FirstEnergy Corp. · NYSE:FE
FirstEnergy — Q2 2019 Earnings Presentation
74 slides from FirstEnergy's earnings presentation, Jul 24, 2019
Slide 1: Investor FactBook 2Q 2019
Investor FactBook 2Q 2019 Published July 24, 2019
Slide 2: Table of Contents
Table of Contents 1. FirstEnergy Overview…………………...3-8 2. Regulated Transmission……………… 9-18 3. Regulated Distribution………………. 19-37 4. Corporate Responsibility……………. 38-44 5. Quarterly Updates…………………… 45-51 6. Guidance and Financials…………….52-68 7. Other Materials………………………. 69-74 Unless otherwise note
Slide 3: FirstEnergy Overview
FirstEnergy Overview 3 Published July 24, 2019 Investor FactBook
Slide 4: We are a forward-thinking electric utility
We are a forward-thinking electric utility powered by a diverse team of employees committed to making customers’ lives brighter, the environment better and our communities stronger $41 B 6 M 25 K Total Customers in Transmission Total Assets Six States Miles 65 K $20 B 12 K Square Miles of Rate Base
Slide 5: FE's Value Proposition
FE’s Value Proposition Ticker: FE A premier customer-focused, pure-play regulated utility Driving sustainable, long-term regulated Improving balance sheet with investment-grade earnings growth and a competitive dividend credit ratings 10 distribution utilities, Proven track record of 6M customers, 6
Slide 6: Corporate structure of subsidiaries
FirstEnergy Metropolitan Monongahela Ohio Edison Co. Transmission, LLC Edison Co. Power Co. (OE) (FET) (ME) (MP) American Pennsylvania Pennsylvania Allegheny Transmission Power Co. Electric Co. Generating Co. Systems Inc. (PP) (PN) (AGC) (ATSI) Trans-Allegheny Cleveland Electric West Penn Potomac In
Slide 7: Political Overview
Political Overview (P) President (C) Chair (VC) Vice Chair Governor Governor Governor Michael DeWine R 2023 Thomas W. Wolf D 2023 Phillip D. Murphy D 2022 PUCO PA PUC NJ BPU Samuel Randazzo (C) R 2024 Gladys Dutrieuille (C) D 2023 Joseph L. Fiordaliso (P) D 2025 M. Beth Trombold (VC) I 2023 David W.
Slide 8: Regulatory Calendar
Regulatory Calendar Jurisdiction Key Dates OHIO • PUCO approval of Grid Mod/Tax Reform Settlement...………………………….……………………………...….. July 17, 2019 • Base Rate Case freeze ends……………………………………………………………………….………....................... May 2024 NEW JERSEY • NJ BPU “JCP&L Reliability Plus” infrastructure inves
Slide 9: Regulated Transmission
Regulated Transmission 9 Published July 24, 2019 Investor FactBook
Slide 10: A Premier, Fast-Growing Transmission Business
REGULATED TRANSMISSION A PREMIER, FAST-GROWING TRANSMISSION BUSINESS One of the largest transmission systems in PJM with 25K miles of transmission lines. Focused on Energizing the Future and improving the reliability of our nation’s electric grid. FERC-regulated, forward-looking rates at ATSI, TrAIL
Slide 11: Regulated Transmission Capital Deployment Plan
Regulated Transmission Capital Deployment Plan WPP, MP, PE ~$495M | ~10% JCP&L ~$665M | ~14% ATSI $4.8B ~$1,735M | ~37% ~$1,200M CapEx per year 2018-2021 MAIT ~$1,710M | ~36% TrAILCo ~$160M | ~3% $ 20 FUTURE B+ OPPORTUNITIES beyond 2021… 11 Published July 24, 2019 Investor FactBook
Slide 12: Regulated Transmission Capital Plan (2018-2021)
Regulated Transmission Capital Plan (2018-2021) Energizing the Future Plan – Phase 2 ~$4.8B in capital investments ($M) 2018A 2019F 2020F 2021F ATSI $465 $445 $390 $435 TrAILCo 35 65 30 30 MAIT 409 435 415 450 JCP&L 107 140 245 175 WPP, MP, PE 149 115 120 110 Regulated Regulated Transmission Transmi
