Financial Data and Key Metrics Changes - Third-quarter GAAP earnings were reported at $0.76 per share, an increase from $0.73 in the same quarter last year [4] - Core earnings for the quarter were $0.83 per share, compared to $0.76 in Q3 2024, with year-to-date core earnings at $2.02 per share, up 15% from $1.76 in 2024 [4][17] - The company invested $4 billion in capital for regulated utilities in the first nine months of 2025, a 30% increase compared to the previous year [4][22] - The 2025 capital investment program was increased by 10% to $5.5 billion [5] Business Line Data and Key Metrics Changes - Distribution business saw a 20% improvement in year-to-date earnings due to a $225 million annual rate adjustment in Pennsylvania and higher customer demand [19] - Integrated segment earnings improved by $0.05 per share, or 7%, primarily from formula rate investments in transmission systems [19] - Standalone transmission business earnings increased approximately 7%, driven by a strong capital investment program [19] Market Data and Key Metrics Changes - Load growth from data centers is expected to increase FirstEnergy's system peak load by 15 gigawatts, nearly 50% from 33.5 gigawatts this year to 48.5 gigawatts by 2035 [6][7] - Across PJM, peak load projections are forecasted to increase by nearly 48 gigawatts by 2035, representing 30% of the current peak load [7] Company Strategy and Development Direction - The company is focused on customer-focused investments to enhance system reliability and resiliency [4][5] - An integrated resource plan was submitted in West Virginia, outlining recommendations for maintaining affordable and reliable power over the next decade [8] - The company plans to add 70 megawatts of utility-scale solar and 1.2 gigawatts of natural gas generation by 2031, aligning with state energy initiatives [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a core earnings compound annual growth rate of 6% to 8% through 2029 [16] - The company is advocating for changes in state policies to address rising consumer energy costs and is actively engaging with regulators [78] - Management highlighted the importance of maintaining affordability for customers, noting that average electric bills have increased by 11% in deregulated states [14][15] Other Important Information - The company expects to file a multi-year rate plan in Ohio following the base rate case order expected in November [24][25] - Cash from operations was reported at $2.6 billion, an increase of over $700 million compared to 2024 [24] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for build-own-transfer scenarios, capital recovery would occur during construction, with significant earnings coming once the asset is operational [32] Question: Rate case strategy for 2026 - Management indicated that they would follow a similar cadence as previous years for rate cases, emphasizing the need for timely recovery of capital investments [34] Question: Impact of increased CapEx on earnings growth outlook - Management believes the increased CapEx will support the 6% to 8% earnings growth range, providing confidence in achieving upper-end targets [38] Question: Data center pipeline and transmission CapEx - Management noted that there is approximately $1 billion of CapEx associated with transmission interconnection requests from large load customers [41] Question: Confidence in load forecasts - Management expressed confidence in load forecasts based on contracted projects and various criteria to ensure customer commitments [56] Question: Affordability pressures in New Jersey - Management acknowledged the understanding of generation costs driving bill increases and emphasized efforts to mitigate these impacts [62]

Financial Data and Key Metrics Changes - The company reported third quarter GAAP earnings of $0.76 per share, an increase from $0.73 in the same quarter last year [5] - Core earnings for the quarter were $0.83 per share, up from $0.76 in 2024, with year-to-date core earnings at $2.2 per share, a 15% increase from $1.76 in 2024 [6][22] - The company invested $4 billion in capital for regulated utilities, a 30% increase compared to the previous year, and announced a 10% increase in the 2025 capital investment program to $5.5 billion [6][7] Business Line Data and Key Metrics Changes - In the distribution business, earnings improved by $0.20 year-to-date due to a $225 million annual rate adjustment in Pennsylvania, higher customer demand, and lower operating expenses [22] - The integrated segment saw a 7% increase in earnings year-to-date, driven by formula rate investments in transmission systems across New Jersey, West Virginia, and Maryland [22] - Standalone transmission business earnings increased approximately 7%, supported by a strong capital investment program [22] Market Data and Key Metrics Changes - Customer demand from data centers increased by over 30%, with contracted customer demand expected to raise FirstEnergy's system peak load by 15 gigawatts, nearly 50% from the current 33.5 