FirstEnergy Corp. · NYSE:FE
FirstEnergy — Investor Presentation (November 2021)
75 slides from FirstEnergy's investor presentation, Nov 8, 2021
Slide 1: Focused on Our Future: Investor FactBook
Focused on Our Future Fact Published November 8, 2021
Slide 2: Table of Contents
Table of Contents FirstEnergy Overview 3-16 Financial Guidance 17-27 Regulated Transmission 28-35 Regulated Distribution 36-55 Corporate Responsibility/ESG 56-67 IR Contacts & Other Information 68-75 Unless otherwise noted, all numbers are as of September 30, 2021 2 Investor FactBook – Published Nov
Slide 3: FirstEnergy Overview
Focused on Our Future FirstEnergy Overview 3 Investor FactBook – Published November 8, 2021
Slide 4: We are a forward-thinking electric utility centered on integrity
We are a forward-thinking electric utility centered on integrity, powered by a diverse team of employees committed to making customers’ live brighter, the environment better and our communities stronger. B M+ K K B K Total Customers in Transmission Square Miles of 2021F Total Assets Employees Six St
Slide 5: Moving FirstEnergy Forward: Our Value Proposition
Moving FirstEnergy Forward: Our Value Proposition Our transformative and strategic financing plan along with FE Forward… Eliminates all non-SIP/DRIP Provides increased financial Enables the strengthening of equity plans flexibility to fund investments our credit profile Customer-focused, all electri
Slide 6: Building a World Class Compliance Function and Culture
Building a World Class Compliance Function and Culture November Update 2021 Accomplishments Added a new Ethics and Compliance component to our Key Performance Indicators (KPI) and a new cascading priority for every employee Appointed strong leaders at the executive management and Board levels to cre
Slide 7: Compliance Focus Areas
Compliance Focus Areas Governance Risk Management ■ Appointed new senior leaders with unwavering commitment to integrity: CEO, Chief Legal Officer (CLO), Chief ■ Compliance Subcommittee conducted a holistic assessment of FE’s compliance program Ethics and Compliance Officer (CECO), Vice Chair of the
Slide 8: Compliance Focus Areas
Compliance Focus Areas Training and Communications Concern Management Continued ■ Held event where Board Chair and Compliance Subcommittee Chair addressed FE’s top 140 leaders specifically on expectations to act with integrity in everything we do ■ Encouraging good faith reporting of misconduct, emp
Slide 9: 2021 FE Forward Priorities
2021 FE Forward Priorities November Update 2021 Accomplishments Completed Phase 1 in February 2021, where we assessed our existing organizational and operating models, policies, processes, and management work practices for improvement Announced preliminary FE Forward financial targets in March 2021
Slide 10: FE Forward: Transformation Objective
FE Forward: Transformation Objective Transforming how we operate and achieving full value potential in a sustainable way ■ Transition to a 5-state operating model with centrally-driven best practices and processes Preliminary FE Forward Capital Efficiencies & ■ Form a centralized and strategic funct
Slide 11: FE Forward: Overview
FE Forward: Overview Function* Focus Areas Examples of Key Initiatives ▪ Digitally enable planning & scheduling to optimize work sequencing and ensure every crew a full day of work, every day Improve productivity through ▪ Increase productivity through updated digital tools (e.g., iPads, barcoding)
Slide 12: 2021 Regulatory Priorities
2021 Regulatory Priorities November Update 2021 Accomplishments Event Date WPP, MP, PE Transmission moved to forward-looking Effective January formula rates, subject to refund 1, 2021 Announced a partial settlement with the Ohio Attorney 2021 Regulatory Priorities General to stop collection of decou
Slide 13: Regulatory Calendar
