Core Viewpoint - Potomac Edison has completed a new substation in Berkeley County, enhancing electric service reliability for approximately 2,400 customers and supporting regional growth [1] Group 1: Substation Details - The new substation utilizes modern, smart technology to reduce outages and expedite power restoration [1] - It was completed in December and serves customers in the Falling Waters and Spring Mills areas, which were previously reliant on two substations nearing capacity [1] Group 2: Investment and Growth - The substation project cost $6.6 million and is part of FirstEnergy's Energize365 program, aimed at modernizing the electric grid [1] - FirstEnergy plans to invest $36 billion from 2026 to 2030 to develop a smarter and more resilient grid to meet community needs [1] Group 3: Customer Impact - The new facility is expected to provide fewer outages, faster repairs, and a stronger grid, ensuring dependable electricity for customers [1] - Potomac Edison serves about 285,000 customers in Maryland and 155,000 in West Virginia, indicating a significant customer base benefiting from the new infrastructure [1]

proceedings, arbitration, mediation and similar proceedings; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and the vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricane ...

Core Insights - Georgia Power has filed for a decrease in customer rates through two filings with the Georgia Public Service Commission, aiming to lower costs for customers starting in June [1] - The filings include a request for fuel cost recovery and storm cost recovery, which together are expected to result in a 1% rate decrease for the average retail customer [1] Fuel Cost Recovery - The first filing seeks to recover costs associated with fuel, including coal and natural gas, necessary for power generation [1] - Georgia Power has managed to reduce its fuel rate significantly due to a diverse generation mix and strategic fuel planning, which includes hedging to protect against future fuel price volatility [1] Storm Cost Recovery - The second filing addresses costs related to restoring electric service after storms, with a current under-recovery of $912 million in storm reserves, including nearly $800 million from Hurricane Helene in 2024 [1] - The company aims to recover these storm costs over the next four years while maintaining a focus on efficient and timely responses to severe weather [1] Customer Impact - If approved, the expected fuel savings will offset storm costs, resulting in an average savings of approximately $1.32 per month for typical residential customers using 1,000 kWh [1] - Georgia Power has historically maintained rates 15% below the national average since 1990 and plans to freeze base rates through at least 2028, providing annual savings of about $102 for typical residential customers after the next base rate case [1]

Core Insights - The joint venture between Transource Energy and FirstEnergy Transmission has received approval for a major electric transmission project in central Ohio, aimed at enhancing grid capacity and reliability in the Columbus region [1] - The project will involve approximately 300 miles of new 765-kilovolt (kV) lines and upgrades to substations, significantly increasing service reliability and supporting economic growth [1] - The initiative is part of PJM's 2025 Regional Transmission Expansion Plan and is expected to address rising electricity demand due to economic growth and the increasing number of manufacturing facilities and data centers in the area [1] Company Overview - Transource Energy is a partnership between American Electric Power (AEP) and Evergy, focusing on competitive electric transmission projects across the U.S., with AEP owning 86.5% and Evergy 13.5% of Transource [1] - AEP plans to invest $72 billion from 2026 to 2030 to enhance service and support growing energy needs, operating the largest electric transmission system in the nation with approximately 40,000 line miles [1] - FirstEnergy Transmission, jointly owned by FirstEnergy Corp. and Brookfield Super-Core Infrastructure Partners, operates approximately 24,000 miles of transmission lines, serving over six million customers across several states [1]