Slide 13: Regulated Transmission Rate Base Growth (2018-2021)
Regulated Transmission Rate Base Growth (2018-2021) $M ~11% Expected Formula 9,000 Rate Base CAGR 8,135 8,000 7,500 595 7,000 6,745 575 1,130 6,030 525 950 6,000 455 865 1,365 830 1,415 5,000 1,410 4,000 1,450 1,740 1,395 1,020 3,000 660 2,000 2,925 3,165 3,305 2,635 1,000 0 2018F 2019F 2020F 2021F
Slide 14: ATSI Overview
ATSI Overview Jurisdiction FERC Test Year Forward-Looking Term January – December Filing Month October Allowed ROE 10.38% Rate Base $2.9B(1) Cap Structure 40% Debt / 60% Equity(1) Location OE, PP, CEI, and TE 69 kV Ohio Edison True-Up Mechanism Yes 138 kV Penn Power 345 kV The Illuminating Company (
Slide 15: TrAILCo Overview
TrAILCo Overview Jurisdiction FERC Test Year Forward-Looking OH PA Term June – Following May Filing Month May MD 12.7% (TrAIL the Line & Black Oak SVC) Allowed ROE 11.7% (All other projects) VA WV Rate Base $1.5B(1) Cap Structure 40% Debt / 60% Equity(1) WPP, MP, and PE as well as Location some port
Slide 16: MAIT Overview
MAIT Overview Jurisdiction FERC Test Year Forward-Looking Term January – December Filing Month October Allowed ROE 10.3% Rate Base $1.0B(1) Cap Structure 41% Debt / 59% Equity(1) Location ME, PN 46 kV 230 kV Penelec 69 kV 345 kV Met-Ed True-Up Mechanism Yes 115 kV 500 kV (1) Represents projected ave
Slide 17: JCP&L Transmission Overview
JCP&L Transmission Overview Jurisdiction FERC 34.5kV Rate Base $830M 115 kV 230 kV 500 kV Location JCP&L Jersey Central Power & Light ■ JCP&L transmission assets on Stated Rates based on Black Box Settlement effective June 1, 2017 ■ Plan to file for forward-looking, formula rates in October 2019 17
Slide 18: WPP, MP, PE Transmission Overview
WPP, MP, PE Transmission Overview 115 kV 138 kV 230 kV Jurisdiction FERC 345 kV 500 kV Rate Base $455M West Penn Power Mon Power Potomac Edison Location WPP, MP, PE ■ Represents the transmission systems of WPP, MP and PE which comprise the Allegheny Power Zone in PJM ■ Stated rate updated effective
Slide 19: Regulated Distribution
Regulated Distribution 19 Published July 24, 2019 Investor FactBook
Slide 20: Regulated Distribution
REGULATED DISTRIBUTION A DIVERSE COLLECTION OF UTILITIES DELIVERING SUSTAINABLE GROWTH Territory spans 65k sq. mi. across the Midwest & Mid-Atlantic regions - one of the largest contiguous territories in the USA. Focused on investments that customers value and are willing to pay for while providing
Slide 21: Regulated Distribution Capital Plan (2018-2021)
Regulated Distribution Capital Plan (2018-2021) $6.2B – $6.7B in capital investments 2018- 2021 ($M) 2018A 2019F 2020F 2021F Ohio Ohio $370 $505-$510 $480-$545 $490-$555 Stated 85 70 70 70 Formula 285 435-440 410-475 420-485 Pennsylvania Pennsylvania $666 $590-$595 $500-$515 $485-$495 Stated 446 430
Slide 22: 2018A-2019F Regulated Distribution Capital Expenditures
2018A-2019F Regulated Distribution Capital Expenditures ($M) 2018A 2019F Ohio Ohio $370 $505-$510 CEI 156 155 OE 165 295-300 TE 49 55 Pennsylvania Pennsylvania $666 $590-$595 ME 194 180 PN 191 150 PP 54 50 WPP 227 210-215 New New Jersey Jersey (JCP&L) (JCP&L) $268 $205-$290 West West Virginia Virgin
Slide 23: Regulated Distribution Rate Base Growth (2018-2021)