Regulatory Calendar Select Proceedings Jurisdiction Key Dates Ohio • Vendor Payment Review (DCR Audit) Audit Report filed 8/3/21 • Corporate Separation Audit Report filed 9/13/21; Evidentiary Hearing begins 2/10/22 • ESP IV Quadrennial Review, 2017-2020 SEET & EE Rider Audits 2014-2018 Settlement fi
Slide 14: Key Regulatory Proceedings by Jurisdiction (2021-2024)
Key Regulatory Proceedings by Jurisdiction (2021- 2024)(1) OH PA NJ WV MD FERC ► HB 6 related ✓ EE&C Plan Phase IV ✓ EE Filing ► Resolution of Excess ✓ Energy Storage ✓ JCP&L Formula investigations / Deficient ADIT in Filings Rate Case ► Management Audit ► AMI Filing Rates ► Review of Political and
Slide 15: Ohio Settlement Overview
Ohio Settlement Overview 2017-2020 SEET cases, ESP IV Quadrennial Review, and Energy Efficiency rider audits for 2014-2018 ■ On November 1, 2021, announced a unanimous stipulated settlement with Ohio stakeholders (subject to PUCO approval), which resolves a wide range of topics in ten proceedings be
Slide 16: Strategic Plan: Goals for the Future
Strategic Plan: Goals for the Future Greenhouse Gases Renewable Energy Vegetation Waste Water Achieve carbon neutrality Own at least 50 MW of Create 225 acres of Recycle or beneficially 20% reduction in water by 2050 solar generation in West biodiverse pollinator reuse 50% of our wood consumption at
Slide 17: Financial Guidance
Focused on Our Future Financial Guidance 17 Investor FactBook – Published November 8, 2021
Slide 18: 2022 Operating EPS Guidance
2022 Operating EPS(1) Guidance Introducing 2022 Operating EPS Guidance range of $2.30 - $2.50 2021 Original Guidance Range $2.40 - 2.60 2021 Revised Guidance Range 2022 Guidance Range: $2.55 - 2.65 $2.30 - 2.50 $2.60 Key Drivers $2.40 + Investments – Ohio rate credits – Weather & load – Vegetation m
Slide 19: Dividend Overview
Dividend Overview Annual Dividends Per Share $1.56/sh $1.56/sh $1.56/sh $1.52/sh $1.44/sh 2014-2018 2019 2020 2021 2022F Expected Payout Ratio: 60% 65% ■ Current dividend yield of ~4% (as of 11/5/2021) ■ 2019: ~6% dividend increase ■ Sustained commitment to a strong dividend ■ 2020: ~3% dividend inc
Slide 20: Sustainable Investment Plan (2021-2025)
Sustainable Investment Plan (2021-2025) …with an increasing share focused on sustainable investments ~$17B Grid Modernization & Resiliency: $8.5B ▪ OH Grid Modernization supporting distribution automation and volt/var optimization ▪ Rebuilding critical infrastructure in PA ▪ Hardening and making our
Slide 21: Investment Plan Summary (2021-2025)
Investment Plan Summary (2021-2025) ~$17B investment plan to Increasing the percentage of ~25% increase in 2025 vs. 2021; strengthen the grid and enable formula rate investments; including ~65% increase at RT segment the energy transition Targeting ~75% in 2025 ($M) 2021F 2022F 2023F 2024F 2025F RD
Slide 22: Rate Base Summary (2021-2025)
Rate Base Summary (2021-2025) Strong rate base growth driven by ~$17B investment plan ~6% average annual Rate Base growth to strengthen the grid and enable the energy transition through 2025 (~4% RD, ~9% RT) $B ~$31B 30 ~$29B ~$28B ~$26B ~$25B $11.6 $9.8 $10.7 $9.0 20 $8.2 10 $18.9 $16.3 $17.0 $17.7
Slide 23: 2021-2022 RD Support
2021-2022 RD Support Investments to support the grid of the future Targeting ~$1.8B of investments in 2022 and improve the customer experience Investments Rate Base $B 20 ($M) 2021F 2022F $17B $16.3B $0.5 16 $0.5 OH $580 $580 $2.8 $2.8 12 $2.9 PA $540 $510 $2.8 NJ $265 $285 8 $6.5 $6.3 WV / MD $385
Slide 24: 2021-2022 RT Support
2021-2022 RT Support Investments in innovation, new Increasing investments Sustainable investment plan technologies, and preparing for to ~$1.5B in 2022 through 100% formula rates a future of renewable energy Investments $B Rate Base 10 $9B ($M) 2021F 2022F $8.2B $0.9 8 $0.7 ATSI $350 $390 $1.2 $1.1
Slide 25: 2021-2022 Debt Financing Plan