gigawatts to 48.5 gigawatts by 2035 [9] - The company’s total customer bills increased by 11% in deregulated states over the past year, primarily driven by the generation component [16][17] Company Strategy and Development Direction - The company is focused on enhancing system reliability and resiliency through increased capital investments, with a reaffirmed core earnings growth rate of 6% to 8% [7][20] - The integrated resource plan in West Virginia includes adding 70 megawatts of utility-scale solar and 1.2 gigawatts of dispatchable gas generation, aligning with state initiatives to boost energy capacity [11][12] - The company plans to file for new gas generation approval in 2026, representing a 35% increase in its regulated generation portfolio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to maintain a strong financial performance and achieve its growth targets despite rising customer bills and regulatory challenges [20][28] - The company is actively engaging with regulators to address rising consumer energy costs and is advocating for changes in capacity auction processes [82][83] Other Important Information - The company expects to see significant increases in industrial load, particularly from data centers, beginning in Q4 and into the next year [24][80] - The consolidated return on equity was reported at 10.1%, slightly above the targeted range of 9.5% to 10% [26] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for the build-own-transfer model, capital recovery would occur during construction, with significant earnings expected once the assets are operational [35] Question: Rate case strategy for 2026 - Management indicated that they would follow a similar cadence as previous years, focusing on timely recovery through base rate increases [36] Question: Impact of increased CapEx on earnings growth outlook - Management believes the increased CapEx will support maintaining the 6% to 8% earnings growth range [41] Question: Data center pipeline and transmission CapEx - Management noted that there is approximately $1 billion of CapEx associated with transmission interconnection requests from data centers [44] Question: Confidence in load forecasts - Management expressed confidence in load forecasts based on contracted projects and various criteria to ensure customer commitments [58] Question: Affordability pressures in New Jersey - Management acknowledged the understanding that generation costs are driving bill increases and emphasized efforts to mitigate these impacts [66]

Financial Data and Key Metrics Changes - Third-quarter GAAP earnings were reported at $0.76 per share, an increase from $0.73 in the same quarter last year [4] - Core earnings for the quarter were $0.83 per share, compared to $0.76 in Q3 2024, with year-to-date core earnings at $2.02 per share, up 15% from $1.76 in 2024 [4][18] - The company invested $4 billion in capital for regulated utilities in the first nine months of 2025, a 30% increase compared to the previous year [4][21] - The 2025 capital investment program was increased by 10% to $5.5 billion [5] Business Line Data and Key Metrics Changes - Distribution business saw a 20% improvement in year-to-date earnings due to a $225 million annual rate adjustment in Pennsylvania and higher customer demand [19] - Integrated segment earnings improved by $0.05 per share, or 7%, primarily from formula rate investments in transmission systems [19] - Standalone transmission business earnings increased approximately 7%, driven by a strong capital investment program [19] Market Data and Key Metrics Changes - Load growth from data centers is expected to increase FirstEnergy's system peak load by 15 gigawatts, nearly 50% from 33.5 gigawatts this year to 48.5 gigawatts by 2035 [6] - Across PJM, peak load projections are forecasted to increase by nearly 48 gigawatts by 2035, representing 30% of the current peak load of 162 gigawatts [6] Company Strategy and Development Direction - The company is focused on customer-focused investments to enhance system reliability and resiliency [5][12] - An integrated resource plan was submitted in West Virginia, outlining recommendations for maintaining affordable and reliable power over the next decade [8] - The company plans to roll out a higher capital expenditure plan for the 2026 through 2030 planning period early next year [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about opportunities ahead, reaffirming a core earnings compound annual growth rate of 6% to 8% [5][16] - The company is advocating for changes in state leadership to address rising customer bills, particularly in deregulated states [14][62] - Management highlighted the importance of maintaining affordability for customers while pursuing significant capital investments [13][16] Other Important Information - The company expects a consolidated return on equity of 10.1%, slightly above the targeted range of 9.5% to 10% [22] - Cash from operations was reported at $2.6 billion, an increase of over $700 million compared to 2024 [23] - The company