Regulated Distribution Rate Base Growth (2018-2021) $M ~5% Expected 18,000 Rate Base CAGR 16,435 15,680 16,000 15,085 615 14,345 580 545 14,000 505 3,095 2,965 2,865 2,760 12,000 2,760 2,535 2,655 10,000 2,430 8,000 5,495 5,715 5,130 5,330 6,000 4,000 2,000 3,520 3,810 3,985 4,250 0 2018F 2019F 2020
Slide 24: Weather-Adjusted Distribution Deliveries
Weather-Adjusted Distribution Deliveries 2018A-2021F 2018A 2019F 2020F 2021F CAGR % Sub-Total 53.4 53.3 52.7 52.4 -0.7% Total Deliveries M MWHs Residential OH 17.0 16.9 16.7 16.7 -0.6% PA 18.5 18.1 17.8 17.8 -1.4% WV 5.4 5.7 5.7 5.6 1.1% NJ 9.3 9.3 9.2 9.1 -0.6% MD 3.2 3.3 3.3 3.2 -0.2% 2018A-2021F
Slide 25: Regulated Distribution Guidance Sensitivities
Regulated Distribution Guidance Sensitivities Estimated Impact of Annual Retail Sales Volumes + / - 1% Change in Residential Deliveries ~$0.03/share + / - 1% Change in Commercial Deliveries ~$0.01/share + / - 1% Change in Industrial Deliveries ~$0.004/share Weather Impact on Residential/Commercial S
Slide 26: Average Customer Bills
Average Customer Bills Rates Effective January 1, 2019 OHIO PENNSYLVANIA [state avg $92] [state avg $136] AEP AEP ME PN PP WPP DUQ PECO PPL CEI OE TE (CS) (OP) DP&L DUK $99 $156 $146 $137 $141 $95 $95 $130 $127 $113 $91 $91 $88 $88 NEW JERSEY WEST VIRGINIA MARYLAND [state avg $122] [state avg $110]
Slide 27: Capital and O&M Benchmarking
Capital and O&M Benchmarking Distribution Distribution Capital O&M MEASURE QUARTILE / RANK QUARTILE / RANK Per Circuit Mile 1st 2nd Per Customer 3rd 8th Per Substation 1st 6th Per Pole 1st 4th Performance Quartile Key 1st 2nd 3rd 4th CAPITAL O&M FirstEnergy continues to have significant investment O
Slide 28: Ohio Overview (1 of 2)
Ohio Overview (1 of 2) CUSTOMERS: 2.1M INDUSTRIES SERVED: Primary and Fabricated REGULATORY STRATEGY Metals, Chemical, Automotive, Petroleum, Plastics & Rubber Utilities are required to file applications to establish either an Electric Security Plan (ESP) or a Market Rate Offer to provide customer
Slide 29: Ohio Overview (2 of 2)
Ohio Overview (2 of 2) ROE TRENDS - REGULATORY VIEW RECOVERY MECHANISMS 13.9% 12.2% Rider Overview Reconciled 10.2% 8.8% Recovers return on/of incremental rate base since 7.4% 6.9% DCR Quarterly 6.3% 6.2% 5.8% last rate case; subject to annual revenue caps 4.4% 4.2% 3.4% Provides FE with credit supp
Slide 30: Pennsylvania Overview (1 of 2)
Pennsylvania Overview (1 of 2) CUSTOMERS: 2.1M INDUSTRIES SERVED: Primary and Fabricated REGULATORY STRATEGY Metals, Shale Gas, Chemical, Coal Mining, Electric Equipment No current plan to file base rate case for a traditional or alternative ratemaking structure Manufacturing LTIIPs require peri
Slide 31: Pennsylvania Overview (2 of 2)
Pennsylvania Overview (2 of 2) ROE TRENDS – REGULATORY VIEW RECOVERY MECHANISMS 10.3% Rider Overview Reconciled 9.6% 9.4% 9.3% 8.5% 8.4% 8.1% 7.7% 7.6% 7.6% 7.4% 7.4% 6.8% 6.7% 6.6% 5.8% Recovers acceleration of the repair, DSIC improvement, and replacement of existing aging Quarterly infrastructure
Slide 32: New Jersey Overview (1 of 2)
New Jersey Overview (1 of 2) CUSTOMERS: 1.1M INDUSTRIES SERVED: REGULATORY STRATEGY Chemical, Primary and Fabricated Metals, Food Current rates are compensatory Manufacturing, Plastic & Rubber NJ BPU approved IIP settlement on May 8, 2019 for 2 years, $97M Work will occur June 1, 2019 – Decemb