2021-2022 Debt Financing Plan ($M) 2021F Entity Refinancing New Total Segment ✓ FET $- $500 $500 RT: 2021 plan on track with 5 of 6 ✓ MAIT - 150 150 $1,250 ATSI 400(1) 200 600 deals completed and all priced at ✓ MP $74 $126 $200 Investment-Grade levels ✓ TE - 150 150 RD: $850 ✓ JCP&L - 500 500 FE FE
Slide 26: Weather-Adjusted Distribution Deliveries
Weather-Adjusted Distribution Deliveries ■ Residential volumes expected to remain higher than pre-pandemic levels Total Deliveries (M MWHs) ‘21F ‘22F % Chg ■ Commercial volumes expected to increase Total 146 148 1.9% towards pre-pandemic levels OH 51 53 3.3% ■ Industrial volumes expected to increase
Slide 27: 2021-2022 Guidance Sensitivities
2021-2022 Guidance Sensitivities RD Segment Weather Impact on Residential/Commercial Sales Volumes + / - 80 HDD vs. normal (Dec-Mar) ~$0.01/share + / - 26 CDD vs. normal (June-Sept) ~$0.01/share 2020 Annual Base Distribution Revenues Estimated Impact of Annual Retail Sales Volumes 9% 19% + / - 1% Ch
Slide 28: Regulated Transmission: Energizing the Future
Regulated Transmission: Focused on Our Future Energizing the Future 28 Investor FactBook – Published November 8, 2021
Slide 29: Regulated Transmission
Regulated Transmission A PREMIER, FAST-GROWING TRANSMISSION BUSINESS One of the largest transmission systems in PJM with 24K miles of transmission lines. Focused on Energizing the Future and making investments that support clean-energy, improve grid reliability and resiliency and support a carbon ne
Slide 30: Energizing The Future
Energizing The Future Remain committed to embracing innovation and technology with investments that support clean-energy, improve grid reliability and resiliency, and support a carbon neutral future Investing in innovation and enhancing Continuing strategic investments and Continued focus on making
Slide 31: ATSI Overview
ATSI Overview Jurisdiction FERC Test Year Forward-Looking Term January – December Filing Month October Allowed ROE 10.38% Rate Base $3.6B(1) Cap Structure 40% Debt / 60% Equity(1) Location OE, PP, CEI, and TE 69 kV Ohio Edison 138 kV Penn Power True-Up Mechanism Yes 345 kV The Illuminating Company R
Slide 32: TrAILCo Overview
TrAILCo Overview Jurisdiction FERC Test Year Forward-Looking OH PA Term June – Following May MD Filing Month May 12.7% (TrAIL the Line & Black Oak SVC) Allowed ROE 11.7% (All other projects) VA Rate Base $1.4B(1) WV Cap Structure 40% Debt / 60% Equity(1) WPP, MP, and PE as well as Location some port
Slide 33: MAIT Overview
MAIT Overview Jurisdiction FERC Test Year Forward-Looking Term January – December Filing Month October Allowed ROE 10.3% Rate Base $1.8B(1) Cap Structure 40% Debt / 60% Equity(1) Location ME and PN 46 kV 138 kV 500 kV 69 kV 230 kV Penelec True-Up Mechanism Yes 115 kV 345 kV Met-Ed (1) Represents pro
Slide 34: JCP&L Transmission Overview
JCP&L Transmission Overview Jurisdiction FERC Test Year Forward-Looking Term January – December 34.5kV 115 kV 230 kV Filing Month October 500 kV Jersey Central Power & Light Allowed ROE 10.2% Rate Base $1.2B(1) Cap Structure 50% Debt / 50% Equity(1) Location JCP&L True-Up Mechanism Yes ROE Sensitivi
Slide 35: WPP, MP and PE Transmission Overview
WPP, MP and PE Transmission Overview ■ On October 29, 2020, filed to move to a forward-looking formula rate, As Filed requesting rates to be effective January 1, 2021 ■ On December 31, 2020, FERC accepted the forward-looking formula rate Jurisdiction FERC as filed to become effective January 1, 2021
Slide 36: Regulated Distribution: Delivering Customer Focused Growth
Regulated Distribution: Delivering Focused on Our Future Customer Focused Growth 36 Investor FactBook – Published November 8, 2021
Slide 37: Regulated Distribution
Regulated Distribution A DIVERSE COLLECTION OF UTILITIES DELIVERING CUSTOMER-FOCUSED 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 enable a smarter and cleaner electric grid
Slide 38: Distribution Investments to Support the Grid of the Future
