Slide 1: Focused on Our Future: 2024 EEI Financial Conference
Focused on Our Future 2024 EEI Financial Conference Published November 8, 2024
Slide 2: FirstEnergy Overview
EEI – Published November 8, 20242 FirstEnergy Overview $51B Total Assets 6M+ Total Customers 24K Transmission Miles 65K Square Miles of Service Territory 12K Employees $29B 2024F Rate Base Distribution Segment • OH & PA – Distribution only • ~45% of 2024F EPS Integrated Segment • WV, MD & NJ – Distr
Slide 3: Key Messages
Key Messages EEI – Published November 8, 20243 Building a strong regulatory track record Four constructive base rate case outcomes, including PA base rate case settlement, totaling nearly $450M of annual revenue increases which support investments to best serve customers Completed balance sheet tran
Slide 4: Simplified Segments with a New Operating Model
Brian Tierney President & CEO Wade Smith President, FE Utilities Torrence Hinton President, OH John Hawkins President, PA Doug Mokoid President, NJ Jim Myers VP Operations, WV/MD Mark Mroczynski President, Transmission Amanda Mertens Campbell VP, External Affairs Toby Thomas COO Jon Taylor SVP, CFO
Slide 5: 2024-2028 Investment Plan Summary
2024-2028 Investment Plan Summary $26B 2024-2028 ~25% Rate Base Recovery ~75% Formula Rate State Regulated: 55% FERC Regulated: 45% 9% Transmission: Operational Flexibility 7% Transmission: Regulatory Required 12% Transmission: Enhance System Performance 17% Transmission: Upgrade System Condition 6%
Slide 6: Ohio Regulatory Update
Ohio Regulatory Update Continue working towards constructive outcomes ■ Filed withdrawal of ESP V on 10/29/24 – Subject to PUCO approval for Ohio Companies to revert to ESP IV – Comments due 11/13/24, Replies due 11/20/24 ■ Reverting to ESP IV reduces risk and simplifies base rate case (BRC) – ESP V
Slide 7: Ohio Regulatory Update: ESP VI provides certainty for all stakeholders
Ohio Regulatory Update ESP VI provides certainty for all stakeholders EEI – Published November 8, 20247 Illustrative Pre-2022 2022 2023 2024 2025 2026 2027 2028 2029 2030+ E S P IV ESP IV Timeline ESP IV DCR1 All accounts Storm Deferral1 Deferral only E S P V O rd er ESP V Timeline ESP V DCR (excl.
Slide 8: Data Center Growth
Data Center Growth EEI – Published November 8, 20248 380 1,800 1,800 2,000 2,400 2,400 2,400 2,400 2,400 220 150 500 1,500 2,800 4,100 4,700 4,800 600 1,800 1,950 2,500 3,900 5,200 6,500 7,100 7,200 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F Under Agreement Pipeline MW Data center load gr
Slide 9: Ohio Overview
2024F % of FE Rate Base: 18% % of FE EPS: 16% Torrence Hinton President of Ohio Rate Case Statistics (Update Filing 7/31/24) Dx Rate Base $4.4B Filed ROE 10.8% Filed Debt / Equity ~45%/55% Test Year 2024 Last published TTM ROE (3/31/24) 7.7% Ohio Overview EEI – Published November 8, 20249 1.7% 1.6%
Slide 10: Pennsylvania Overview
Pennsylvania Overview EEI – Published November 8, 202410 Rate Base ($B) Key Regulatory Updates Base Rate Case: Settlement filed 9/13/24; ALJ recommended PAPUC approval on 10/15/24; Expect final order in Dec. 2024 • $225M net revenue adjustment, based on YE 2025 projected rate base of $7B and related
Slide 11: New Jersey Overview
Doug Mokoid President of New Jersey 25% 75% Base Rates Formula 34.5kV 115 kV 230 kV 500 kV JCP&L 2024F % of FE Rate Base: 18% % of FE EPS: 19% New Jersey Overview EEI – Published November 8, 202411 Rate Base ($B) Key Regulatory Updates Base Rate Case: Settlement approved 2/14/24 • Net Revenue increa
Slide 12: West Virginia & Maryland Overview
2024F (PE & MP) % of FE Rate Base: 19% % of FE EPS: 17% 47% 53% Base Rates Formula EEI – Published November 8, 202412 Rate Base ($B) Key Regulatory Updates WV Base Rate Case: Settlement approved 3/26/24, rates effective 3/27/24 • Net revenue increase of $105M WV ENEC: Received WVPSC approval of sett
Slide 13: Transmission Overview
Transmission Overview EEI – Published November 8, 202413 Total Rate Base ($B) Mark Mroczynski President of Transmission 2024F % of FE Rate Base: 19% % of FE EPS: 21% MAIT TrAILCo 100% FERC-regulated, forward-looking rates 10.3-12.7% Allowed ROEs $8.4B Total Rate Base (2024F) 16.8K Tx Line Miles Broo
Slide 14: Our Value Proposition
Our Value Proposition 14 (1) As measured year-over-year off prior midpoint guidance. The amount and timing of items impacting comparability makes a detailed reconciliation of forward-looking non-GAAP financial measures impracticable. Strong Growth Outlook Attractive Risk Profile Compelling Total Sha
Slide 15: Forward-Looking Statements
Forward-Looking Statements 15 Forward-Looking Statements: This presentation includes forward-looking statements 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 forwar