Slide 33: New Jersey Overview (2 of 2)
New Jersey Overview (2 of 2) REGULATORY VIEW RECOVERY MECHANISMS IIP rate filings require an earnings test, which calculates a Rider Overview Reconciled book return based on FERC Form 1 and including limited Recovery of storm costs from 2012 major storms SRC N/A adjustments through 12/31/19 Recove
Slide 34: West Virginia Overview (1 of 2)
West Virginia Overview (1 of 2) CUSTOMERS: 540K INDUSTRIES SERVED: Chemical, Coal Mining, Non-Metallic Minerals, REGULATORY STRATEGY Primary and Fabricated Metals, Oil & Gas Extractions No current plan to file base rate case LAST APPROVED RATE CASE Integrated Resource Plan to be filed by Jan. 1,
Slide 35: West Virginia Overview (2 of 2)
West Virginia Overview (2 of 2) ROE TRENDS – REGULATORY VIEW RECOVERY MECHANISMS Rider Overview Reconciled 10.6% 10.6% 10.5% 10.2% 9.8% 9.7% 9.7% Recovers generation-related fuel, purchased 9.6% ENEC Annually 9.3% 9.3% 9.2% 9.1% power, and PJM costs, net of revenue credits Recovers vegetation contro
Slide 36: Maryland Overview (1 of 2)
Maryland Overview (1 of 2) CUSTOMERS: 270K INDUSTRIES SERVED: Chemical, Coal Mining, Non- REGULATORY STRATEGY Metallic Minerals, Plastics and Rubber Products Current base rates approved March 2019; must file base rate case by early 2023 LAST APPROVED RATE CASE STATISTICS (Mar. 2019) New distribu
Slide 37: Maryland Overview (2 of 2)
Maryland Overview (2 of 2) ROE TRENDS – REGULATORY VIEW RECOVERY MECHANISMS 6.4% 5.8% 5.3% Rider Overview Reconciled 5.0% Recovery for incremental investments of reliability programs for distribution automation, accelerated EDIS Annually underground cable replacement, and substation reclosers PE-MD
Slide 38: Corporate Responsibility
Corporate Responsibility 38 Published July 24, 2019 Investor FactBook
Slide 39: Corporate Responsibility
CORPORATE RESPONSIBILITY A FORWARD-THINKING ELECTRIC UTILITY Committed to making our customers’ lives brighter, the environment better and our communities stronger. Seek to inform and engage our stakeholders, while at the same time setting and achieving goals. Led by a dedicated team, along with Exe
Slide 40: Corporate Responsibility Strategy
Corporate Responsibility Strategy We are a forward-thinking electric utility powered by a diverse team of employees committed to making customers’ lives brighter, the environment better and our communities stronger Build a sustainable business with… Social and Environmental Employees Customers Envir
Slide 41: Corporate Responsibility – Facts at a Glance
Corporate Responsibility – Facts at a Glance Environmental Social Governance Achieved 62%* reduction in CO2 Systemwide OSHA incident rate of Published a Climate Report, emissions since 2005 0.80 in 2018; below EEI industry including a 2 degree scenario Generation fleet carbon emission averag
Slide 42: Climate Risk Report
Climate Risk Report Fully Regulated ■ Transmission – Energizing the Future program – Upgrading and modernizing our transmission system to build a smarter, stronger and more Utility secure power grid for the future ■ Distribution – Investing in projects that create a more resilient, flexible distribu
Slide 43: 2019 Corporate Responsibility Internal Initiatives
