Firstenergy Corp. · NYSE:FE
Firstenergy — Investor Presentation (February 2024)
81 slides from Firstenergy's investor presentation, Feb 8, 2024
Slide 1: Focused on Our Future: Annual Investor FactBook
Focused on Our Future Annual Investor FactBook Published February 8, 2024
Slide 2: Table of Contents
Table of Contents Investor FactBook - Published February 8, 20242 5 Stand-Alone Transmission Segment 54 - 61 3 Distribution Segment 35 - 42 4 Integrated Segment 43 - 53 6 Corporate Responsibility/EESG 62 - 74 7 IR Contacts & Other Information 75 - 81 2 Financial Guidance 14 - 34 1 FirstEnergy Overvi
Slide 3: FirstEnergy Overview
FirstEnergy Overview Investor FactBook - Published February 8, 2024 Focused on Our Future 3
Slide 4: FirstEnergy Overview
OH PA NJ MD WV FirstEnergy Overview Investor FactBook - Published February 8, 20244 $49B Total Assets 6M+ Total Customers 24K Transmission Miles 65K Square Miles of Service Territory $29B 2024F Rate Base 12K Employees Forward-thinking electric utility centered on integrity, powered by a diverse team
Slide 5: Our Value Proposition
Our Value Proposition Investor FactBook - Published February 8, 20245 (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. Please see slide 81 f
Slide 6: Our Strategy to Transform FirstEnergy into a Premier Utility
Our Strategy to Transform FirstEnergy into a Premier Utility Investor FactBook - Published February 8, 20246 A Strong Foundation: Built by passionate and engaged employees A Customer-Centered Focus: Exceeding expectations through modern experiences, electrification and affordable energy bills Enabli
Slide 7: Recent Accomplishments
Recent Accomplishments • Piloted an array of employee-led sessions to foster deeper connections between leadership and our workforce • Conducted the first Compliance Risk Assessment and completed 118 programmatic actions to enhance our ethics and compliance culture • Delivered savings and continuous
Slide 8: Recent Accomplishments
Recent Accomplishments • Delivered consistent messaging and education to customers through customer newsletters, human service outreach and energy saving campaigns • Implemented customer-facing systems and improved customer experiences through customer journey enhancements • Utilized digital strateg
Slide 9: Recent Accomplishments
Recent Accomplishments • Invested in customer-focused programs helping customers make informed decisions and manage their energy consumption through energy efficiency, smart meter (currently deployed to 3 million customers & increasing), electric vehicles (MD & NJ) and battery storage (MD) programs.
Slide 10: Recent Accomplishments
Recent Accomplishments Investor FactBook - Published February 8, 202410 ▪ Equity proceeds totaling ~$7B since late ’21, equivalent to issuing common equity at $87/sh or 36x LTM P/E • FET 30% Sale: $3.5B with Brookfield (expected to close in 1Q24) • FET 19.9% Sale: $2.4B with Brookfield (closed in Ma
Slide 11: Simplifying Segments to Align with New Organizational Structure
Simplifying Segments to Align with New Organizational Structure New segment reporting beginning with 1Q 2024 results Cleveland Electric Illuminating Co. (CEI) Toledo Edison Co. (TE) FirstEnergy Pennsylvania Electric Company (FE PA) American Transmission Systems Inc. (ATSI) Mid-Atlantic Interstate Tr
Slide 12: Our Aspiration to be a Premier Utility
Our Aspiration to be a Premier Utility is powered by… • A diverse team of Employees built by a passionate and engaged workforce • A commitment to reliable and affordable service for our Customers • Embedding Continuous Improvement as part of our culture • Advancing equitable and inclusive business p
Slide 13: 202413
Investor FactBook - Published February 8, 202413
