregulated generation subsidiary
AGCAllegheny Generating Company, a generation subsidiary of MP
ATSIAmerican Transmission Systems, Incorporated, a subsidiary of FET, which owns and operates transmission facilities
CEIThe Cleveland Electric Illuminating Company, an Ohio electric utility operating subsidiary
FEFirstEnergy Corp., a public utility holding company
FENOCEnergy Harbor Nuclear Corp. (formerly known as FirstEnergy Nuclear Operating Company), a subsidiary of EH, which operates EH’s nuclear generating facilities
FE PAFirstEnergy Pennsylvania Electric Company
FESEnergy Harbor LLC (formerly known as FirstEnergy Solutions Corp.), a subsidiary of EH, which provides energy-related products and services
FESCFirstEnergy Service Company, which provides legal, financial, and other corporate support services
FES DebtorsFENOC, FES, and FES’ subsidiaries as of March 31, 2018
FETFirstEnergy Transmission, LLC, the parent company of ATSI, MAIT and TrAIL, and has a joint venture in PATH
FEVFirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures
FirstEnergyFirstEnergy Corp., together with its consolidated subsidiaries
Global HoldingGlobal Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC
JCP&LJersey Central Power & Light Company, a New Jersey electric utility operating subsidiary
KATCoKeystone Appalachian Transmission Company, a former subsidiary of FET which, in May 2022, became a subsidiary of FE
MAITMid-Atlantic Interstate Transmission, LLC, a subsidiary of FET, which owns and operates transmission facilities
MEMetropolitan Edison Company, a Pennsylvania electric utility operating subsidiary
MPMonongahela Power Company, a West Virginia electric utility operating subsidiary
OEOhio Edison Company, an Ohio electric utility operating subsidiary
Ohio CompaniesCEI, OE and TE
PATHPotomac-Appalachian Transmission Highline, LLC, a joint venture between FET and a subsidiary of AEP
PATH-AlleghenyPATH Allegheny Transmission Company, LLC
PATH-WVPATH West Virginia Transmission Company, LLC
PEThe Potomac Edison Company, a Maryland and West Virginia electric utility operating subsidiary
PennPennsylvania Power Company, a Pennsylvania electric utility operating subsidiary of OE
Pennsylvania CompaniesME, PN, Penn and WP
PNPennsylvania Electric Company, a Pennsylvania electric utility operating subsidiary
Signal PeakSignal Peak Energy, LLC, an indirect subsidiary of Global Holding that owns mining operations near Roundup, Montana
TEThe Toledo Edison Company, an Ohio electric utility operating subsidiary
TrAILTrans-Allegheny Interstate Line Company, a subsidiary of FET, which owns and operates transmission facilities
Transmission CompaniesATSI, MAIT and TrAIL
UtilitiesOE, CEI, TE, Penn, JCP&L, ME, PN, MP, PE and WP
WPWest Penn Power Company, a Pennsylvania electric utility operating subsidiary