Core Viewpoint - Mon Power and Potomac Edison have selected a site in Maidsville, West Virginia, for a new 1,200-megawatt natural gas power plant, aimed at ensuring reliable and affordable electricity for local families and businesses [1] Group 1: New Power Plant Development - The new natural gas power plant will be located on a 35-acre site next to the Fort Martin Power Station and is expected to generate enough energy to power approximately 500,000 homes [1] - If approved by the Public Service Commission of West Virginia, site work could commence as early as 2027, with the plant projected to be operational by late 2031 [1] - This project is part of the Integrated Resource Plan (IRP) that outlines the companies' strategy for maintaining reliable power delivery over the next decade [1] Group 2: Solar Generation Initiatives - Mon Power and Potomac Edison are also seeking approval for 70 megawatts of new solar generation, which will be developed on former industrial and reclaimed mine lands [1] - Proposed solar projects include an 11.5-megawatt project in Davis, an 8.4-megawatt project in Weirton, and a 50-megawatt project in Valley Point [1] - These solar initiatives will complement the existing 30 megawatts of solar capacity already constructed since 2024, supporting U.S. manufacturing and job creation while addressing the region's growing electricity needs [1] Group 3: Company Overview - Mon Power serves approximately 395,000 customers across 34 counties in West Virginia, while Potomac Edison serves about 285,000 customers in Maryland and 155,000 in the Eastern Panhandle of West Virginia [1] - FirstEnergy Corp. operates one of the largest investor-owned electric systems in the U.S., serving over six million customers across multiple states [1]

Core Viewpoint - PG&E is proactively preparing for an upcoming winter storm by mobilizing crews and pre-positioning resources to ensure a safe and efficient response to potential weather-related damage and power outages [1] Group 1: Storm Preparedness - A powerful winter storm is expected to bring heavy rain, low-elevation snow, and wind gusts up to 60 mph starting February 16, 2026 [1] - PG&E is activating its Emergency Operations Center and developing resource and preparedness plans to address the anticipated impacts of the storm [1] - The storm will progress in phases, with multiple systems moving through the region, increasing risks associated with wind, rain, and snow [1] Group 2: Weather Impact and Customer Communication - Significant snow accumulations are expected above 3,000 feet, with the storm anticipated to weaken by Wednesday evening [1] - PG&E encourages customers to monitor local weather updates and prepare for possible outages, especially in areas prone to flooding, wind damage, or snow accumulation [1] - The company will provide updates on outage status and estimated restoration times through its website and other communication channels [1] Group 3: Technological Integration - PG&E is utilizing artificial intelligence and machine learning to enhance weather models, allowing for better prediction of storm impacts on electric infrastructure [1] - These technologies help inform the strategic preplacement of crews and critical equipment, facilitating quicker restoration efforts once conditions are safe [1] Group 4: Safety Measures - PG&E emphasizes the importance of safety during storms, advising customers to take precautions such as disconnecting appliances during outages and securing outdoor furniture [1] - The company provides resources for storm preparedness and safety tips, including the importance of calling 811 before digging and using generators safely [1]

before financing charges, equity income and income tax expenseTransmission2602271,4121,240Distribution185186881809Other(9)(37)(55)(82)Total income before financing charges, equity income and income tax expense4363762,2381,967Capital investmentsTransmission6294762,0971,860Distribution3033131,2521,185Other7101718Total capital investments9397993,3663,063Assets placed in- serviceTransmission9537541,5431,431Distribution3513421,3381,017Other642015Total assets placed in-service1,3101,1002,9012,4631 Revenues, net o ...

Core Insights - Jersey Central Power & Light (JCP&L) has reached the midpoint of its $95 million New Jersey Reliability Improvement Project, resulting in fewer power outages for customers [1] - In 2025, nearly 16,500 customers in parts of Morris and Monmouth counties experienced over an 80% reduction in outages compared to the previous year due to local power line upgrades [1] - The project is part of FirstEnergy's broader Energize365 initiative, which aims to invest $28 billion from 2025 to 2029 to modernize the electric grid [1] Investment and Upgrades - JCP&L is enhancing reliability by increasing tree trimming, adjusting local line arrangements, adding smart equipment, moving power lines underground, and strengthening poles and wires [1] - The New Jersey Reliability Improvement Project includes upgrades to 18 circuits, with work already underway on seven circuits and additional projects starting soon [1] - Upcoming projects in Hunterdon, Southern Ocean, and Warren counties will improve reliability for nearly 10,000 customers by upgrading power lines and adding new protective equipment [1] Company Overview - JCP&L serves approximately 1.2 million customers across various counties in New Jersey [2] - FirstEnergy Corp. operates one of the largest investor-owned electric systems in the U.S., serving over six million customers across multiple states [2] - The company is committed to integrity, safety, reliability, and operational excellence, with a significant focus on modernizing and strengthening the electric grid [2]