2019 Corporate Responsibility Internal Initiatives COMMUNITY EMPLOYEE EMPLOYEE VOLUNTEER PROGRAM TRANSFORMATION TALK WHAT: A program that provides employees with paid time off to WHAT: A short, powerful talk, 15 minutes or less, similar in concept volunteer in the community to TED Talks ® WHY: Align
Slide 44: 2019 Corporate Responsibility Report
2019 Corporate Responsibility Report • Publish a comprehensive Corporate Responsibility Report and website that What will contain tangible examples, and metrics of the ways in which we are living our mission • Keep our internal and external stakeholders informed about key issues and activities relat
Slide 45: Quarterly Updates
Quarterly Updates 45 Published July 24, 2019 Investor FactBook
Slide 46: Sales by Class
Sales by Class Percent change vs. prior year 3Q18 4Q18 1Q19 2Q19 TTM 12.9% 6.3% 2.6% 2.5% 1.7% 1.4% 1.2% 1.5% 0.5% 0.7% 0.5% 0.5% -0.1% -0.2% -0.6% -1.4% -1.7% -5.6% -5.5% -9.7% Residential Commercial Industrial Total (MWh in thousands) 3Q17 3Q18 4Q17 4Q18 1Q18 1Q19 2Q18 2Q19 TTM 2Q18 TTM 2Q19 Resid
Slide 47: Weather Adjusted GWh Sales by Class
Weather Adjusted GWh Sales by Class Percent change vs. prior year RESIDENTIAL COMMERCIAL 2.6% 1.7% 1.8% 0.6% -0.2% -0.7% -0.8% -0.7% -2.4% -3.2% 3Q18 4Q18 1Q19 2Q19 TTM 3Q18 4Q18 1Q19 2Q19 TTM INDUSTRIAL TOTAL 2.5% 1.4% 1.3% 0.5% 0.9% 0.7% 0.2% -0.1% -1.7% -2.4% 3Q18 4Q18 1Q19 2Q19 TTM 3Q18 4Q18 1Q1
Slide 48: Weather Impacts
Weather Impacts 400 300 200 100 Days 0 250 500 750 1,000 1,250 HDD CDD HDD Norm CDD Norm Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 OH PA NJ WV MD Total Days % Days % Days % Days % Days % Days % HDD vs Normal -100 -15% -119 -21% -87 -18%
Slide 49: Ohio Tax Reform/Grid Mod Settlement
Ohio Tax Reform/Grid Mod Settlement ■ Filed on November 9, 2018; Supplemental Stipulation filed January 25, 2019 ■ Resolves issues related to federal income tax reform and previously filed grid modernization cases ■ Tax Reform Settlement – Return to customers all tax savings from Tax Reform related
Slide 50: Ohio Rider DMR
Ohio Rider DMR ■ Rider DMR was approved for a three-year period ending December 31, 2019, with a potential two-year extension – Funds to be used, directly or indirectly, in support of grid modernization ■ A two-year extension application was filed on February 1, 2019 – The companies requested an ext
Slide 51: Pennsylvania DSIC Rider
Pennsylvania DSIC Rider ■ Rider set to zero when new rates implemented on January 27, 2017 – Expected to restart when gross plant balances exceed the amount recovered in base rates and if reported ROE does not exceed the PA PUC published benchmark of 9.65% (subject to change) PP / WPP April 1, 2018
Slide 52: Guidance and Financials
10 Operating Companies 6 States Guidance and Financials 6M Customers 52 Published July 24, 2019 Investor FactBook
Slide 53: 2019 Operating EPS Guidance
2019 Operating EPS Guidance Assumes full year of Ohio DMR + Increased wires revenues + Transmission rate base growth + FE Tomorrow savings + + Lower effective tax rate $2.60 /sh (1) $2.59 /sh (1) 2019 midpoint - $2.45 – $2.75 2018 Actual range (2) – Higher depreciation $2.40 /sh – Higher general tax
Slide 54: 2019 Operating EPS Guidance
2019 Operating EPS(1) Guidance Assumes full year of Ohio DMR Projecting 7% weather-adjusted, year-over-year Operating EPS growth 2019 Operating EPS Guidance Range Regulated Distribution (includes Ohio DMR) $2.16 – $2.36 Regulated Transmission $0.81 – $0.89 $2.60 Corp / Other ($0.52) – ($0.50) $2.59