ii






The following abbreviations and acronyms may be used to identify frequently used terms in this report:
2021 Credit FacilitiesCollectively, the six separate senior unsecured five-year syndicated revolving credit facilities entered into by FE, the Utilities and the Transmission Companies, on October 18, 2021, as amended through October 20, 2023
2023 Credit FacilitiesCollectively, the two separate senior unsecured syndicated revolving credit facilities entered into by FET and KATCo, on October 20, 2023
2026 Convertible NotesFE’s 4.00% convertible senior notes, due 2026
2031 NotesFE’s 7.375% Notes, Series C, due 2031
ACEAffordable Clean Energy
AEPAmerican Electric Power Company, Inc.
AEPSCAmerican Electric Power Service Corporation
AFSAvailable-for-sale
AFSIAdjusted Financial Statement Income
AFUDCAllowance for Funds Used During Construction
ALJAdministrative Law Judge
AMIAdvanced Metering Infrastructure
AMTAlternative Minimum Tax
AOCIAccumulated Other Comprehensive Income (Loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
A&R FET LLC AgreementFourth Amended and Restated Limited Liability Company Operating Agreement of FET
BGSBasic Generation Service
BrookfieldNorth American Transmission Company II L.P., a controlled investment vehicle entity of Brookfield Infrastructure Partners
Brookfield GuarantorsBrookfield Super-Core Infrastructure Partners L.P., Brookfield Super-Core Infrastructure Partners (NUS) L.P., and Brookfield Super-Core Infrastructure Partners (ER) SCSp
CAAClean Air Act
CCRCoal Combustion Residual
CERCLAComprehensive Environmental Response, Compensation, and Liability Act of 1980
CFIUSCommittee on Foreign Investments in the United States
CFRCode of Federal Regulations
CO2
Carbon Dioxide
COVID-19Coronavirus disease
CPPEPA's Clean Power Plan
CSAPRCross-State Air Pollution Rule
CTAConsolidated Tax Adjustment
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
DCRDelivery Capital Recovery
DMRDistribution Modernization Rider
DPADeferred Prosecution Agreement entered into on July 21, 2021 between FE and the U.S. Attorney’s Office for the S.D. Ohio
DSICDistribution System Improvement Charge
DSPDefault Service Plan
EDCElectric Distribution Company
EDISElectric Distribution Investment Surcharge
EESGEmployee, Environmental, Social, and Corporate Governance
EGSElectric Generation Supplier
EGUElectric Generation Unit
EHEnergy Harbor Corp.
iii


ELGEffluent Limitation Guideline
EmPOWER MarylandEmPOWER Maryland Energy Efficiency Act
ENECExpanded Net Energy Cost
EPAUnited States Environmental Protection Agency
EPSEarnings Per Share
ESP IVElectric Security Plan IV
ESP VElectric Security Plan V
Exchange Act
Securities and Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FE BoardFE Board of Directors
FE Revolving FacilityFE and the Utilities’ former five-year syndicated revolving credit facility, as amended, and replaced by the 2021 Credit Facilities on October 18, 2021
FERCFederal Energy Regulatory Committee
FET BoardThe Board of Directors of FET
FET Minority Equity Interest SaleSale of an additional 30% membership interest of FET, such that Brookfield will own 49.9% of FET
FET P&SA I
Purchase and Sale Agreement entered into on November 6, 2021, by and between FE, FET, Brookfield and the Brookfield Guarantors
FET P&SA II
Purchase and Sale Agreement entered into on February 2, 2023, by and between FE, FET, Brookfield, and the Brookfield Guarantors
FET Revolving FacilityFET’s five-year syndicated revolving credit facility, dated as of October 20, 2023
FIPFederal Implementation Plan(s) under the CAA
FitchFitch Ratings Service
FMBFirst Mortgage Bond
FTRFinancial Transmission Right
GAAPAccounting Principles Generally Accepted in the United States of America
GHGGreenhouse Gas
HB 6House Bill 6, as passed by Ohio's 133rd General Assembly
IRA of 2022Inflation Reduction Act of 2022
IRSInternal Revenue Service
KATCo Revolving FacilityKATCo’s four-year syndicated revolving credit facility, dated as of October 20, 2023
kWhKilowatt-Hour
LIBORLondon Inter-Bank Offered Rate
LOCLetter of Credit
LTIIPLong-Term Infrastructure Improvement Plan
MDOPCMaryland Office of People’s Counsel
MDPSCMaryland Public Service Commission
MGPManufactured Gas Plants
Moody’sMoody’s Investors Service, Inc.
MWMegawatt
MWHMegawatt-hour
NCINoncontrolling Interest
N.D. OhioFederal District Court, Northern District of Ohio
NERCNorth American Electric Reliability Corporation
NJBPUNew Jersey Board of Public Utilities
NOLNet Operating Loss
NOxNitrogen Oxide
NYPSCNew York State Public Service Commission
OAGOhio Attorney General
OCCOhio Consumers' Counsel
ODSAOhio Development Service Agency
iv