Slide 14: Financial Guidance
Financial Guidance Investor FactBook - Published February 8, 2024 Focused on Our Future 14
Slide 15: Financial Guidance Overview
Financial Guidance Overview Investor FactBook - Published February 8, 202415 LONG-TERM GUIDANCE 2024 GUIDANCE 9% Average Annual Rate Base Growth in 2024-2028 6-8% Long-Term Annual Operating EPS Growth 60-70% Dividend Policy: Targeted Payout Ratio $26B Energize365 Investment Plan 2024-2028 No Equity
Slide 16: 2024-2028 Investment Plan Summary
2024-2028 Investment Plan Summary 16 $26B 2024-2028 ENERGY TRANSITION: Distribution and Transmission investments to support improvements in grid reliability and resiliency and support interconnection of renewable sources • Clean Energy: WV Solar Generation, Energy Efficiency, EV infrastructure, Ener
Slide 17: Investment Plan Summary (2023-2028)
Investment Plan Summary (2023-2028) Investor FactBook - Published February 8, 202417 $1.0 $1.2 $1.3 $1.5 $1.7 $1.8 $1.3 $1.7 $1.8 $2.0 $2.2 $2.4$1.3 $1.4 $1.5 $1.6 $1.7 $1.9 2023A 2024F 2025F 2026F 2027F 2028F Corp/Other Stand-Alone Transmission Integrated Distribution $5.7B $6.2B $3.7B $4.3B $4.7B
Slide 18: 2023-2024 Investment Plan Drivers
$1.0 $1.2 $1.3 $1.7 $1.3 $1.4 2023A Grid Modernization Transmission Clean Energy Infrastructure Renewal Fossil Generation 2024F Corp/Other Stand-Alone Transmission Integrated Distribution $3.7B $4.3B • Supports grid reliability and resiliency • Supports connection of renewable sources Drive grid res
Slide 19: Rate Base Summary (2023-2028)
Stand-Alone Transmission growth driven by 100% formula investments which enhance grid reliability and resiliency $10.9 $11.4 $12.0 $12.8 $13.6 $14.6 $8.7 $9.4 $10.4 $11.5 $13.0 $14.5 $7.7 $8.4 $9.0 $10.0 $11.0 $12.0 2023A $2.1B 2024F $2.0B 2025F $2.3B 2026F $2.7B 2027F $2.8B 2028F $2.7B Distribution
Slide 20: Targeting 6-8% Annual Operating EPS Growth
Targeting 6-8% Annual Operating EPS Growth(1) With Significantly Improved Earnings Quality ■ Average Rate Base (RB) growth of 9%, including 75% of annual investments in formula rate programs ■ New Base Rates: – Integrated, representing $7B in RB underearning by 4% with planned rates implemented 2023
Slide 21: 2024 Earnings Guidance: $2.61 - $2.81/sh
2024 Earnings Guidance: $2.61 - $2.81/sh ~7% EPS Growth vs. 2023 Guidance Midpoint Investor FactBook - Published February 8, 202421 ($0.01) $0.70 $0.67 $1.20 2023A Operating EPS (573M shares) 2024 EPS Guidance (576M shares) ($0.07) $0.57 $0.98 $1.23$2.54 Guidance midpt 2024F Segment EPS Ranges Distr
Slide 22: Long-Term Load Forecast
Long-Term Load Forecast Weather-Adjusted; M MWHs Investor FactBook - Published February 8, 202422 (1) Commercial includes street lighting Industrial 38% Commercial 24% Residential 38% Balanced Customer Mix (2024F) 55.9 56.2 56.2 56.5 56.8 57.4 36.2 36.3 35.9 35.3 34.9 34.5 55.5 56.1 57.4 59.7 61.7 6
Slide 23: Commitment to Affordability
Commitment to Affordability Investor FactBook - Published February 8, 202423 ■ Focus on continuous improvement and managing our O&M costs below the rate of inflation ■ O&M increase target <2% annually through 2028 ■ Energy Efficiency Programs (and proposals) include: ■ PA Phase IV EE: 2021-2026 ■ NJ
Slide 24: 2024 Key Regulatory Proceedings by Jurisdiction
2024 Key Regulatory Proceedings by Jurisdiction Investor FactBook - Published February 8, 202424 Represents active proceedings (1) Includes DCR Audit (vendor payments, naming rights and agreement disclosure review), Political and Charitable Spending, Corporate Separation Audit and DMR Review. Ohio P
Slide 25: Baseline O&M (2022-2028)