Distribution Investments to Support the Grid of the Future Current and Future Plan Investing in our distribution system to support the grid of the future and improve the customer experience Current and Future Investments Emerging Technologies Customer Benefits ■ Advanced Metering Infrastructure ■ Di
Slide 39: Smart Meters and Connected LED Streetlights
Smart Meters ▪ Smart meters enable two-way power and information flows to improve visibility into the health of the energy grid and provide customers information and control over their energy use at home ▪ FirstEnergy is in the process of installing advanced meters and infrastructure in three states
Slide 40: Ohio Grid Modernization
OH Grid Mod I September 2019 – August 2022 ▪ Up to $516M plant in-service recovery via Advanced Metering Infrastructure / Modern Grid Rider (subject to audit) ▪ Through September 30, 2021: • $262M in-serviced • 543k of 700k planned smart meters installed OHIO • 74% of ~200 Distribution Automation (D
Slide 41: Pennsylvania LTIIP and Smart Meter
PA LTIIP 2020 – 2024 ▪ Up to $572M plant in-service recovery via DSIC rider ▪ Through September 30, 2021: • $180M in-serviced • Annual Asset Optimization plans filed, and current unit plan is on track to meet PENNSYLVANIA commitments • LTIIP forecasts on track to meet in-servicing commitments ▪ ADMS
Slide 42: New Jersey AMI, EV Charging and Offshore Wind
NJ AMI 2022 – 2042 ▪ BPU Order Issued February 29, 2020 • Filed August 27, 2020; Filing Supplement submitted on September 14, 2021 • $781M 20-year program recoverable costs ▪ 1.15M meters • $390M plant in service, $73M O&M, $31M COR ▪ 3-year deployment phase (99%) January 2023 – December 2025 ▪ Sett
Slide 43: WV Broadband, WV Solar and Maryland
WV Middle Mile Broadband Expansion Bill 2023 - 2025 ▪ Authorizes PSC to approve electric utility plans to install middle-mile broadband fiber and provide expedited cost recovery • Became law in June 2020 ▪ Assists in advancing economic development, education & healthcare in WV ▪ ~$70M capital spend
Slide 44: Commitment to Affordability
Commitment to Affordability Rates Effective January 1, 2021 OHIO PENNSYLVANIA [state avg $89] [state avg $127] AEP AEP ME PN PP WPP PECO PPL CEI OE TE (CS) (OP) DP&L DUK $138 $141 $123 $126 $131 $90 $92 $95 $95 $97 $89 $100 $65 NEW JERSEY WEST VIRGINIA MARYLAND [state avg $126] [state avg $122] [sta
Slide 45: RD Segment – State ROEs
RD Segment – State ROEs TTM 9/30/2021 15% 10% 13.4% 5% 10.7% 10.4% 8.2% 9.1% 0% OH PA NJ WV MD Rate base at 9/30/21 $3.8B $5.9B $2.8B $3.1B $0.5B Equity/Total Capitalization* 49% 50% 48% 43% 50% ROE Sensitivity +/- 1% ~$18M ~$29M ~$13M ~$14M ~$3M Calculations based on: ■ Methodology used in last dis
Slide 46: Ohio Overview (1 of 2)
Ohio Overview (1 of 2) CUSTOMERS: 2.1M INDUSTRIES SERVED: Primary and REGULATORY STRATEGY Fabricated Metals, Chemical, ■ Utilities are required to file applications to establish either an Electric Security Plan (ESP) or a Market Automotive, Petroleum, Plastics & Rate Offer to provide customers defau
Slide 47: Ohio Overview (2 of 2)
Ohio Overview (2 of 2) COMMITMENT TO AFFORDABLE RATES SELECT RECOVERY MECHANISMS Average residential customer bills ($ per kWh) $0.141 $0.137 Rider Overview Reconciled $0.134 $0.134 $0.133 $0.130 $0.124 $0.124 $0.123 $0.121 $0.118 Recovers return on/of incremental rate base DCR since last rate case;
Slide 48: Pennsylvania Overview (1 of 2)
Pennsylvania Overview (1 of 2) CUSTOMERS: 2.1M INDUSTRIES SERVED: Primary REGULATORY STRATEGY and Fabricated Metals, Shale Gas, Chemical, Coal Mining, Electric ■ Continuously review considerations and timing of future rate cases Equipment Manufacturing ■ LTIIPs for the 2020-2024 period were approved
Slide 49: Pennsylvania Overview (2 of 2)
Pennsylvania Overview (2 of 2) COMMITMENT TO AFFORDABLE RATES SELECT RECOVERY MECHANISMS Average residential customer bills ($ per kWh) $0.135 $0.135 $0.132 $0.131 Rider Overview Reconciled $0.126 $0.124 $0.122 $0.122 $0.121 $0.118 $0.110 Recovers acceleration of the repair, DSIC improvement, and re