Slide 55: 2018-2021 Operating EPS CAGR
2018-2021 Operating EPS(1) CAGR Affirming our 6% - 8% operating EPS CAGR target 6% - 8% Growth (excludes Ohio DMR) $2.15 + T&D growth opportunities + Organic utility growth + FE Tomorrow initiatives Original 2018 – Depreciation and general taxes 2021F Guidance Midpoint Load growth (excluding Ohio DM
Slide 56: Financing Plan (2019-2021)
Financing Plan (2019-2021) Committed to maintaining investment-grade credit ratings FE CORP REGULATED DISTRIBUTION Year Entity Amount Purpose Year Entity Amount Purpose FE Corp Up to $628M New notes to FES creditors ME $500M $300M at 7.70% matured 1/15/19 2019F FE Corp Up to $1.25B $1.25B Term Loa
Slide 57: Pension/OPEB Overview
Pension/OPEB Overview Key assumptions for 2018 expense Overview Expected Return on Assets 7.50% ■ FE is the sponsor of the benefit plans for employees at all of FE’s subsidiaries Pension Discount Rate 3.75% ■ Pension Status is Open OPEB Discount Rate 3.50% – Plan design changed to Cash Balance formu
Slide 58: 2018 Pension/OPEB Summary
2018 Pension/OPEB Summary Pension/OPEB Funded Status: Year-End 2018A ($M) Corp FEU FES/FENOC Total Notes Qualified Pension ($893) ($403) ($797) ($2,093) 77% funded at 12/31/18; excludes 2/1/19 $500M Contribution Non-Qualified Pension (160) (156) (69) (385) No minimum funding requirements OPEB 48 (33
Slide 59: 2018-2021 Qualified Pension Funding
2018-2021 Qualified Pension Funding Significant improvement in funded status projected through 2021 Qualified Pension Plan Projected Funding Status – Qualified Pension Plan ■ 2018 actual investment return of -4.2% ($M) $9,747 PBO Plan Assets $10,000 ■ Pension Contributions $9,077 $9,049 $9,034 $8,98
Slide 60: Capital Expenditures Forecast Summary
Capital Expenditures Forecast Summary $11B – $12B in capital investments 2018-2021 ~55% based on formula rates Annually 2018A 2019F – 2021F FE Consolidated Total $3.0B $2.8B - $3.0B ($M) 2018A 2019F 2020F 2021F Regulated Distribution (~40% formula rates) $1,635 $1,600-$1,700 $1,500-$1,700 $1,500-$1,
Slide 61: 2019 Cash Forecast
2019 Cash Forecast ■ Stated capital expenditures and dividends are fully funded by FFO ■ Formula capital expenditures are funded by a mix of FFO and operating company debt issuances ■ $500M voluntary pension contribution was funded by favorable cash position 5,000 4,000 Pension Incremental LTD(1); P
Slide 62: 2019 FFO and FCF Forecast
2019 FFO and FCF Forecast Assumes full year of Ohio DMR FE Consolidated ($M) 2019F Cash from Cash fromOperations Operations(GAAP) (GAAP) $2,090 – $2,290 Working Capital (1) (25) – (55) Pension Contributions (2) 500 Funds from Funds fromOperations Operations(FFO) (Non-GAAP) (FFO) (Non-GAAP) $2,565 –
Slide 63: Credit Ratings
Credit Ratings As of July 23, 2019 Corporate Credit Rating Senior Secured Senior Unsecured Outlook S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch (*) FirstEnergy Corp. BBB Baa3 BBB- BBB- Baa3 BBB- S S P Allegheny Generating Co. BBB- Baa2 BBB S S S American Transmission Syste
Slide 64: Financial Updates
Financial Updates Since April 24, 2019 (1Q 2019 Earnings Release) ■ Dividend: Board declared a quarterly dividend of $0.38 cents per share of outstanding common stock Declaration Date Payable Record Date 7/16/2019 9/1/2019 8/7/2019 ■ Financing Activities: WPP PN AGC Date 5/21/2019 6/3/2019 6/5/2019