Baseline O&M (2022-2028) Investor FactBook - Published February 8, 202425 2022A 2023A 2024F 2025F 2026F 2027F 2028F Corp/Other Integrated Distribution $1,450M $1,280M $1,350M Long-Term Baseline O&M Forecast 2023 to 2024 Baseline O&M Drivers Targeting an average annual increase of < 2% 2024-2028 with
Slide 26: 2024-2028 Financing Plan
2024-2028 Financing Plan Investor FactBook - Published February 8, 202426 Targeting < 20% FE Corp. HoldCo debt as a % of total debt by YE 2026 Our 2024-2028 financing plan supports 14-15% FFO/Debt at FE Corp, enhanced investment plan with no additional equity needs, investment-grade utility metrics
Slide 27: Pathway to A Premier Utility: Targeting 14-15% FFO/Debt
2023A Special Items Weather Related Sales Pension Contribution Adj. 2023A M o o d y 's C F O P re -W /C t o D e b t FET Proceeds Including Proportional Consolidation Base Rates Investment & Formula Rates Taxes & O&M 2024F Pathway to A Premier Utility Targeting 14-15% FFO/Debt and Solid BBB Credit Ra
Slide 28: Increasing Cash from Operations in 2024 & Beyond
Increasing Cash from Operations in 2024 & Beyond 2023A Cash from Operations (GAAP) 2023 Pension Contribution 2023 Unique Items Investments & Regulatory Growth All Other 2024F Cash from Operations (GAAP) ■ Pension Contribution +$750M ■ Weather +$160M ■ 2023 Unique Items +$400M – Insurance proceeds de
Slide 29: Consolidated Long-Term Debt Maturities
3 0 0 4 5 0 3 0 0 1 ,2 0 0 8 0 0 3 0 0 2 7 5 6 0 0 1 2 5 6 5 0 3 0 0 5 2 5 1 0 0 1 5 0 1 0 0 3 7 5 5 0 5 0 2 5 0 9 0 0 6 5 0 4 5 0 1 0 0 2 0 5 5 0 5 7 5 4 0 0 2 0 0 3 0 0 6 0 0 2 0 0 1 4 5 1 5 5 4 5 1 0 0 1 ,2 2 5 7 5 1 ,1 0 0 1 0 0 1 0 0 8 7 5 3 2 5 1 2 5 8 0 0 7 5 5 0 0 3 0 0 1 ,8 0 0 1 ,5 0 0 1 ,
Slide 30: Pension/OPEB Overview
Pension/OPEB Overview ■ FE is the sponsor of the benefit plans for employees at FE’s subsidiaries and legacy, non-regulated subsidiaries ■ FE uses the Mark-to-Market (MTM) method for Pension/OPEB costs – Preferred method of accounting under GAAP; recognizes gains and losses in the year incurred, ins
Slide 31: Pension/OPEB Financial Summary
Pension/OPEB Financial Summary 2022-2023 Actuals, Key Planning Assumptions 31 Pre-Tax $M, except EPS 2022A 2023A 2024F Service Cost (post-capitalization) $92 $68 Interest Cost 284 $449 EROA (696) (601) Amort. of Prior Cost (Credit) (9) (6) Net Periodic Benefit Costs (Credits) - Non-GAAP ($329) ($90)
Slide 32: Dividend Overview
Dividend Overview Investor FactBook - Published February 8, 202432 Dividend payments are subject to declaration by the Board of Directors $1.56/sh $1.60/sh $1.70/sh 2022A 2023A 2024F 2025F 2026F 2027F 2028F Annual Dividends Per Share (Declared) Dividend Payout Ratio: 63%65% Dividend Policy: 60-70% T
Slide 33: 2024F Guidance Earnings Sensitivities
2024F Guidance Earnings Sensitivities Investor FactBook - Published February 8, 202433 Sensitivity (+/-) Full-Year EPS Impact (+/-) Sales Residential 1% ~$0.03 Commercial 1% ~$0.01 Industrial 1% < $0.01 Weather HDD 75 HDD vs. normal (Dec-Mar) ~$0.01 CDD 25 CDD vs. normal (June-Sept) ~$0.01 ROE Distr
Slide 34: Long-Term Plan Evolution
Long-Term Plan Evolution 34 Earnings quality substantially improved from true-up of Distribution ROE’s, continued financial discipline and higher rate base growth through Energize365 grid investment program Investor FactBook - Published February 8, 2024 With shareholder-friendly equity capital raise
Slide 35: Distribution Segment
Distribution Segment Delivering Customer-Focused Growth Investor FactBook - Published February 8, 2024 Focused on Our Future 35
Slide 36: Distribution Segment Overview
Distribution Segment Overview OH & PA Operations: Distribution Only Investor FactBook - Published February 8, 202436 Modernizing and upgrading our system for a clean energy future. Increasing investments to enhance the customer experience. Providing safe, reliable and affordable energy every day. Co
