FirstEnergy Corp.

What FirstEnergy Corp. does

FirstEnergy Corp. (NYSE: FE) is a diversified, investor-owned regulated electric utility headquartered in Akron, Ohio, that distributes and transmits electricity to over 6 million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York through 10 distribution subsidiaries (Ohio Edison, The Illuminating Company, Toledo Edison, Met-Ed, Penelec, Penn Power, West Penn Power, JCP&L, Mon Power, Potomac Edison) and three transmission subsidiaries (ATSI, MAIT, KEPC) operating inside the PJM Interconnection footprint. The company emerged from the 1997 Ohio Edison/Centerior Energy merger and grew through the 2000 GPU acquisition and 2007 Allegheny Energy deal; it divested its competitive generation business and now operates as a pure-play regulated transmission and distribution platform.

Core technology centers on the $36 billion Energize365 grid modernization program (2026–2030) — a 30% step-up from the prior five-year plan — encompassing high-voltage transmission rebuilds (e.g., the $24M West Unity 69-kV line, $30M Van Reed project), substation automation, Advanced Metering Infrastructure (2M+ meters in Pennsylvania, 710K+ in Ohio, 1.1M planned in New Jersey), Home Area Network (HAN) Zigbee connectivity to qualified third-party energy monitoring devices, automated storm response with mutual-aid protocols across four states, and customer-facing digital platforms (Analyze Usage tool, online account portal, mobile app). The company offers Time-of-Use rate programs in Pennsylvania and Maryland to manage load and EV charging behavior.

FirstEnergy earns revenue through state-regulated distribution rates and FERC-regulated transmission rates, with capital investment driving rate base growth of approximately 10% CAGR through 2030. FY2025 revenue was $15.1 billion (up 11.9% YoY) and Q1 2026 revenue was $4.2 billion (up 10.5% YoY). Rate plan filings (Ohio TYRP seeking $392.2M net, West Virginia $76M–$188M, FERC data center cost allocation) are the mechanism for recovering capital and protecting residential ratepayers. A new growth vector is contracted hyperscale data center load (1.8 GW in West Virginia, ~4 GW in final negotiations) supported by a proposed $2.5 billion, 1.2 GW dispatchable gas generation project by 2031. The company maintains 29 consecutive years of dividend payments and ~4% current dividend yield.

Name

FirstEnergy Corp.

Legal name

FirstEnergy Corp.

Website

http://www.firstenergycorp.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

FirstEnergy Corp. (NYSE: FE) is a regulated investor-owned electric utility serving over 6 million customers across six states (Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, New York) through 13 utility subsidiaries, executing a $36 billion Energize365 grid modernization program through 2030.

Ownership category

akta.pro rank

Headquarters

HQ city

Akron

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Regulated Electricity Distribution: Revenue from regulated electricity distribution to approximately 6 million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. Rates are set by state utility commissions through base rate cases and formula rate plans, providing stable, inflation-linked revenue growth. Capital investments (Energize365) drive rate base expansion of approximately 10% CAGR through 2030.
2. Regulated Transmission Services: Revenue from high-voltage transmission services through FERC-regulated rates. FirstEnergy Transmission subsidiaries (ATSI, MAIT, KEPC) own and operate transmission infrastructure across the PJM Interconnection grid. Transmission rate base growing approximately 11%, with approximately $19 billion in transmission investments planned through 2030.
3. Rate Plan Revenue Recovery: Three-year rate plans filed with state commissions (e.g., Ohio Three-Year Rate Plan seeking $392.2M net rate increase, West Virginia rate review seeking $76M-$188M) enable recovery of infrastructure investments and operational costs through annual rate adjustments.
4. Data Center and Large Load Services: Growing revenue stream from contracted electricity sales to data centers. West Virginia data center pipeline grew 50% since February 2026 to 1.8 GW, with approximately 4 GW in final contract negotiations. FirstEnergy has filed FERC proposals to require data centers to pay for transmission interconnection costs directly.

Pricing tiers

Go-to-market motion1 record

Distribution channels12 records

Marketing channels8 records

Core offering

FirstEnergy Corp. is a regulated investor-owned electric utility that delivers electricity distribution and high-voltage transmission services to approximately 6 million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York through ten operating utility subsidiaries. Its $36 billion Energize365 capital program (2026–2030) funds grid modernization, smart meter deployment, storm hardening, and transmission upgrades, while digital tools (online account portal, Analyze Usage, Home Area Network) and optional rate programs (Time-of-Use, EV Driven) supplement the core delivery service.

Product overview

FirstEnergy Corp. is an investor-owned electric utility company serving over 6 million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. The company operates through ten utility subsidiaries (Ohio Edison, The Illuminating Company, Toledo Edison, Met-Ed, Penelec, Penn Power, West Penn Power, JCP&L, Mon Power, Potomac Edison) providing regulated electricity transmission and distribution services. FirstEnergy's product portfolio centers on the Energize365 grid modernization program ($36 billion, 2026-2030) encompassing smart meter deployments across Ohio, Pennsylvania, and New Jersey; EV charging infrastructure programs like EV Driven; and customer-facing digital tools including online account management, the Analyze Usage platform, and Home Area Network (HAN) connectivity for qualified energy monitoring devices. The company offers various rate programs including Time-of-Use pricing options in Pennsylvania and Maryland. The core offering is regulated utility service delivered through physical grid infrastructure, supplemented by smart grid technology (automated meters, real-time voltage controls, advanced automation) and customer digital tools.