Ohio StipulationStipulation and Recommendation, dated November 1, 2021, entered into by and among the Ohio Companies, the OCC, PUCO Staff, and several other signatories
OOCIC Ohio Organized Crime Investigations Commission, which is composed of members of the Ohio law enforcement community and is chaired by the OAG
OPEBOther Post-Employment Benefits
OPICOther Paid-in Capital
OVECOhio Valley Electric Corporation
PA ConsolidationConsolidation of the Pennsylvania Companies
PEERFirstEnergy’s Program for Enhanced Employee Retirement
PJMPJM Interconnection, LLC
PJM TariffPJM Open Access Transmission Tariff
PPAPurchase Power Agreement
PPUCPennsylvania Public Utility Commission
PUCOPublic Utilities Commission of Ohio
Regulation FDRegulation Fair Disclosure promulgated by the SEC
RFC
ReliabilityFirst Corporation
RFPRequest for Proposal
ROEReturn on Equity
RTORegional Transmission Organization
S.D. OhioFederal District Court, Southern District of Ohio
SECUnited States Securities and Exchange Commission
SEETSignificantly Excessive Earnings Test
SIPState Implementation Plan(s) under the CAA
SLCSpecial Litigation Committee of the FE Board
SO2
Sulfur Dioxide
SOFRSecured Overnight Financing Rate
SOSStandard Offer Service
S&PStandard & Poor’s Ratings Service
SRECSolar Renewable Energy Credit
Tax ActTax Cuts and Jobs Act adopted December 22, 2017
TMI-1Three Mile Island Unit 1
VARVolt-Amps Reactive, the measuring unit for reactive power
VSCCVirginia State Corporation Commission
WVPSCPublic Service Commission of West Virginia
v


PART I. FINANCIAL INFORMATION

ITEM I.         Financial Statements

FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions, except per share amounts)2023202220232022
REVENUES:
Distribution services and retail generation $2,869 $2,767 $7,924 $7,334 
Transmission508 502 1,486 1,393 
Other110 206 314 555 
Total revenues (1)
3,487 3,475 9,724 9,282 
OPERATING EXPENSES:
Fuel166 209 439 539 
Purchased power1,155 1,109 3,173 2,786 
Other operating expenses967 1,111 2,698 2,827 
Provision for depreciation366 332 1,088 1,020 
Deferral of regulatory assets, net(140)(86)(253)(252)
General taxes307 295 881 851 
Total operating expenses2,821 2,970 8,026 7,771 
OPERATING INCOME666 505 1,698 1,511 
OTHER INCOME (EXPENSE):
Debt redemption costs (Note 6) 1 (36)(155)
Equity method investment earnings (Note 1)43 57 134 134 
Miscellaneous income, net24 111 102 300 
Pension and OPEB mark-to-market adjustment (Note 4)  59  
Interest expense(289)(248)(828)(788)
Capitalized financing costs26 23 69 59 
Total other expense(196)(56)(500)(450)
INCOME BEFORE INCOME TAXES470 449 1,198 1,061 
INCOME TAXES29 105 193 237 
INCOME FROM CONTINUING OPERATIONS441 344 1,005 824 
Discontinued operations (Note 1) (2)
(21) (21) 
NET INCOME $420 $344 $984 $824 
Income attributable to noncontrolling interest (continuing operations)20 10 57 15 
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP.$400 $334 $927 $809 
AMOUNTS ATTRIBUTABLE TO FIRSTENERGY CORP.:
Earnings from continuing operations$421 $334 $948 $809 
Earnings from discontinued operations(21) (21) 
EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP.$400 $334 $927 $809 
EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3):
Basic - continuing operations$0.74 $0.58 $1.66 $1.42 
Basic - discontinued operations(0.04) (0.04) 
Basic$0.70 $0.58 $1.62 $1.42 
Diluted - continuing operations$0.73 $0.58 $1.65 $1.41 
Diluted - discontinued operations(0.04) (0.04) 
Diluted$0.69 $0.58 $1.61 $1.41 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic573 571 573 571 
Diluted574 572 574 572 
(1) Includes excise and gross receipts tax collections of $114 million and $111 million during the three months ended September 30, 2023 and 2022, respectively, and $315 million and $305 million during the nine months ended September 30, 2023 and 2022, respectively.
(2) Consists of income taxes of $21 million during the three and nine months ended September 30, 2023.