is preparing to file a multi-year rate plan in Ohio following the expected order in the base rate case [24] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for a build-own-transfer scenario, capital recovery would occur during construction, with significant earnings coming once the asset is operational [28][29] Question: Rate case strategy for 2026 - Management indicated that they would follow a similar cadence as previous years, focusing on timely recovery through base rate increases [30][31] Question: Impact of increased CapEx on earnings growth outlook - Management believes the increased CapEx opportunities will solidify their ability to remain within the 6% to 8% earnings per share growth range [33] Question: Data center pipeline and transmission CapEx - Management noted that there is approximately $1 billion of CapEx associated with transmission interconnection requests due to strong data center activity [34][35] Question: Affordability pressures in New Jersey - Management acknowledged that generation costs are driving bill increases and emphasized their efforts to mitigate these impacts [51][52]

Core Insights - A major grid upgrade in northeast Ohio is nearing completion, expected to enhance electric service for nearly 10,000 residents and businesses [1][2] Group 1: Project Details - The project involves the rebuilding of an 11.5-mile high-voltage transmission line aimed at reducing outages and improving restoration times during service disruptions [2][4] - The upgraded line features stronger poles and thicker wires, with nearly 140 new steel structures installed, designed to withstand severe weather and vehicle accidents [3][4] Group 2: Investment and Future Plans - This project is part of FirstEnergy's Energize365 initiative, which includes a $28 billion investment program to modernize the electric grid from 2025 to 2029 [5] - The specific project cost is nearly $19 million, contributing to the overall goal of creating a smarter and more secure grid [5] Group 3: Company Commitment - FirstEnergy emphasizes its dedication to integrity, safety, reliability, and operational excellence, serving over six million customers across multiple states [6]

Financial Performance - The company's 3Q25 Core EPS was $083/share, a 9% increase compared to $076/share in 3Q24, driven by customer-focused formula-rate investments and new PA rates[16] - Year-to-date 2025 Core EPS reached $202/share, reflecting a 15% growth from $176/share in the same period of 2024, attributed to strong execution and financial discipline[16] - The company is raising its 2025 Core EPS guidance midpoint and narrowing the range to $250-$256/share, compared to the previous range of $240-$260/share and the 2024 result of $237/share[11, 16] - Year-to-date 2025 investments totaled $40 billion, approximately 30% higher than the same period in 2024, and the company is increasing its 2025 forecast to $55 billion from $50 billion, compared to $45 billion in 2024[11, 16] - A dividend of $0445/share was declared in September, consistent with guidance and representing approximately 5% growth compared to 2024[16] Strategic Initiatives and Growth Opportunities - The company's long-term pipeline demand from data centers has nearly doubled since February 2025, reaching 117 GW, while contracted demand has increased by over 30% to 38 GW[25] - The company filed its West Virginia Integrated Resource Plan (IRP) on October 1, 2025, which includes plans to build 1200 MW of CCGT and 70 MW of solar generation[12, 29] - The company expects to increase total transmission investments by 30% in its next 5-year plan, resulting in a total transmission rate base growth of up to 18% through 2030, with the rate base expected to more than double by 2030[31] Financial Outlook and Shareholder Value - The company is reaffirming its 6-8% Core EPS CAGR from 2025-2029, which, combined with the current dividend yield, represents a total shareholder return proposition of 10-12%[9, 40] - The company is reaffirming its 2025-2029 base investment plan of approximately $28 billion, with a significant increase in 2026-2030 expected to be announced on the 4Q25 earnings call[40]

FirstEnergy (FE) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.76 per share. This compares to earnings of $0.85 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +9.21%. A quarter ago, it was expected that this utility company would post earnings of $0.5 per share when it actually produced earnings of $0.52, delivering a surprise of +4%.Over the last four quarters, the company ha ...

Core Viewpoint - FirstEnergy exceeded Wall Street profit expectations for the third quarter, driven by increased electricity rates and strong demand from both commercial and residential sectors [1] Company Summary - FirstEnergy reported a profit that surpassed analysts' forecasts for the third quarter [1] - The company's performance was bolstered by higher electricity rates [1] - There was notable demand growth from both commercial and residential customers [1] Industry Summary - The utility sector is experiencing upward pressure on electricity rates, contributing to improved profitability for companies like FirstEnergy [1] - Increased demand in both commercial and residential markets indicates a positive trend in the utility industry [1]