Slide 37: Distribution Investment
$437 $525 $545 $590 $680 $745 $583 $660 $785 $890 $1,020 $1,045 2023A 2024F 2025F 2026F 2027F 2028F PA OH Distribution Investment Investor FactBook - Published February 8, 202437 $1B $1.2B $1.3B $1.5B $M $1.8B $1.7B ■ Increasing investments by 50% across planning period, from $1.2B in 2024 to $1.8B
Slide 38: Distribution Rate Base
Distribution Rate Base Investor FactBook - Published February 8, 202438 $4.3 $4.5 $4.6 $4.9 $5.1 $5.5 $6.6 $7.0 $7.4 $7.9 $8.5 $9.1 2023A 2024F 2025F 2026F 2027F 2028F OH PA $13.6B $14.6B $10.9B $12.8B $12B $11.4B Note: Rate Base amounts exclude CWIP balances of ~$0.2B to ~$0.5B per year that earn A
Slide 39: Ohio Overview
Ohio Overview Investor FactBook - Published February 8, 202439 ■ OE, CEI, and TE provide Distribution service to 1,072K, 758K and 316K customers, respectively RECENT STATISTICS (Dec. 2023) Dx Rate Base $4.3B Earned ROE 5.8% Allowed ROE 10.5% Allowed Debt / Equity 51:49 INDUSTRIES SERVED: Primary and
Slide 40: Ohio Overview Regulatory & Program
REGULATORY STRATEGY ■ In December 2021, PUCO approved a unanimous settlement with Ohio stakeholders, which resolves a wide range of topics in ten proceedings before the Commission – Prospective rate credits to be provided to customers: $45M in 2024 and $25M in 2025 ■ Seeking PUCO approval of second
Slide 41: Pennsylvania Overview
Pennsylvania Overview Investor FactBook - Published February 8, 202441 ■ FE PA provides Distribution service to 2.1M customers and is a part of the distribution segment for reporting purposes ■ Our 4 operating companies Met-Ed, Penelec, Penn Power, and West Penn Power were consolidated into FE PA on
Slide 42: Pennsylvania Overview Regulatory & Program
Pennsylvania Overview Regulatory & Program ■ Last two PA rate cases (2015, 2017) were settled, which allows for parties to reach consensus revenue requirement without specifying agreement on specific individual terms (e.g., allowed ROE, rate base, capital structure) ■ LTIIP II for the 2020-2024 peri
Slide 43: Integrated Segment
Integrated Segment Delivering Customer-Focused Growth & Enhancing Reliability Investor FactBook - Published February 8, 2024 Focused on Our Future 43
Slide 44: Integrated Segment Overview
Integrated Segment Overview WV, MD, & NJ Operations: Distribution, Transmission & Regulated Generation Investor FactBook - Published February 8, 202444 Modernizing and upgrading our system to support the energy transition. Increasing investments to support infrastructure renewal and enhance system p
Slide 45: Integrated Investment
Investment Plan Average (’24-’28) Integrated Investment Investor FactBook - Published February 8, 202445 ■ Increasing investments by ~45% across planning period, from $1.7B in 2024 to $2.4B in 2028 ■ Investment Plan of $10.1B over 2024-2028 period includes ~60% Distribution, ~35% Transmission and ~5
Slide 46: Integrated Rate Base
$4.2 $4.8 $5.3 $6.0 $6.9 $7.8 $3.6 $3.8 $4.0 $4.3 $4.6 $4.9 $0.9 $0.9 $1.0 $1.2 $1.5 $1.8 2023A 2024F 2025F 2026F 2027F 2028F NJ WV MD $13B $14.5B Integrated Rate Base Investor FactBook - Published February 8, 202446 Note: Rate Base amounts exclude CWIP balances of ~$0.7B to ~$0.9B per year that ear
Slide 47: New Jersey Overview (JCP&L)
New Jersey Overview (JCP&L) 34.5kV 115 kV 230 kV 500 kV JCP&L 47 Investor FactBook - Published February 8, 2024 ■ JCP&L provides Distribution and Transmission services to 1,167K customers ■ Transmission assets are owned and operated by JCP&L and recovered through formula rates INDUSTRIES SERVED: Che
Slide 48: New Jersey Overview (JCP&L) Regulatory & Program