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

1


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2023202220232022
NET INCOME$420 $344 $984 $824 
OTHER COMPREHENSIVE INCOME (LOSS):  
Pension and OPEB prior service costs(2)(2)(5)(6)
Amortized losses on derivative hedges  2 8 
Other comprehensive income (loss)(2)(2)(3)2 
Income tax benefits on other comprehensive income (loss)(1)(1)(1) 
Other comprehensive income (loss), net of tax(1)(1)(2)2 
COMPREHENSIVE INCOME$419 $343 $982 $826 
Comprehensive income attributable to noncontrolling interest20 10 57 15 
COMPREHENSIVE INCOME ATTRIBUTABLE TO FIRSTENERGY CORP.$399 $333 $925 $811 




































The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

2


FIRSTENERGY CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except share amounts)September 30,
2023
December 31,
2022
ASSETS  
CURRENT ASSETS:  
Cash and cash equivalents$118 $160 
Restricted cash26 46 
Receivables- 
Customers1,387 1,455 
Less — Allowance for uncollectible customer receivables85 137 
1,302 1,318 
Other, net of allowance for uncollectible accounts of $15 in 2023 and $11 in 2022
271 253 
Materials and supplies, at average cost481 421 
Prepaid taxes and other322 217 
 2,520 2,415 
PROPERTY, PLANT AND EQUIPMENT:  
In service49,301 47,850 
Less — Accumulated provision for depreciation13,854 13,258 
 35,447 34,592 
Construction work in progress2,231 1,693 
 37,678 36,285 
INVESTMENTS AND OTHER NONCURRENT ASSETS:  
Goodwill5,618 5,618 
Investments (Note 6)626 622 
Regulatory assets353 33 
Other676 1,135 
 7,273 7,408 
TOTAL ASSETS $47,471 $46,108 
LIABILITIES AND EQUITY  
CURRENT LIABILITIES:  
Currently payable long-term debt$1,302 $351 
Short-term borrowings270 100 
Accounts payable1,262 1,503 
Accrued interest303 254 
Accrued taxes657 668 
Accrued compensation and benefits252 272 
Customer deposits225 223 
Dividends payable235 223 
Other290 364 
 4,796 3,958 
NONCURRENT LIABILITIES:  
Long-term debt and other long-term obligations22,882 21,203 
Accumulated deferred income taxes4,449 4,202 
Retirement benefits1,512 2,335 
Regulatory liabilities1,316 1,847 
Other1,571 1,920 
 31,730 31,507 
TOTAL LIABILITIES36,526 35,465 
EQUITY:
Common stockholders’ equity-
Common stock, $0.10 par value, authorized 700,000,000 shares - 573,814,823 and 572,130,932 shares outstanding as of September 30, 2023 and December 31, 2022, respectively.
57 57 
Other paid-in capital10,705 11,322 
Accumulated other comprehensive loss(16)(14)
Accumulated deficit(272)(1,199)
Total common stockholders’ equity10,474 10,166 
Noncontrolling interest471 477 
TOTAL EQUITY10,945 10,643 
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 8)
TOTAL LIABILITIES AND EQUITY$47,471 $46,108 


The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

3


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

Nine Months Ended September 30, 2023
Common Stock
OPICAOCIAccumulated DeficitTotal Common Stockholders’ EquityNCITotal Equity
(In millions)SharesAmount
Balance, January 1, 2023572 $57 $11,322 $(14)$(1,199)$10,166 $477 $10,643 
Net income— — — — 292 292 18 310 
Other comprehensive loss, net of tax— — — (1)— (1)— (1)
Stock Investment Plan and share-based benefit plans1 — 19 — — 19 — 19 
Cash dividends declared on common stock ($0.39 per share in March)
— — (223)— — (223)— (223)
Distribution to FET minority interest— — — — — — (17)(17)
Balance, March 31, 2023573 $57 $11,118 $(15)$(907)$10,253 $478 $10,731 
Net income— — — — 235 235 19 254 
Stock Investment Plan and share-based benefit plans— — 22 — — 22 — 22 
Distribution to FET minority interest— — — — — — (36)(36)
Balance, June 30, 2023573 $57 $11,140 $(15)$(672)$10,510 $461 $10,971 
Net income— — — — 400 400 20 420 
Other comprehensive loss, net of tax— — — (1)— (1)— (1)
Stock Investment Plan and share-based benefit plans1 — 24 — — 24 — 24 
Cash dividends declared on common stock ($0.39 per share in July and $0.41 per share in September)
— — (459)— — (459)— (459)
Distribution to FET minority interest — — — — — — (10)(10)
Balance, September 30, 2023574 $57 $10,705 $(16)$(272)$10,474 $471 $10,945 



