Slide 50: New Jersey Overview (1 of 2)
New Jersey Overview (1 of 2) CUSTOMERS: 1.1M INDUSTRIES SERVED: Chemical, REGULATORY STRATEGY Primary and Fabricated Metals, Food ■ Base Rate Case filed on February 18, 2020; BPU approved settlement on October 28, 2020 Manufacturing, Plastic & Rubber – $94M annual increase in distribution revenue wi
Slide 51: New Jersey Overview (2 of 2)
New Jersey Overview (2 of 2) COMMITMENT TO AFFORDABLE RATES SELECT RECOVERY MECHANISMS Average residential customer bills ($ per kWh) $0.162 Rider Overview Reconciled $0.143 $0.132 Recover the above-market portion of payments $0.127 $0.127 $0.127 $0.124 $0.122 $0.120 NGC Annually $0.115 on Non-Utili
Slide 52: West Virginia Overview (1 of 2)
West Virginia Overview (1 of 2) CUSTOMERS: 545K INDUSTRIES SERVED: Chemical, Coal Mining, Non-Metallic Minerals, Primary and Fabricated Metals, Oil & REGULATORY STRATEGY Gas Extractions ■ Continuously review considerations and timing of future rate cases LAST APPROVED RATE CASE ■ Integrated Resource
Slide 53: West Virginia Overview (2 of 2)
West Virginia Overview (2 of 2) COMMITMENT TO AFFORDABLE RATES SELECT RECOVERY MECHANISMS Average residential customer bills ($ per kWh) Rider Overview Reconciled $0.114 $0.112 $0.112 $0.109 $0.107 $0.102 $0.101 Recovers generation-related fuel, purchased $0.098 $0.098 $0.097 ENEC Annually $0.094 po
Slide 54: Maryland Overview (1 of 2)
Maryland Overview (1 of 2) CUSTOMERS: 280K INDUSTRIES SERVED: Chemical, Coal Mining, Non-Metallic Minerals, REGULATORY STRATEGY Plastics and Rubber Products ■ Current distribution base rates approved March 2019 – Includes new Electric Distribution Investment Surcharge (EDIS) for 2019-2022 to recover
Slide 55: Maryland Overview (2 of 2)
Maryland Overview (2 of 2) COMMITMENT TO AFFORDABLE RATES SELECT RECOVERY MECHANISMS Average residential customer bills ($ per kWh) $0.110 $0.109 $0.109 $0.107 Rider Overview Reconciled $0.107 $0.106 $0.104 $0.104 $0.104 $0.102 $0.100 Recovery for incremental investments of reliability programs for
Slide 56: Corporate Responsibility/ESG
Focused on Our Future Corporate Responsibility/ESG 56 Investor FactBook – Published November 8, 2021
Slide 57: Corporate Responsibility/ESG
Corporate Responsibility/ESG Our ESG story is focused on living our mission by staying true to our core values and behaviors while pursuing objectives and initiatives that positively impact our employees, customers, communities and the environment. Environmental Social Governance B Attracted Board D
Slide 58: Corporate Responsibility/ESG Timeline
Corporate Responsibility/ESG Timeline Formed Corporate Published Climate Story Responsibility Team Set CO2 emissions goal of 90% Published Climate Report Plan to electrify 100% of vehicle fleet by reduction by 2045 (from 2005 baseline) 2050 and 30% by 2030 2015 2018 2019 2020 2025 2030 2050 Establis
Slide 59: ESG: Climate Story
ESG: Climate Story Climate We believe that climate change is among the most We have a responsibility to our stakeholders to important issues of our time, and we’re committed proactively mitigate our climate change risks and to doing our part to ensure a bright and capitalize on emerging opportunitie
Slide 60: FirstEnergy’s Carbon Reduction Goals – Past & Future
FirstEnergy’s Carbon Reduction Goals – Past & Future 2020A Enhanced GHG Goals (set 2020) Coal Generation • New goals represent a significant expansion of as % of Total FE: prior CO2 goal • 2019 baseline reflects FE’s transformation to a fully regulated utility Rate Base: • In alignment with Paris Ag
Slide 61: ESG: Greenhouse Gas Reduction Goal
ESG: Greenhouse Gas Reduction Goal Scope 1 emissions In alignment with the Paris Agreement ■ Explore operational flexibilities with WV coal fleet ■ Continue to replace aging SF6 transmission breakers ■ Targeting 100% of new purchases for light-duty and aerial truck fleet to be electric or hybrid veh
