FirstEnergy Corp. (FE) SEC Filings & Earnings Calls

Execution risk on large capex plan and regulatory approvals

“$36 billion Energize365 capital investment program” · word for word

Ohio regulatory disallowance and restitution

“the Ohio Companies recognized a $352 million pre-tax impairment charge related to future recovery disallowances of certain previously capitalized amounts.” · word for word

Transmission ROE incentive loss

“As of June 30, 2026, ATSI’s estimated refund obligation, including interest, totaled approximately $79 million” · word for word

Offshore wind project termination

“Capital investments in the transmission projects totaled approximately $200 million as of June 30, 2026.” · word for word

JCP&L reliability penalty

“NJBPU staff issued a letter to JCP&L stating its intention to recommend that the NJBPU impose a penalty against JCP&L in the amount of $44 million” · word for word

Winter storm cost deferral uncertainty

“During the first quarter of 2026, MP and PE incurred significant PJM charges during the Winter Storm Fern weather event totaling $145 million, which were deferred for future recovery as part of the ENEC.” · word for word

Tariff and supply chain risk

“FirstEnergy continues to monitor supply lead times in light of demand increases across the industry, including due to data center usage, and the imposition of tariffs and retaliatory tariffs that have been, and may be, imposed by the U.S. government in response.” · word for word

Regulatory and legal legacy risk

“Numerous news reports from 2025 reflect unfavorably on FirstEnergy, including a lawsuit over its internal investigations into the Ohio bribery scandal and criticism of its energy plans in West Virginia. ... FirstEnergy previously paid a $230 million fine to the U.S. government to resolve criminal charges. ... The SEC charged FirstEnergy with defrauding inves” · word for word

Safety and operational risk

“Systemwide LCE ... 1 Below Threshold ... Systemwide DART Rate ... 0.86 Below Threshold”

Employee engagement risk

“Employee Engagement Survey ... 55.00% Below Threshold”

Ohio Regulatory Disallowance

“A $352 million (pre-tax) impairment charge recognized in the fourth quarter of 2025 related to disallowances in the Ohio base rate case resulting from the PUCO-approved order.” · word for word

Ohio Customer Restitution

“A $275 million (pre-tax) charge recognized in the fourth quarter of 2025 resulting from the Ohio Companies' PUCO-approved settlement that will provide restitution and refunds to customers.” · word for word

Supply Chain Disruption

“While supply lead times have not fully returned to levels prior to the COVID-19 pandemic, FirstEnergy continues to monitor the situation in light of demand increases across the industry, including due to data center usage, and the imposition of tariffs and retaliatory tariffs.” · word for word

Inflation and Interest Rate Pressure

“Inflation increases costs for labor, materials and services, and we may be unable to secure these resources on economically acceptable terms or offset such costs with increased revenues.” · word for word

Regulatory and legislative risks, including HB6-related matters.

“the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6” · word for word

Regulatory penalty and refund risk crystallized; $250.7M special item in Q4 2025.

“The Ohio Companies are ordered to pay a combined $250.7 million consisting of refunds and restitution to customers and civil forfeiture.” · word for word

Ongoing HB6-related investigations and litigation risks remain.

“Forward-looking statements reference risks associated with government investigations and audits regarding Ohio House Bill 6 and related matters.”

Regulatory and legal proceedings in Ohio

“Evidentiary hearings were held between June 10, 2025, and June 27, 2025. Initial and reply briefs were filed by the parties on July 21, 2025, and August 4, 2025, respectively.” · word for word

Offshore wind project uncertainty in New Jersey

“On August 13, 2025, the NJBPU issued an order requesting that JCP&L delay expenditures of certain of the transmission investment planned by JCP&L for a 2.5-year period” · word for word

Tariff and supply chain disruption

“The imposition of new, modified or increased tariffs or resultant trade wars, and the uncertainties associated with the same, could have an adverse effect on the Registrants’ consolidated results of operations, cash flow and financial condition.” · word for word

Corporate AMT exposure

“Any adverse developments concerning corporate AMT liability, including guidance from the U.S. Treasury and/or the IRS or unfavorable regulatory treatment by FERC and/or applicable state regulatory authorities, could negatively impact FirstEnergy’s cash flows, results of operations and financial condition.” · word for word