The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

4



FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

Nine Months Ended September 30, 2022
Common StockOPICAOCIAccumulated DeficitTotal Common Stockholders’ EquityNCITotal Equity
(In millions)SharesAmount
Balance, January 1, 2022570 $57 $10,238 $(15)0$(1,605)$8,675 $ $8,675 
Net income— — — — 288 288 — 288 
Other comprehensive loss, net of tax— — — (1)— (1)— (1)
Stock Investment Plan and share-based benefit plans1 — 20 — — 20 — 20 
Cash dividends declared on common stock ($0.39 per share in March)
— — (223)— — (223)— (223)
Other — — (4)— — (4)— (4)
Balance, March 31, 2022571 $57 $10,031 $(16)$(1,317)$8,755 $ $8,755 
Net income— — — — 187 187 5 192
Other comprehensive income, net of tax— — — 4 — 4 — 4 
Stock Investment Plan and share-based benefit plans— — 25 — — 25 — 25 
FET minority interest sale, net of transaction costs— — 1,887 — — 1,887 451 2,338 
Balance, June 30, 2022571 $57 $11,943 $(12)$(1,130)$10,858 $456 $11,314 
Net income— — — — 334 334 10 344
Other comprehensive loss, net of tax— — — (1)— (1)— (1)
Stock Investment Plan and share-based benefit plans1 — 33 — — 33 — 33 
Cash dividends declared on common stock ($0.39 per share in July and September)
— — (446)— — (446)— (446)
Distribution to FET minority interest— — — — — — (15)(15)
Capital contribution from FET minority interest— — — — — — 9 9 
Consolidated tax benefit allocation— — (4)— — (4)4  
Balance, September 30, 2022
572 $57 $11,526 $(13)$(796)$10,774 $464 $11,238 
















The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

5


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Nine Months Ended September 30,
(In millions)20232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $984 $824 
Adjustments to reconcile net income to net cash from operating activities-
Depreciation, amortization and impairments893 1,043 
Deferred income taxes and investment tax credits, net157 221 
Retirement benefits, net of payments(74)(283)
Pension trust contribution(750) 
Pension and OPEB mark-to-market adjustment(59) 
Transmission revenue collections, net(93)89 
Loss on disposal, net of tax (Note 1)21  
Changes in current assets and liabilities-
Receivables(2)(167)
Materials and supplies(60)(101)
Prepaid taxes and other current assets(66)(46)
Accounts payable(241)182 
Accrued taxes(147)(135)
Accrued interest49 (27)
Accrued compensation and benefits(46)(82)
Other current liabilities55 3 
Collateral, net(216)240 
Other24 76 
Net cash provided from operating activities429 1,837 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital investments(2,266)(1,852)
Sales of investment securities held in trusts28 31 
Purchases of investment securities held in trusts(37)(40)
Asset removal costs(190)(151)
Other(8)9 
Net cash used for investing activities(2,473)(2,003)
CASH FLOWS FROM FINANCING ACTIVITIES:
New financing-
Long-term debt3,150 300 
Short-term borrowings, net170  
Redemptions and repayments-
Long-term debt(537)(2,903)
Proceeds from FET minority interest sale, net of transaction costs 2,348 
Distributions to FET minority interest(63)(15)
Capital contributions from FET minority interest 9 
Common stock dividend payments(670)(667)
Other(68)(140)
Net cash provided from (used for) financing activities1,982 (1,068)
Net change in cash, cash equivalents, and restricted cash(62)(1,234)
Cash, cash equivalents, and restricted cash at beginning of period206 1,511 
Cash, cash equivalents, and restricted cash at end of period$144 $277 
SUPPLEMENTAL CASH FLOW INFORMATION:
Significant non-cash transactions:
Accrued capital investments$212 $133 