Differentiator

Problem solved

Functional benefit

Brands

• Energize365: FirstEnergy's $36 billion capital investment program for 2026-2030 focused on grid modernization, transmission upgrades, and reliability improvements
• EV Driven
• Green Teams

Products and services

• Regulated Electricity Distribution Service
• Regulated High-Voltage Transmission Service
• Smart Meter Program (Pennsylvania)
• Smart Meter Program (Ohio)
• Smart Meter Program (New Jersey)
• EV Driven (JCP&L)
• Pennsylvania Time-of-Use Pricing
• Maryland Time-of-Use Rate (Potomac Edison)
• Energize365 Grid Modernization Program
• Analyze Usage Tool
• FirstEnergy Online Account (My Account)
• Data Center / Hyperscale Large-Load Service

Quantifiable outcome

• 98% reduction in customer outage time at The Illuminating Company's Lakewood Substation area in December 2025 compared to December 2024, following transformer upgrades.
• +7 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Dominion EnergycoreStrategic or Co-development Partner · 26 February 2026FirstEnergy Transmission LLC and Dominion Energy established the Valley Link joint venture to advance regional power transmission infrastructure. Valley Link is a significant transmission development project designed to strengthen the regional power grid in the Mid-Atlantic and Midwest regions.
• Transource EnergycoreStrategic or Co-development Partner · 26 February 2026FirstEnergy Transmission LLC and Transource Energy formed the Grid Growth Ventures joint venture for new transmission development across the PJM Interconnection footprint. The venture targets emerging transmission opportunities driven by data center demand, renewable energy integration, and grid reliability needs.
• Wellington Energy Inc.minorImplementation/ SI/ Consulting PartnerWellington Energy Inc. serves as FirstEnergy's third-party installation vendor for smart meter deployments in Pennsylvania. Wellington Energy technicians perform meter exchanges wearing brown uniforms with FirstEnergy branding and carry FirstEnergy identification badges.
• CRA InternationalminorImplementation/ SI/ Consulting PartnerCRA International (Charles River Associates) was selected as Auction Manager to conduct a descending-price clock auction on June 9, 2026, for FirstEnergy Corp.'s Ohio subsidiaries to procure full requirements service for Standard Service Offer customers.
• PJM InterconnectioncoreOthersFirstEnergy is a key transmission provider within the PJM Interconnection regional grid, which coordinates electricity wholesale markets and transmission planning across 13 states and D.C. FirstEnergy participates in PJM capacity auctions, transmission planning processes (including FERC Order 1920), and open window processes for transmission expansion.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Others

• Transource Energy: Transource Energy is a transmission-focused affiliate of American Electric Power and FirstEnergy's JV partner in Grid Growth Ventures. Comparable as a transmission development and infrastructure investment vehicle, representing FirstEnergy's broader transmission growth optionality.

Direct peers

• Edison International: Edison International is the parent of Southern California Edison, serving 5M+ customers in California. Comparable as a large investor-owned regulated electric utility focused on transmission and distribution, though with different regulatory geography.
• Eversource Energy: Eversource Energy is the largest energy delivery company in New England, serving 4M+ electric, natural gas, and water customers across Massachusetts, Connecticut, and New Hampshire. Comparable as a large multi-state regulated utility with similar transmission and distribution focus.
• Dominion Energy: Dominion Energy is a regulated electric utility serving 7M+ customers in Virginia, North Carolina, and South Carolina, and is FirstEnergy's JV partner in the Valley Link transmission project. Highly comparable in PJM presence, data center exposure, and transmission scale.
• Exelon: Exelon is a pure-play regulated T&D utility serving 10M+ customers across Illinois, Pennsylvania, Maryland, New Jersey, and DC through its subsidiaries. Overlaps with FirstEnergy in PA, NJ, and MD service territories and shares a similar regulated utility growth model.
• Xcel Energy: Xcel Energy is a major regulated utility serving 3.7M+ electric and 2.1M+ gas customers across 8 states including Minnesota, Texas, and Colorado. Comparable as a large multi-state regulated utility with similar capex-driven growth and renewable integration initiatives.
• PPL Corporation: PPL Corporation is a regulated electric utility serving 3.5M+ customers in Pennsylvania, Kentucky, Rhode Island, and Virginia. Overlaps with FirstEnergy in Pennsylvania and shares similar regulatory dynamics and rate base growth strategies.
• American Electric Power: American Electric Power (AEP) is one of the largest investor-owned electric utilities in the U.S., serving 5.6M+ customers across 11 states with both transmission and distribution operations. Highly comparable to FirstEnergy in scale, multi-state regulated utility model, and PJM/MISO transmission presence.
• Duke Energy: Duke Energy is one of the largest U.S. electric utilities serving 8.4M+ customers across the Southeast and Midwest. Both companies are pure-play regulated utilities with significant transmission businesses, similar capex-driven growth models, and exposure to data center demand growth.

Regional players

• DTE Energy: DTE Energy is a Detroit-based regulated electric and gas utility serving 2.3M+ customers primarily in Michigan. Comparable as a Midwest regulated utility with similar storm restoration, grid modernization, and clean energy transition dynamics, though in a different geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/firstenergycorp
• YouTubeyoutube.com/user/FirstEnergyTV
• Facebookfacebook.com/firstenergyCareers
• LinkedInlinkedin.com/company/firstenergy-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries13 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FirstEnergy Corp.