Firstenergy (FE) FY2025 results: revenue $15.1 billion, up 12.0% on the year

FirstEnergy and its subsidiaries are principally involved in the transmission, distribution and generation of electricity. The filing says its electric operating companies comprise one of the nation's largest investor-owned electric systems, serving over six million customers in the Midwest and Mid-Atlantic regions. Their combined service areas encompass approximately 65,000 square miles in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey and New York, in an area with a population of approximately 14 million. Transmission operations include more than 24,000 miles of transmission lines and two regional transmission operation centres. FirstEnergy had 11,186 employees at the end of 2025, 4,887 of them in bargaining units.

The three segments

The Distribution segment is the Ohio companies and FE PA, and distributes electricity to approximately 4.3 million customers in Ohio and Pennsylvania while purchasing power for its default service or standard service offer requirements. The Integrated segment is the distribution and transmission operations of JCP&L, MP and PE, together with MP's regulated generation: it distributes to approximately 2 million customers in New Jersey, West Virginia and Maryland, provides transmission infrastructure in those three states and in Virginia, and operates 3,610 MW of regulated generation capacity. The Stand-Alone Transmission segment is FirstEnergy's ownership in FET and in KATCo.

The operating utilities

In Ohio, OE provides distribution services to approximately 1.1 million customers in the centre and northeast of the state, CEI to approximately 0.8 million in the northeast, and TE to approximately 0.3 million in the northwest. FE PA serves approximately 2.1 million customers in Pennsylvania and approximately 4,000 in Waverly, New York; it became a single operating entity on 1 January 2024, when FirstEnergy consolidated the separate Pennsylvania companies into it and it took on their assets and liabilities. JCP&L serves approximately 1.2 million customers in New Jersey and also provides transmission services in the north, west and east centre of the state. PE serves approximately 0.4 million distribution customers in Maryland and West Virginia and provides transmission services in Maryland, West Virginia and Virginia. MP serves approximately 0.4 million customers in West Virginia and is contractually obligated to provide power to PE to meet its load obligations there.

Generation sits with MP, which owns or contractually controls 3,610 MW of capacity supplied to its electric utility business, including 30 MW of solar and 487 MW of pumped-storage hydroelectric capacity from a 16.25 percent undivided interest in the Bath County facility in Virginia, held through its wholly owned subsidiary AGC.

The transmission side, and who owns it

FET is a holding company and the parent of ATSI, MAIT and TrAIL. FirstEnergy holds 50.1 percent of its membership interests and Brookfield the remaining 49.9 percent. It owns and operates high-voltage transmission facilities in the PJM region, and neither it nor its subsidiaries has any direct employees, relying instead on employees of affiliates for the performance of necessary services.

ATSI owns 7,965 circuit miles of transmission lines in Ohio and Pennsylvania at nominal voltages of 345 kV, 138 kV and 69 kV. MAIT owns 4,281 circuit miles in Pennsylvania at nominal voltages of 500 kV, 345 kV, 230 kV, 138 kV, 115 kV, 69 kV and 46 kV. TrAIL owns 269 circuit miles, including a 500 kV line extending approximately 150 miles from southwestern Pennsylvania through West Virginia to a point of interconnection in northern Virginia. KATCo owns 1,694 circuit miles in Pennsylvania, transferred to it from WP on 1 January 2024.

In February 2025 FET, DominionHV and Transource signed an operating agreement establishing the framework for Valley Link to accept, design, develop, construct, own, operate and finance transmission projects awarded to it by PJM, and PJM awarded Valley Link two electric transmission projects on 26 February 2025. In February 2026 FET and Transource signed a comparable agreement for Grid Growth, which PJM had awarded a project on 12 February 2026.

How the power is procured

Certain of the electric companies have default service obligations to provide power to non-shopping customers who have elected to continue receiving service under regulated retail tariffs. Those plans vary by state and service territory, and the volume of sales can vary depending on the level of shopping that occurs. JCP&L's default supply is secured through a statewide competitive procurement process approved by the New Jersey regulator, and default service for the Ohio companies, FE PA and PE's Maryland jurisdiction is provided through competitive procurement processes approved by their own regulators. West Virginia electric generation continues to be regulated by the West Virginia utility regulator.

Maximum hourly demand in 2025, in MW, was 10,505 at FE PA, 6,076 at JCP&L, 5,744 at OE, 4,031 at CEI, 3,692 at PE, 2,187 at MP and 2,004 at TE. All of the facilities are located within the PJM region and operate under the reliability oversight of a regional entity the filing calls RFC, which itself operates under the oversight of NERC in accordance with a delegation agreement approved by the federal energy regulator.

The service company

FESC has 4,618 employees and provides corporate support and other services at cost to affiliated FirstEnergy companies, including executive administration, accounting and finance, risk management, human resources, corporate affairs, communications, information technology and legal services.

From FirstEnergy's annual report on Form 10-K for the year ended 31 December 2025. The subsidiaries are named here by the short forms the filing itself uses, because it defines them in a glossary that sits outside the sections this was written from. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.