The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

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FIRSTENERGY CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note
Number
Page
Number
2
Revenue

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. 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: OE, CEI, TE, Penn (a wholly owned subsidiary of OE), JCP&L, ME, PN, FESC, MP, AGC (a wholly owned subsidiary of MP), PE and WP. Additionally, FET is a majority-owned subsidiary of FE, and is the parent company of ATSI, MAIT, PATH and TrAIL. 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 November 6, 2021, FirstEnergy, along with FET, entered into the FET P&SA I, with Brookfield and the Brookfield Guarantors, pursuant to which FET agreed to issue and sell to Brookfield at the closing, and Brookfield agreed to purchase from FET, certain newly issued membership interests of FET, such that Brookfield would own 19.9% of the issued and outstanding membership interests of FET, for a purchase price of $2.375 billion. The transaction closed on May 31, 2022. The difference between the cash consideration received, net of transaction costs of approximately $37 million, and the carrying value of the NCI of $451 million was recorded as an increase to OPIC. FirstEnergy presents the third-party investors’ ownership portion of FirstEnergy's net income, net assets and comprehensive income as NCI. NCI is included as a component of equity on the Consolidated Balance Sheets.

FE and its subsidiaries are principally involved in the transmission, distribution and generation of electricity. FirstEnergy’s ten utility operating companies comprise one of the nation’s largest investor-owned electric systems, based on serving over six million customers in the Midwest and Mid-Atlantic regions. FirstEnergy’s transmission operations include approximately 24,000 miles of lines and two regional transmission operation centers. AGC and MP control 3,580 MWs of total capacity.
These interim financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2022.

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 accompanying interim financial statements are unaudited, but reflect all adjustments, consisting of normal recurring adjustments, that, in the opinion of management, are necessary for a fair statement of the financial statements. The 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. FE and its subsidiaries consolidate a variable interest entity 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, including presenting long-term debt and other long-term obligations within “Noncurrent Liabilities” on the Consolidated Balance Sheets as compared to “Total Capitalization”.

Economic Conditions

Economic conditions following the global pandemic have increased supply chain lead times across numerous material categories, with some as much as tripling from pre-pandemic lead times. Some key suppliers have struggled with labor shortages and raw material availability, which along with inflationary pressure that appears to be moderating, have increased costs and decreased the availability of certain materials, equipment and contractors. FirstEnergy has taken steps to mitigate these risks and does not currently expect service disruptions or any material impact on its capital spending plan. However, the situation remains fluid and a prolonged continuation or further increase in supply chain disruptions could have an adverse effect on FirstEnergy’s results of operations, cash flow and financial condition. Additionally, interest rates have increased significantly,

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which has caused the interest expense on borrowings under the various FirstEnergy credit facilities and new capital market issuances to be significantly higher.
Sale of Equity Interest in FirstEnergy Transmission, LLC

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 majority of the purchase price is expected to be paid in cash upon closing, and the remainder will be payable by the issuance of a promissory note, which is expected to be repaid by the end of 2024. As a result of the consummation of the transaction, Brookfield’s interest in FET will increase from 19.9% to 49.9%, while FE will retain the remaining 50.1% ownership interests of FET. The transaction is subject to customary closing conditions, including approval from the FERC, which was received on August 14, 2023, and certain state utility commissions, and completion of review by the CFIUS. In addition, pursuant to the FET P&SA II, FirstEnergy made the necessary filings with the applicable regulatory authorities for the PA Consolidation. The FET Minority Equity Interest Sale is expected to close in early 2024. Upon closing, FET will continue to be consolidated in FirstEnergy’s GAAP financial statements.

