# FirstEnergy

**Source:** https://geo.sig.ai/brands/firstenergy  
**Vertical:** Energy & Utilities  
**Subcategory:** Enterprise  
**Tier:** Leader  
**Website:** firstenergy.com  
**Last Updated:** 2026-04-14

## Summary

Akron OH Midwest/Mid-Atlantic regulated utility (NYSE: FE) ~$13.5B FY2024 revenue; HB 6 scandal recovery complete, $26B 2024-2028 capex, 6M customers in 6 states, data center NJ growth competing with AEP and Exelon.

## Company Overview

FirstEnergy Corp. is an Akron, Ohio-based regulated electric utility holding company — publicly traded on the New York Stock Exchange (NYSE: FE) as an S&P 500 Utilities component — providing electric transmission and distribution service to approximately 6 million customers across six states (Ohio, Pennsylvania, West Virginia, New Jersey, Maryland, New York) through regulated utility subsidiaries including Ohio Edison, Cleveland Electric Illuminating, Toledo Edison, Pennsylvania Power, The Illuminating Company, Monongahela Power, Potomac Edison, Jersey Central Power & Light, Met-Ed, Penn Power, and West Penn Power through approximately 12,000 employees. FirstEnergy is in the final stages of reputational and operational recovery from a historic corporate governance scandal: in 2020, FirstEnergy admitted to paying $60 million in bribes to Ohio utility regulators and state legislators (including former Ohio House Speaker Larry Householder) to secure passage of HB 6 — a $1.3 billion nuclear plant bailout law that was later repealed — resulting in criminal convictions, executive departures, shareholder class action settlements, and a $230 million DOJ deferred prosecution agreement. In fiscal year 2024, FirstEnergy reported revenues of approximately $13.5 billion, with the company executing CEO Brian Tierney's (joined 2023) strategy of rebuilding regulatory trust, improving operational performance, and executing the $26 billion capital plan (2024-2028) for grid modernization, electric vehicle infrastructure, and smart meter installation across the six-state service territory. FirstEnergy's 2021 divestiture of its competitive power generation business (FirstEnergy Solutions — renamed Evolent Energy Resources, including the Davis-Besse and Perry nuclear plants in Ohio) simplified FirstEnergy to a pure regulated utility — eliminating the commodity generation exposure that had distorted earnings and contributed to the improper HB 6 lobbying motivation.

FirstEnergy's regulated distribution utility model creates value through the capital investment recovery framework across its six state regulatory jurisdictions: as FirstEnergy invests in grid hardening (storm-resistant distribution infrastructure — undergrounding vulnerable overhead lines in high-risk areas), smart meter deployment (advanced metering infrastructure enabling time-of-use pricing and outage detection), and transmission system upgrades, state utility commissions (Ohio PUCO, Pennsylvania PUC, West Virginia PSC, New Jersey BPU, Maryland PSC) approve rate increases that recover capital investment plus allowed return on equity (approximately 9.5-10.5% authorized ROE across the six states). FirstEnergy's JCP&L (Jersey Central Power & Light — serving northern and central New Jersey) serves substantial New Jersey data center development as New Jersey's proximity to New York City and favorable data center incentives attract hyperscale operators — creating incremental capital investment opportunities in new transmission and distribution infrastructure for data center supply. The clean energy transition requirements (New Jersey 100% clean energy by 2035, Maryland 100% by 2035, Pennsylvania regional renewable portfolio standard) mandate distribution system upgrades and renewable generation integration that translate into capital investment earning regulated returns.

In 2025, FirstEnergy competes in Midwest and Mid-Atlantic regulated electric utility service against AEP (NASDAQ: AEP, Ohio utility adjacent in AEP Ohio service territory), Exelon (NASDAQ: EXC, through FirstEnergy's Pennsylvania service territory adjacent to PECO), and Duke Energy Ohio (Ohio competitive market adjacent) for regulatory approval of the $26B capital program, large commercial and data center customer service agreements, and investor confidence following the HB 6 compliance remediation period. The DOJ deferred prosecution agreement (expiring 2023 after 2 years of compliance monitoring) has been completed — FirstEnergy has paid all fines, implemented ethics and compliance reforms, and settled shareholder litigation — removing the legal uncertainty overhang that suppressed FirstEnergy's stock valuation for 3+ years. Data center demand in New Jersey (JCP&L service territory) and Pennsylvania (Met-Ed, Penn Power service territories near Philadelphia and Pittsburgh) creates rate base investment opportunity as hyperscale operators expand Mid-Atlantic data center footprints. The 2025 strategy focuses on Ohio rate case proceedings (PUCO filing for Ohio Edison distribution rate increases), Pennsylvania grid modernization investment, and clean energy transition capital programs aligned with New Jersey and Maryland renewable mandates.