New Jersey Overview (JCP&L) Regulatory & Program 48 Investor FactBook - Published February 8, 2024 ■ Advanced Metering Infrastructure (AMI) Plan approved in February 2022 ■ Light-duty EV-driven charging program approved in June 2022; 4- year, $40M program ■ Base Rate case filed March 2023; settlemen
Slide 49: West Virginia Overview (MP & PE-WV)
West Virginia Overview (MP & PE-WV) Investor FactBook - Published February 8, 202449 115 kV 138 kV 230 kV 345 kV 500 kV Mon Power Potomac Edison ■ MP provides Distribution, Transmission and Generation services to 397K customers, MP owns/controls 3,599MW of regulated generation ■ PE provides Distribu
Slide 50: West Virginia Overview Regulatory & Program
“(1) Includes Distribution, Generation, and Transmission” West Virginia Overview (MP & PE-WV) Regulatory & Program Investor FactBook - Published February 8, 202450 ■ WV PSC views MP and PE combined for regulatory filings and rate setting and reviews rate base on a combined basis (generation, transmi
Slide 51: 2024 West Virginia Generation (MP)
Investor FactBook - Published February 8, 2024 West Virginia Generation (MP) PJM Zone State Fuel Type Units Net Max Cap (MW) Year Plant Comm 2023 Output M MWH Bath Co. Dominion VA Hydro 6 487(1) 1985 0.7 Ft. Martin APS WV Coal 2 1,098 1967 4.4 Harrison APS WV Coal 3 1,984 1972 11.2 OVEC Rest of RTO
Slide 52: Maryland Overview (PE-MD)
Maryland Overview (PE-MD) Investor FactBook - Published February 8, 202452 ■ PE provides Distribution and Transmission services to 289K customers ■ Transmission assets are owned and operated by PE and recovered through formula rates RECENT STATISTICS Energy Efficiency Annual Generation/ Purchased Po
Slide 53: Maryland Overview (PE-MD) Regulatory & Program
Maryland Overview (PE-MD) Regulatory & Program Investor FactBook - Published February 8, 202453 ■ Current distribution base rates approved October 2023 ■ MD EmPOWER Energy Efficiency Program 2024-2026 – Received approval authorizing the 2024-2026 EmPOWER program cycle, with projected costs of ~$310
Slide 54: Stand-Alone Transmission Segment
Stand-Alone Transmission Segment Enhancing Reliability Investor FactBook - Published February 8, 2024 Focused on Our Future 54
Slide 55: Stand-Alone Transmission Segment Overview
Stand-Alone Transmission Segment Overview FET (ATSI, TrAILCo, MAIT) and KATCo 9% Avg. Annual Rate Base Growth (2024-2028) Investor FactBook - Published February 8, 202455 A premium business with a continued long-term pipeline of transmission investment opportunities Focused on investments that impro
Slide 56: Stand-Alone Transmission Investment
Stand-Alone Transmission Investment Investor FactBook - Published February 8, 202456 Note: Consolidated plan including Brookfield’s ownership percentage $591 $540 $675 $715 $790 $880 $533 $675 $640 $705 $735 $825 $37 $35 $35 $35 $40 $50 $112 $115 $120 $135 $150 $160 2023A 2024F 2025F 2026F 2027F 202
Slide 57: Stand-Alone Transmission Rate Base
$3.8 $4.1 $4.3 $4.7 $5.0 $5.4 $1.4 $1.4 $1.4 $1.3 $1.3 $1.3$2.1 $2.4 $2.9 $3.4 $4.0 $4.5 $0.4 $0.5 $0.5 $0.6 $0.7 $0.8 2023A 2024F 2025F 2026F 2027F 2028F ATSI TrAIL MAIT KATCo FE Rate Base (Excl. Brookfield) $5.0B $5.3B $11B $12B $6.4B$6.4B Stand-Alone Transmission Rate Base Investor FactBook - Pub
Slide 58: ATSI Overview
ATSI Overview Investor FactBook - Published February 8, 202458 69 kV 138 kV 345 kV Jurisdiction FERC Test year Forward-looking Term January-December Filing month October True-up mechanism Yes (1) Represents projected average rate base and capital structure from ATSI’s 2024 Projected Transmission Rev
Slide 59: MAIT Overview