Pursuant to the terms of the FET P&SA II, in connection with the closing, Brookfield, FET and FE will enter into the A&R FET LLC Agreement, which will amend and restate in its entirety the current 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, at the closing, the FET Board will consist of five directors, two appointed by Brookfield and three appointed by FE. Each of Brookfield’s and FE’s respective appointment rights are subject to such party maintaining certain minimum ownership percentages. The A&R FET LLC Agreement contains certain investor protections, including, among other things, requiring Brookfield's approval for FET and its subsidiaries to take certain major actions. Under the terms of the A&R FET LLC Agreement, for so long as Brookfield holds at least a 30.0% interest in FET, Brookfield’s consent is required for FET or any of its subsidiaries to, among other things, undertake certain acquisitions or dispositions in excess of certain dollar thresholds, establish or amend the annual budget, incur cost overruns on certain capital expenditures projects during any fiscal year in excess of a certain percentage overage of the budgeted amounts or incur cost overruns on the aggregate capital expenditure budget of FET’s subsidiaries during any fiscal year in excess of a certain percentage overage of the aggregated budgeted amount, make material decisions relating to litigation where either the potential liability exposure is in excess of a certain threshold dollar amount or such proceeding would reasonably be expected to have an adverse effect on Brookfield or FET, make certain material regulatory filings, incur or refinance indebtedness by FET or its subsidiaries, which, in the case of its subsidiaries, would reasonably be expected to cause such subsidiary to deviate from its targeted capital structure, enter into joint ventures, appoint or replace any member of its transmission leadership team, amend the accounting policies of FET or its subsidiaries (but only if FE is no longer the majority owner of FET), take any action that would reasonably be expected to cause a default or breach of any material contract of FET or any of its subsidiaries, create certain material liens (excluding certain permitted liens), or cause any reorganization of FET or any of its subsidiaries. The A&R FET LLC Agreement also includes provisions relating to the resolution of disputes and to address deadlocks between FET members and provides a mechanism to preserve FE’s economic interest in the MAIT Class B distributions.

Consolidation of Pennsylvania Companies

FirstEnergy is proceeding with the consolidation of the Pennsylvania Companies into FE PA, a new, single operating entity. The PA Consolidation will require, among other steps: (a) the transfer of certain Pennsylvania-based transmission assets owned by WP to KATCo, (b) the contribution of Class B equity interests of MAIT currently held by PN and ME to FE (and ultimately transferred to FET as part of the FET Minority Equity Interest Sale), (c) the formation of FE PA and (d) the merger of each of the Pennsylvania Companies with and into FE PA, with FE PA surviving such mergers as the successor-in-interest to all assets and liabilities of the Pennsylvania Companies. Following completion of the PA Consolidation, FE PA will be FE’s only regulated utility in Pennsylvania encompassing the operations previously conducted individually by the Pennsylvania Companies. Consummation of the PA Consolidation is contingent upon numerous conditions, including the approval of NYPSC and PPUC, which filings were submitted on March 6, 2023. Subject to receipt of the remaining regulatory approvals, FirstEnergy expects that the PA Consolidation will close by early 2024.
Capitalized Financing Costs

For the three months ended September 30, 2023 and 2022, capitalized financing costs on FirstEnergy’s Consolidated Statements of Income include $12 million and $15 million, respectively, of allowance for equity funds used during construction and $14 million and $8 million, respectively, of capitalized interest. For the nine months ended September 30, 2023 and 2022, capitalized financing costs on FirstEnergy’s Consolidated Statements of Income include $31 million and $39 million, respectively, of allowance for equity funds used during construction and $38 million and $20 million, respectively, of capitalized interest.
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

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to the allocation of certain deferred income tax liabilities associated with the FES Debtors and their tax return deconsolidation in 2020. This adjustment at Corporate/Other for segment reporting was immaterial to the 2023 and prior period financial statements, and is reflected 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.
Equity Method Investments