[Executive Summary & Key Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Financial%20Highlights) [Third Quarter 2025 Financial Overview](index=1&type=section&id=1.1%20Third%20Quarter%202025%20Financial%20Overview) FirstEnergy reported strong third-quarter 2025 financial results, with increased GAAP and Core Earnings per share and higher revenue Third Quarter 2025 Key Financials | Metric | Q3 2025 | Q3 2024 | YoY Change | | :--- | :--- | :--- | :--- | | GAAP Earnings per share | $0.76 | $0.73 | +$0.03 | | Core Earnings (non-GAAP) per share | $0.83 | $0.76 | +9% | | Revenue | $4.1 billion | $3.7 billion | +$0.4 billion | [Year-to-Date 2025 Financial Overview](index=3&type=section&id=1.2%20Year-to-Date%202025%20Financial%20Overview) FirstEnergy achieved significant year-to-date 2025 GAAP and Core Earnings per share growth, with Core Earnings up 15% YoY Year-to-Date 2025 Key Financials (First Nine Months) | Metric | 9M 2025 | 9M 2024 | YoY Change | | :--- | :--- | :--- | :--- | | GAAP Earnings per share | $1.85 | $1.25 | +$0.60 | | Core Earnings (non-GAAP) per share | $2.02 | $1.76 | +15% | | Revenue | $11.3 billion | $10.3 billion | +$1.0 billion | [Strategic Capital Investments & Growth Outlook](index=1&type=section&id=1.3%20Strategic%20Capital%20Investments%20%26%20Growth%20Outlook) FirstEnergy narrowed 2025 Core EPS guidance, increased capital investments, and affirmed 6-8% annual Core EPS growth through 2029 Capital Investment and Earnings Growth Targets | Metric | Value | | :--- | :--- | | Full-year 2025 Core Earnings guidance | $2.50 to $2.56 per share (narrowed from $2.40-$2.60) | | 2025 Capital Investment Program | Increased by 10% to $5.5 billion (from $5.0 billion) | | Capital Investments Deployed (through Sept 2025) | Over $4 billion | | Compounded Annual Core Earnings Growth Rate (2025-2029) | 6-8% | | Energize365 Capital Investment Plan (2025-2029) | $28 billion | [CEO Commentary](index=2&type=section&id=1.4%20CEO%20Commentary) CEO highlighted strong results, increased capital, and the transformative impact of data centers on transmission investment - CEO Brian X. Tierney emphasized strong results and being ahead of plan on key financial metrics, enabling a **10% increase** in the 2025 capital program[4](index=4&type=chunk) - The proliferation of large data center load is transforming the electric industry, particularly in FirstEnergy's region, driving a strong need for additional transmission capital investments[5](index=5&type=chunk) Projected Transmission Investment Growth | Metric | Projection | | :--- | :--- | | Increase in total transmission investments (next 5-year capital plan) | 30% | | Compound transmission rate base growth | Up to 18% | - FirstEnergy is pursuing a project to add **1.2 gigawatts** of dispatchable combined-cycle generation in West Virginia, expected to be operational around 2031, increasing its current regulated generation portfolio by **35%**[6](index=6&type=chunk) [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) [Third Quarter Segment Results](index=3&type=section&id=2.1%20Third%20Quarter%20Segment%20Results) Q3 2025 Core Earnings benefited from new base rates and transmission growth, partially offset by higher planned operating expenses - Third quarter 2025 Core Earnings benefited from new base rates in Pennsylvania and growth in transmission rate base under formula rate programs[7](index=7&type=chunk) - These benefits were partially offset by higher planned operating expenses, including work accelerated into 2025[7](index=7&type=chunk) [Distribution Segment](index=3&type=section&id=2.1.1%20Distribution%20Segment) Distribution segment Core Earnings increased $0.03 per share YoY, driven by new Pennsylvania base rates and higher load Distribution Segment Q3 2025 Performance | Metric | Change | | :--- | :--- | | Core Earnings increase (YoY) | $0.03 per share | | Primary Drivers | New base rates in Pennsylvania (effective Jan 1, 2025), higher residential and commercial load | | Offset | Higher planned operating expenses | [Integrated Segment](index=3&type=section&id=2.1.2%20Integrated%20Segment) Integrated segment Core Earnings benefited from transmission rate base growth but were offset by higher tax rates and operating expenses Integrated Segment Q3 2025 Performance | Metric | Value/Impact | | :--- | :--- | | Transmission rate base growth | 16% | | Earnings benefit from rate base growth | $0.03 per share | | Offsets | Higher effective tax rate, lower distribution demand from commercial customers, higher planned operating expenses | [Stand-Alone Transmission Segment](index=3&type=section&id=2.1.3%20Stand-Alone%20Transmission%20Segment) Stand-Alone Transmission segment Core Earnings increased $0.08 per share YoY, driven by rate base growth and lower tax rates Stand-Alone