MAIT Overview Investor FactBook - Published February 8, 202459 (1) Represents projected average rate base and capital structure from MAIT’s 2024 Projected Transmission Revenue Requirement filing for the period January 1, 2024 through December 31, 2024 (2) On February 2, 2023, announced agreement to
Slide 60: TrAILCo Overview
TrAILCo Overview Investor FactBook - Published February 8, 202460 12.7% 11.7% Allowed ROE (Settled) $1.4B(1) 2024 Rate Base (Avg. Annual) 40% / 60%(1) Capital structure (Debt / Equity) (1) Represents projected average rate base and actual year-end cap structure from TrAILCo’s 2022 Formula Rate Annua
Slide 61: KATCo Overview
KATCo Overview Investor FactBook - Published February 8, 202461 Jurisdiction FERC Test year Forward-looking Term January-December Filing month October True-up mechanism Yes 10.45% Allowed ROE (Settled) $0.5B(1) 2024 Rate Base (Avg. Annual) 49% / 51%(1) Capital structure (Debt / Equity) (1) Represent
Slide 62: Corporate Responsibility | EESG
Corporate Responsibility | EESG Investor FactBook - Published February 8, 2024 Focused on Our Future 62
Slide 63: Integrated EESG throughout FirstEnergy's strategy
Integrated EESG throughout FirstEnergy’s strategy 63 We believe our success requires strong management and oversight of employee, environmental, social and governance (EESG) matters, as well as transparency and accountability regarding where we need to improve and how we’re going to succeed. Investo
Slide 64: Industry Awards & Recognition
Recognized in 2022 by the ROW Stewardship Council as a fully accredited ROW Utility Steward Top utility for economic development by Site Selection magazine for fifth year in a row Received Industry Recognition from Edison Electric Institute for Outstanding Service to Major Customers Received Industr
Slide 65: Diverse, Inclusive, Rewarding Culture
Diverse, Inclusive, Rewarding Culture Talent Management and Employee Development Employee Safety, Health and Wellness • Culture champions embed core values and support culture transformation across the company • 8 Employee Business Resource Groups, with 20 chapters and ~3,000 members • Delivered a s
Slide 66: EESG: Climate Strategy
Reducing Scope 1 emissions to achieve carbon neutrality by 2050 Enabling the energy transition to a low-carbon future ■ Coordinating with regulators to move beyond our coal-fired generating plants by 2050 ■ Reducing sulfur hexafluoride (SF6) emissions from transmission equipment ■ Electrifying our v
Slide 67: EESG: Climate - Greenhouse Gas Reduction Goal
EESG: Climate - Greenhouse Gas Reduction Goal Our Scope 1 Decarbonization Approach Investor FactBook - Published February 8, 202467 Engineering, permitting, financing, regulatory approvals, just transition plans etc. for FM & HAR replacements Now Investigate technology opportunities 2025 IRP describ
Slide 68: EESG: Climate – FirstEnergy's Generation Portfolio In Perspective
EESG: Climate – FirstEnergy’s Generation Portfolio In Perspective 84% reduction in Scope 1 GHG emissions since 2005 through activities including: • Retired 5,954 MW of fossil fuel capacity • Sold 1,931 MW of fossil fuel capacity • Separated 6,587 MW of fossil fuel capacity • Lower generation output
Slide 69: EESG: Climate – Supporting the Energy Transition
EESG: Climate – Supporting the Energy Transition Investor FactBook - Published February 8, 202469 FE is mitigating physical climate risks through T&D projects to improve the resiliency and reliability of the grid and address wildfire risk FE is mitigating transition risks through companywide decarbo
Slide 70: EESG: Environmental Highlights
EESG: Environmental Highlights 70 See more Environmental Highlights at Environmental (fecorporateresponsibility.com) Acting as good stewards of our environment and our communities CREATING POLLINATOR- FRIENDLY HABITATS Achieved 208 acres of biodiverse habitats since 2020 Support our communities thro