Slide 62: ESG: Environmental Highlights
ESG: Environmental Highlights ■ Targeting 100% of new purchases for light-duty and aerial truck fleet to be electric or hybrid vehicles – 100% of aerial trucks replacements ordered are hybrid and deliveries began in 3Q21 ■ Continue to implement Integrated Vegetation Management practices on transmiss
Slide 63: ESG: Social Highlights
ESG: Social Highlights Employee-Focused ■ Continue to focus on safety as an unwavering core value, proactively identifying and mitigating life-changing events and exposure – Experienced zero systemwide “Life-Changing Events” in 2020 and year-to-date in 2021 ■ Widening mindset beyond physical safety
Slide 64: ESG: Governance Highlights
ESG: Governance Highlights ■ Our Board of Directors and executive leadership is committed to strong company performance built upon a foundation of ethics and integrity – The Compliance Oversight Subcommittee of the Audit Committee provided a holistic assessment of the Company’s compliance program an
Slide 65: The Right Team to Best Position FirstEnergy
The Right Team to Best Position FirstEnergy Board of Directors Management ■ Appointed John W. Somerhalder II as executive director and a ■ Appointed Leslie M. Turner to lead the Compliance member of FirstEnergy's executive leadership team Oversight Subcommittee (of the Audit Committee), – 40 years a
Slide 66: Corporate Governance Best Practices
Corporate Governance Best Practices Independent Oversight Board and Committee Oversight ■ Special Litigation Committee, made up solely of recently-appointed independent ■ Enterprise risk oversight by full Board and its committees directors established to act with respect to pending shareholder deriv
Slide 67: ESG: Frequent Topics
ESG: Frequent Topics • We launched our Corporate Responsibility website in November 2019. 2020 updates to the website included Sustainability Accounting Standard Board (SASB) data tables. • In our 2019 Climate Report, we disclosed a 2-degree scenario analysis and climate related risks and opportunit
Slide 68: Investor Relations Contacts & Other Information
Investor Relations Contacts & Other Information Focused on our Future 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
Slide 69: FirstEnergy Legal Entity Structure
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 70: Political Overview
(P) President Political Overview (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 Jenifer French (C) R 2024 Gladys Dutrieuille (C) D 2023 Joseph L. Fiordaliso (P) D 2025 M. Beth Trombold (VC) I 2023 Vacant 20
Slide 71: Commonly Used Terms & Acronyms
Commonly Used Terms & Acronyms ADIT Accumulated Deferred Income Taxes FEU FirstEnergy Utilities RTEP Regional Transmission Expansion Plan AFUDC Allowance for Funds Used During Construction FFO Funds From Operations RTO Regional Transmission Organization AMI Advanced Metering Infrastructure GEN Gener
Slide 72: 2021F GAAP to Operating (Non-GAAP) Earnings Reconciliation
2021F GAAP to Operating (Non-GAAP) Earnings(1) Reconciliation 2021F Regulated Regulated Corporate/ FirstEnergy (In $M, except per share amounts) Distribution Transmission Other Consolidated 2021F Net Income (Loss) (GAAP) $1,225 - $1,260 $405 - $410 ($465) - ($450) $1,165 - $1,220 2021F Earning (Loss
Slide 73: 2021F Special Items
2021F Special Items(1) ■ Regulatory Charges – Primarily reflects the impact of regulatory agreements, concessions or orders requiring certain commitments and/or disallowing the recoverability of costs, net of related credits. ■ Asset Impairments – Primarily reflects charges resulting from non-cash a
Slide 74: Forward-Looking Statements
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 uncertainties and readers are cautioned not
Slide 75: 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 (EPS), Operating earnings (loss) per share (EPS) by segment, Free Cash Flow (FCF), Funds from Operations (FFO) and A