Transmission Segment Q3 2025 Performance | Metric | Change | | :--- | :--- | | Core Earnings increase (YoY) | $0.08 per share | | Primary Drivers | 9% increase in rate base (from capital investments), lower effective tax rate | [Corporate/Other](index=3&type=section&id=2.1.4%20Corporate%2FOther) Corporate/Other segment results remained flat compared to the third quarter of the previous year - Corporate/Other segment results were flat compared to the third quarter of 2024[11](index=11&type=chunk) [Year-to-Date Core Earnings Drivers](index=4&type=section&id=2.2%20Year-to-Date%20Core%20Earnings%20Drivers) Year-to-Date Core Earnings growth driven by regulated investments and new base rates, offset by higher expenses and financing costs - Year-to-date Core Earnings growth reflects the continued success of the company's regulated investment strategy[14](index=14&type=chunk) - Growth was also driven by the impact of new base rates in Pennsylvania, West Virginia, and New Jersey, and higher weather-related distribution sales[14](index=14&type=chunk) - These positive factors were offset by higher planned operating expenses (including accelerated work), increased financing costs, and dilution from the FET equity interest transaction that closed in March 2024[14](index=14&type=chunk) [Non-GAAP Financial Measures & Reconciliation](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliation) [GAAP to Core EPS Reconciliation](index=4&type=section&id=3.1%20GAAP%20to%20Core%20EPS%20Reconciliation) FirstEnergy provides a detailed reconciliation of GAAP Earnings to Core EPS for Q3 and YTD 2025 and 2024, detailing special items Consolidated GAAP Earnings Per Share (EPS) to Core (Non-GAAP) EPS Reconciliation | | Three Months Ended Sept. 30, | | Nine Months Ended Sept. 30, | | | --- | --- | --- | --- | --- | | | 2025 | 2024 | 2025 | 2024 | | Earnings Attributable to FirstEnergy Corp. (GAAP) - $M | $441 | $419 | $1,069 | $717 | | Basic EPS (GAAP) | $0.76 | $0.73 | $1.85 | $1.25 | | Excluding Special Items: | | | | | | Net Pension/OPEB credits | (0.01) | (0.03) | (0.04) | (0.07) | | Signal Peak earnings impact | — | (0.06) | — | (0.13) | | ARO regulatory change | — | — | — | 0.28 | | Debt-related costs | — | — | 0.03 | 0.12 | | Enhanced employee retirement and other related costs | — | 0.01 | — | 0.01 | | FE Forward cost to achieve | — | 0.08 | — | 0.09 | | Investigation and other related costs | 0.05 | 0.03 | 0.09 | 0.10 | | Regulatory charges | 0.01 | — | 0.01 | 0.03 | | Reorganization costs | — | — | 0.06 | — | | Strategic transaction charges | 0.02 | — | 0.02 | 0.08 | | Total Special Items | 0.07 | 0.03 | 0.17 | 0.51 | | Core EPS (Non-GAAP) | $0.83 | $0.76 | $2.02 | $1.76 | [Definition and Use of Non-GAAP Measures](index=4&type=section&id=3.2%20Definition%20and%20Use%20of%20Non-GAAP%20Measures) Core EPS is a non-GAAP measure excluding special items, used by management to evaluate performance and provide consistent business insights - Core Earnings (non-GAAP) per share ("Core EPS") are non-GAAP financial measures that exclude the impact of "special items" from earnings attributable to FirstEnergy Corp[16](index=16&type=chunk) - Management uses these non-GAAP measures to evaluate company and segment performance, manage operations, and facilitate historical and ongoing performance comparisons[17](index=17&type=chunk) - Special items represent charges or benefits that management believes are not indicative of, or may obscure trends useful in evaluating, the company's ongoing core activities and results of operations[19](index=19&type=chunk) [Forward-Looking Non-GAAP Measures](index=5&type=section&id=3.3%20Forward-Looking%20Non-GAAP%20Measures) No quantitative reconciliation for forward-looking non-GAAP measures is provided due to unpredictable special items and to avoid misleading precision - A quantitative reconciliation of forward-looking non-GAAP measures (e.g., 2025 Core EPS guidance, growth rate projections) to GAAP measures is not provided[20](index=20&type=chunk) - This is due to the inherent difficulty in forecasting and quantifying the impact of special items, which are significant, difficult to predict, and highly variable[20](index=20&type=chunk) - The company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors[20](index=20&type=chunk) [Additional Information](index=5&type=section&id=Additional%20Information) [Investor Materials and Teleconference](index=5&type=section&id=4.1%20Investor%20Materials%20and%20Teleconference) Investor materials and a live webcast of the financial analyst teleconference are available on FirstEnergy's Investor Information website - FirstEnergy's Strategic and Financial Highlights presentation is available on the company's Investor Information website (www.firstenergycorp.com/ir)[21](index=21&type=chunk) - A live webcast of the teleconference for financial analysts, including an overview of financial results and a Q&A session, will be held at 9:00 a.m. EDT[22](index=22&type=chunk) - The webcast and presentation will be archived on the Investor