Investments 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 on the Consolidated Balance Sheets. 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 included within "Investments" on the Consolidated Balance Sheets were approximately $93 million and $90 million as of September 30, 2023 and December 31, 2022, respectively.
Global Holding - FEV currently holds a 33-1/3% equity ownership in Global Holding, the holding company for a joint venture in the Signal Peak mining and coal transportation operations with coal sales primarily focused on international markets. FEV is not the primary beneficiary of the joint venture, as it does not have control over the significant activities affecting the joint venture’s economic performance. FEV's ownership interest is subject to the equity method of accounting. For the three months ended September 30, 2023 and 2022, pre-tax income related to FEV’s ownership in Global Holding was $43 million and $57 million, respectively, and $132 million and $133 million for the nine months ended September 30, 2023 and 2022, respectively. FEV’s pre-tax equity earnings and investment in Global Holding are included in Corporate/Other for segment reporting.
As of September 30, 2023, and December 31, 2022, the carrying value of the equity method investment was $54 million and $57 million, respectively. During the nine months ended September 30, 2023 and 2022, FEV received cash dividends from Global Holding of $135 million and $120 million, which were classified with “Cash from Operating Activities” on the Consolidated Statements of Cash Flow.
PATH WV - PATH, a proposed transmission line from West Virginia through Virginia into Maryland which PJM cancelled in 2012, is a series limited liability company that is comprised of multiple series, each of which has separate rights, powers and duties regarding specified property and the series profits and losses associated with such property. A subsidiary of FE owns 100% of the Allegheny Series (PATH-Allegheny) and 50% of the West Virginia Series (PATH-WV), which is a joint venture with a subsidiary of AEP. FirstEnergy is not the primary beneficiary of PATH-WV, as it does not have control over the significant activities affecting the economics of PATH-WV. FirstEnergy's ownership interest in PATH-WV is subject to the equity method of accounting. As of September 30, 2023 and December 31, 2022, the carrying value of the equity method investment was $18 million.
Goodwill

FirstEnergy evaluates goodwill for impairment annually on July 31 and more frequently if indicators of impairment arise. For 2023, FirstEnergy performed a qualitative assessment of the Regulated Distribution and Regulated Transmission reporting units' goodwill, assessing economic, industry and market considerations in addition to the reporting units' overall financial performance. Key factors used in the assessment included: growth rates, interest rates, expected capital expenditures, 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.
Reference Rate Reform

In March of 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (issued March 2020 and subsequently updated). This ASU, which introduces Topic ASC 848 to the FASB codification, provides temporary optional expedients and exceptions, that if elected, will ease the financial reporting burdens related to the market transition from LIBOR and other interbank offered rates to alternative reference rates.

On April 27, 2023, FE, FET, the Utilities and the Transmission Companies entered into amendments to the 2021 Credit Facilities to, among other things: (i) permit the sale from FE to Brookfield of an incremental 30% equity interest in FET for a purchase price of $3.5 billion, (ii) permit the consolidation of the Pennsylvania Companies into a new, single operating entity, FE PA, which will be FE’s only regulated utility in Pennsylvania encompassing the operations previously conducted individually by the Pennsylvania Companies, and (iii) transition the benchmark interest rate for borrowings under the 2021 Credit Facilities from LIBOR to SOFR. During the second quarter of 2023, FirstEnergy utilized the optional expedient within ASC 848 to account for the amendments to the credit facilities as a continuation of the existing contract without additional analysis.
New Accounting Pronouncements

Recently Issued Pronouncements - FirstEnergy is currently assessing the impact of new authoritative accounting guidance issued by the FASB that has not yet been adopted and the impact it will have on its financial statements and disclosures, as well as the potential to early adopt where applicable. The current expectation is that such new standards will not significantly impact FirstEnergy's financial reporting.

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2. REVENUE

The following represents a disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2023202220232022
Regulated Distribution
Retail generation and distribution services
Residential $1,894 $1,756 $5,010 $4,608 
Commercial 698 686 1,970 1,858 
Industrial 296 348 1,002 943 
Other 26 23 78 61 
Wholesale 65 159173 408
Other revenue from contracts with customers30 2786 82
Total revenues from contracts with customers3,009 2,999 8,319 7,960 
Other revenue unrelated to contracts with customers25 2483 78
Total Regulated Distribution$3,034 $3,023 $8,402 $8,038 
Regulated Transmission
ATSI $244 $252 $712 $686 
TrAIL 72 78 203 205 
MAIT 101 97 289 253 
JCP&L 52 45 152 151 
MP, PE and WP 39 $30 130 98
Total revenues from contracts with customers508 502 1,486 1,393 
Other revenue unrelated to contracts with customers1 1 4 4 
Total Regulated Transmission $509 $503 $