Slide 65: Credit Profile
Credit Profile $3.5B $1.75B $5.4B Credit Commitment $3.8B Revolving Credit Term Loan Credit Available Liquidity Facilities (RCF) Agreements from 24 Financial Institutions (as of 7/22/2019) 9% 12% Investment-grade credit ratings at FirstEnergy Corp and all subsidiaries. FFO/Debt CFO pre-WC/Debt thres
Slide 66: Bank Covenant View of Debt-to-Cap Ratio
Bank Covenant View of Debt-to-Cap Ratio Compliant with RCF covenant; $8.6B of additional debt capacity Debt to Total Capitalization Ratio as 6/30/2019 12/31/2018 defined under the FE Credit Facility: $M % $M % Total Stockholder’s Equity (GAAP) $ 7,269 20% $ 6,814 20% Non-cash Charges / Non-cash Writ
Slide 67: Consolidated Long-Term Debt Maturities
Consolidated Long-Term Debt Maturities AVG RATES AVG LENGTH FEU FET CORP 4.81% 4.52% 4.86% $18.8 FACE B VALUE FEU 13yrs FET 14yrs CORP 11yrs $M 1,800 1,600 1,400 1,200 1,000 800 75 450 500 600 1,225 1,000 100 75 400 500 850 1,500 1,500 400 800 200 100 1,200 74 50 50 300 200 300 450 650 250 650 850 3
Slide 68: Investor Relations Contact Info
Investor Relations Contact Info Irene M. Prezelj, Vice President Gina E. Caskey, Senior Advisor Jake M. Mackin, Consultant prezelji@firstenergycorp.com caskeyg@firstenergycorp.com mackinj@firstenergycorp.com 330.384.3859 330.761.4185 330.384.4829 For our e-mail distribution list, please contact: Sha
Slide 69: Commonly Used Terms & Acronyms
Commonly Used Terms & Acronyms ADIT Accumulated Deferred Income Taxes NMB Non-Market Based AFUDC Allowance for Funds Used During Construction NOL Net Operating Loss AMI Advanced Metering Infrastructure OSHA Occupational Safety and Health Administration BGS Basic Generation Service OPEB Other Post-Em
Slide 70: 2018 GAAP to Operating (Non-GAAP) Earnings Reconciliation
2018 GAAP to Operating (Non-GAAP) Earnings(1) Reconciliation 2018 Actual Regulated Regulated Corporate/ FirstEnergy (In $M, except per share amounts) Distribution Transmission Other Consolidated 2018A Net Income (Loss) attributable to Common Stockholders (GAAP) $1,242 $397 ($658) $981 2018A Basic Ea
Slide 71: 2019F GAAP to Operating (Non-GAAP) Earnings Reconciliation
2019F GAAP to Operating (Non-GAAP) Earnings(1) Reconciliation 2019 Forecast 3Q19 Forecast Regulated Regulated Corporate/ FirstEnergy FirstEnergy (In $M, except per share amounts) Distribution Transmission Other Consolidated Consolidated 2019F Net Income (Loss) attributable to Common Stockholders (GA
Slide 72: 2018A and 2019F Special Items
2018A and 2019F Special Items(1) ■ Regulatory charges – Primarily reflects the impact of regulatory agreements or orders requiring certain commitments and/or disallowing the recoverability of costs, net of related credits. ■ Mark-to-market adjustments: Pension/OPEB actuarial assumptions – Reflects t
Slide 73: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements: This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Unless the context requires otherwise, as used herein, refer
Slide 74: Non-GAAP Financial Matters
Non-GAAP Financial Matters This presentation contains references to non-GAAP financial measures including, among others, Operating earnings (loss), Operating earnings (loss) per share, Operating earnings (loss) per share by segment, Adjusted Equity, Adjusted Debt, Adjusted Capitalization, Funds from