Information website[22](index=22&type=chunk) [Company Overview](index=6&type=section&id=4.2%20Company%20Overview) FirstEnergy is a major U.S. investor-owned electric system serving over 6 million customers across six states with extensive transmission lines - FirstEnergy's electric distribution companies form one of the nation's largest investor-owned electric systems[23](index=23&type=chunk) - The company serves more than **6 million customers** in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York[23](index=23&type=chunk) - FirstEnergy's transmission subsidiaries operate over **24,000 miles** of transmission lines connecting the Midwest and Mid-Atlantic regions[23](index=23&type=chunk) [Forward-Looking Statements](index=6&type=section&id=4.3%20Forward-Looking%20Statements) This section cautions against undue reliance on forward-looking statements, outlining risks that could cause actual results to differ materially - This news release includes forward-looking statements based on management's current information, beliefs, and expectations, subject to certain risks and uncertainties[24](index=24&type=chunk) - Readers are cautioned not to place undue reliance on these statements, as actual results may differ materially due to various factors[24](index=24&type=chunk) - Key risks include government investigations (e.g., HB 6), litigation, changes in economic conditions, weather variations, legislative and regulatory developments, ability to access capital markets, cyber-attacks, and challenges in achieving strategic and financial goals[24](index=24&type=chunk)[25](index=25&type=chunk)

Core Insights - FirstEnergy Corp. reported third quarter 2025 GAAP earnings of $441 million, or $0.76 per share, on revenue of $4.1 billion, reflecting an increase from $419 million, or $0.73 per share, on revenue of $3.7 billion in the same quarter of 2024 [1][7] - Core Earnings (non-GAAP) for the third quarter of 2025 were $0.83 per share, a 9% increase compared to $0.76 per share in the third quarter of 2024 [2][5] - The company narrowed its full-year 2025 Core Earnings guidance to a range of $2.50 to $2.56 per share, indicating a positive outlook based on year-to-date results [2][9] Financial Performance - Year-to-date GAAP earnings for the first nine months of 2025 were $1,069 million, or $1.85 per share, on revenue of $11.3 billion, compared to $717 million, or $1.25 per share, on revenue of $10.3 billion in the same period of 2024 [7][8] - Core Earnings for the first nine months of 2025 were $2.02 per share, a 15% increase from $1.76 per share in the same period of 2024 [8][9] Capital Investments - The company deployed over $4 billion in capital investments through September 2025 and increased its planned investment program for 2025 by 10% to $5.5 billion [2][3] - Future transmission investments are projected to increase by 30% due to industry transformation, with a compound transmission rate base growth expected to reach up to 18% [3][4] Strategic Initiatives - FirstEnergy's Energize365 capital investment plan includes $28 billion in investments from 2025 to 2029, supporting a compounded annual Core Earnings growth rate target of 6-8% from 2025 through 2029 [2][3] - In West Virginia, the company is pursuing a project to add 1.2 gigawatts of dispatchable combined-cycle generation, which aligns with the state's energy goals and represents a 35% increase in its current regulated generation portfolio [4]

Core Insights - A major reliability project is underway in Fulton County, enhancing electric service for residents and businesses in the greater Toledo area, particularly benefiting Toledo Edison customers [1][2]. Project Overview - The project, led by American Transmission Systems, Inc. (ATSI), includes the construction of a new substation and a nine-mile-long 345-kilovolt (kV) transmission line aimed at reducing power outages in Delta Village, Fulton, Pike, Swan Creek, and York townships [2][3]. - A new electric substation is expected to be operational by December 2026, connected to the existing Sydney Substation via two new half-mile power lines, increasing electricity supply and flexibility during outages [4]. Infrastructure Investment - The project is part of FirstEnergy's broader $28 billion investment program, Energize365, aimed at modernizing the electric grid from 2025 to 2029, with over $200 million allocated for high-voltage grid enhancements in northwest Ohio [8]. - Since 2014, FirstEnergy's transmission companies have successfully reduced outages by 50% on high-voltage power lines exceeding 100 kV, demonstrating the effectiveness of strategic infrastructure investments [6]. Community Impact - The upgrades are designed to ensure reliable power during peak demand periods, such as heat waves and storms, and will incorporate backup power sources and advanced equipment for quicker restoration during outages [7]. - The project supports the industrial growth in northwest Ohio, which has seen an influx of new jobs and families, aligning with the region's future energy needs [7].