Core Insights - Ameren Missouri is enhancing grid reliability through its Smart Energy Plan, which has successfully limited outages during severe weather events and outlines a five-year strategy for a more resilient electric grid [1] Group 1: Smart Energy Plan Investments - The Smart Energy Plan has prevented 160,000 customer outages during major storms in 2025 [1] - Key upgrades include modernization of nearly 150 substations and the addition of 850 composite poles, which are stronger than wooden poles [1] - Over 2,000 smart switches have been installed, preventing more than 330,000 customer outages in the past five years [1] Group 2: Energy Resource Development - Ameren Missouri is investing in a diverse energy portfolio, including new generation facilities and upgrades to existing assets [1] - In 2025, the company replaced two 90-year-old turbines at Osage Energy Center and added 50 MW of new power with the Vandalia Renewable Energy Center [1] - Construction has begun on the Castle Bluff Energy Center, an 800 MW natural gas facility to support grid demand [1] Group 3: Economic Impact - The Smart Energy Plan has attracted 35 businesses to expand or relocate in Missouri, resulting in over $1.5 billion in capital investment and creating more than 2,200 jobs [1] - Notable investments include IKO's $120 million facility and Amazon's $15 million last-mile delivery station, both contributing to local job creation [1] - Ameren Missouri's rates are approximately 27% below the Midwest and national averages, supporting economic growth [1]

Core Viewpoint - American Electric Power (AEP) reported strong financial results for the fourth quarter and full year of 2025, reaffirming its long-term growth outlook and commitment to infrastructure investments to meet increasing customer demand [1][2]. Financial Performance - AEP's fourth-quarter 2025 GAAP earnings were $582 million or $1.09 per share, down from $664 million or $1.25 per share in the same quarter of 2024 [1][2]. - Full-year 2025 GAAP earnings reached $3.58 billion or $6.70 per share, compared to $2.97 billion or $5.60 per share for 2024, reflecting a significant year-over-year increase [1][2]. - Operating earnings for the fourth quarter of 2025 were $638 million or $1.19 per share, compared to $660 million or $1.24 per share in the fourth quarter of 2024 [1][2]. Growth Outlook - AEP reaffirmed its 2026 operating earnings guidance of $6.15 to $6.45 per share and a long-term operating earnings growth rate of 7% to 9% [1][2]. - The company identified opportunities for an additional $5 billion to $8 billion in investments beyond its existing $72 billion five-year capital plan [1][2]. Load Growth and Infrastructure Investment - AEP has signed agreements for an additional 28 gigawatts (GW) of load since October 2025, bringing the total incremental load to 56 GW by 2030 [1][2]. - The load in AEP Texas increased from 13 GW to 36 GW, supported by agreements with major data center developers [1][2]. - AEP is committed to building necessary transmission and distribution infrastructure in Texas and is collaborating with ERCOT to facilitate timely interconnections [1][2]. Customer Affordability and Regulatory Progress - AEP supports fair cost allocation for new large load customers and has implemented new rate structures in several states to ensure that these customers contribute to infrastructure costs [1][2]. - The company has made progress in regulatory cases across its jurisdictions, improving outcomes for customers and supporting long-term investments [2]. Segment Performance - In the fourth quarter of 2025, the Vertically Integrated Utilities segment reported GAAP earnings of $270 million, while the Transmission & Distribution Utilities segment reported $160 million [2]. - For the year-to-date 2025, the Generation & Marketing segment saw a significant increase in operating earnings, contributing $656 million compared to $308 million in the same period of 2024 [2]. Sales Data - AEP's total retail electric sales for the fourth quarter of 2025 increased by 5.2% year-over-year, with residential sales rising by 5.7% and commercial sales by 14.7% [2][5]. - For the year-to-date 2025, total retail electric sales reached 93,967 million kWh, a 2.2% increase from 2024 [5].