Slide 71: EESG: Social Highlights
EESG: Social Highlights 71 Public Safety Campaign Corporate Giving $4.89M 2023 Employee Volunteer Hours Economic Impact 27,970 25,000 New Jobs Attracted (direct, indirect and induced) $11.5B Public Safety Outreach Campaign Integrated Marketing Communications including Advertising, Social Media & Pub
Slide 72: EESG: Governance Highlights
EESG: Governance Highlights 72 Centralized Compliance Integrity Driven Culture Board Diversity Acting with integrity in our daily work is important and powerful Spotlighting each of our 5 core values to help employees better understand how living our values drives our success at FirstEnergy Maintain
Slide 73: EESG: Continuing Improvement of ESG Rating Scores
2020 2021 2022 2023 37 32 38 40 2020 2021 2022 2023 73 EESG: Continuing Improvement of ESG Rating Scores Actively engaging with rating organizations and internal business units to continue to improve transparency and disclosures and improve our ESG rating scores Higher scores are better Lower score
Slide 74: EESG: Improvement through Transparency Efforts
EESG: Improvement through Transparency Efforts Key Disclosures 74 Climate Report Climate Strategy Corporate Engagement Report (Trade associations) Code of Conduct Environmental Justice Policy EEI Template SASB EESG Data Tables GRI 2023 Proxy TCFD Disclosure Climate Governance EESG Data Corporate Gov
Slide 75: IR Contacts & Other Information
IR Contacts & Other Information Investor FactBook - Published February 8, 2024 Focused on Our Future For our email distribution list, please contact: Delinda Herman, Executive Assistant to Vice President dherman@firstenergycorp.com 330.384.5584 Shareholder Inquires: Shareholder Services (Equiniti Tr
Slide 76: Commonly Used Terms & Acronyms
Commonly Used Terms & Acronyms Investor FactBook - Published February 8, 202476 ADIT Accumulated Deferred Income Taxes FEU FirstEnergy Utilities RT Regulated Transmission AFUDC Allowance for Funds Used During Construction Fitch Fitch Ratings Service RTO Regional Transmission Organization AMI Advance
Slide 77: New Segment Reporting: 2023A Operating Earnings Segment View
Beginning with 1Q 2024 earnings, we will implement new segment reporting that will align with our updated organizational structure 2023A Operating Earnings(1): Segment View 77 OH PA NJ WV/MD RD $1.60 (~62%) JCP&L MP/PE FET (ATSI, MAIT, TRAIL) WP (KATCo) RT $0.91 (~36%) Primarily includes: FE Corp. H
Slide 78: 2023 GAAP to Operating (Non-GAAP) Earnings Reconciliation
2023 GAAP to Operating (Non-GAAP) Earnings(1) Reconciliation Investor FactBook - Published February 8, 202478 (1) Operating earnings exclude special items as described in the reconciliation table above and is a non-GAAP financial measure. Per share amounts for the special items above are based on th
Slide 79: 2022-2023 Special Items
2022-2023 Special Items(1) ■ Debt-related costs: Primarily reflects costs associated with the redemption and early retirement of debt. ■ Enhanced employee retirement and other related costs: Primarily reflects transition and benefit costs associated with the Company's voluntary retirement program an
Slide 80: Forward-Looking Statements
Forward-Looking Statements 80 Forward-Looking Statements: This Factbook 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 uncertaintie
Slide 81: Non-GAAP Financial Matters
Non-GAAP Financial Matters 81 This presentation contains references to certain financial measures including, Operating earnings (loss) and Operating earnings (loss) per share (“EPS”), including by segment, and the impact of special items on the following measures, Total revenues, Total operating exp