## Frequently Asked Questions

### What does FirstEnergy do?
FirstEnergy is one of the largest investor-owned electric utility systems in the United States, providing regulated electric distribution and transmission services to approximately 6 million customers across a 65,000-square-mile area covering Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. The company operates through ten electric utility subsidiaries and maintains over 269,000 miles of distribution lines.

### Who are FirstEnergy's customers?
FirstEnergy serves 6 million residential, commercial, and industrial customers across six states through its ten regulated utility companies: Ohio Edison, The Illuminating Company, Toledo Edison, Met-Ed, Penelec, Penn Power, West Penn Power, Jersey Central Power & Light, Mon Power, and Potomac Edison. The customer base spans diverse communities from major metropolitan areas like Cleveland to rural regions across Appalachia.

### When was FirstEnergy founded?
FirstEnergy Corp. was officially formed on November 7, 1997, through the merger of Ohio Edison Company and Centerior Energy Corporation. The company began trading on the New York Stock Exchange under ticker symbol 'FE' on November 10, 1997. However, its roots trace back much further, with predecessor companies like The Cleveland Electric Illuminating Company (founded 1892) and Toledo Edison (founded 1901).

### Where is FirstEnergy headquartered?
FirstEnergy is headquartered in Akron, Ohio. The company's service territory spans 65,000 square miles across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York, with regional operations centers in each state to manage local utility operations.

### What is FirstEnergy's Energize365 program?
Energize365 is FirstEnergy's flagship grid modernization program with planned investments of $28 billion between 2025 and 2029. The program focuses on upgrading power lines, incorporating smart grid technology, enhancing substation security, and improving overall system reliability. In 2024, FirstEnergy invested $4.5 billion in Energize365 initiatives, a 20% increase over 2023, and plans to invest $5.0 billion in 2025.

### What makes FirstEnergy different from other utilities?
FirstEnergy distinguishes itself through its strategic focus on regulated transmission and distribution operations, having completed its transformation away from commodity-exposed generation in 2020. The company's massive Energize365 investment program, commitment to carbon neutrality by 2050, and extensive service territory spanning six states position it as a leader in grid modernization and regional energy infrastructure.

### Who are FirstEnergy's main competitors?
FirstEnergy competes with other major regional utilities including American Electric Power (AEP), Duke Energy, Exelon, and PPL Corporation in various parts of its service territory. In deregulated markets within Ohio, Pennsylvania, New Jersey, and Maryland, the company also faces competition from retail electricity suppliers, though FirstEnergy maintains the distribution infrastructure and continues to deliver power to customers.

### How can I contact FirstEnergy?
Customers can contact FirstEnergy through their local utility company's customer service line, with specific numbers for each operating company (Ohio Edison, Toledo Edison, The Illuminating Company, JCP&L, Met-Ed, Penelec, Penn Power, West Penn Power, Mon Power, and Potomac Edison). The main corporate website is www.firstenergycorp.com, and investor relations can be reached for financial and corporate inquiries.

### Is FirstEnergy hiring?
Yes, FirstEnergy regularly hires for positions across its 12,000+ employee workforce. The company positions itself as an employer of choice in the communities it serves, offering comprehensive benefits including health insurance, 401(k) matching, educational assistance up to $5,250 annually, and flexible work arrangements with approximately 50% of the workforce designated as mobile employees. Career opportunities can be found at firstenergycorp.com/careers.

### What is the latest news about FirstEnergy?
In 2024, FirstEnergy reported strong financial results with revenue of $13.5 billion and core earnings of $2.37 per share, representing 8% growth over 2023. The company extended its Energize365 program through 2029 with $28 billion in planned investments, an 8% increase over the previous five-year plan. Brian X. Tierney was named Chair of the Board effective January 1, 2025, and the company introduced 2025 earnings guidance of $2.40-$2.60 per share, targeting 6-8% annual growth through 2029.

### What is FirstEnergy's market position and financial performance?
FirstEnergy is one of the largest investor-owned electric utility systems in the United States with a market capitalization of $26.6 billion as of late 2024. The company reported annual revenue of $13.5 billion in 2024, with GAAP earnings of $978 million ($1.70 per share) and core earnings of $2.37 per share. FirstEnergy maintains an enterprise value of $52.6 billion and serves 6 million customers across six states through ten regulated utility companies.

### What are FirstEnergy's environmental and future plans?
FirstEnergy is committed to achieving carbon neutrality by 2050 and has made this a central pillar of its long-term strategy. The company's $28 billion Energize365 program through 2029 supports grid modernization to accommodate renewable energy integration, electric vehicle charging infrastructure, and improved energy efficiency. FirstEnergy projects 6-8% compound annual growth in core earnings through 2029 while investing heavily in smart grid technology and infrastructure resilience to meet future energy demands sustainably.

## Tags

b2b, b2c, energy, infrastructure, public

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*Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*