Profile: FirstEnergy Corp (FE)

FE on New York Consolidated

32.49USD
28 Aug 2015
Change (% chg)

$-0.02 (-0.06%)
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$32.51
Open
$32.40
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$32.50
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$31.90
Volume
3,853,111
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2,714,174
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$41.68
52-wk Low
$31.47

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FirstEnergy Corp., incorporated on September 17, 1996, is a holding company, which directly or indirectly holds all of the outstanding common stock of its principal subsidiaries, such as Ohio Edison Company (OE), The Cleveland Electric Illuminating Company (CEI), The Toledo Edison Company (TE), Pennsylvania Power Company (Penn), which is a wholly owned subsidiary of OE, Jersey Central Power & Light Company (JCP&L), Metropolitan Edison Company (ME), Pennsylvania Electric Company (PN), FirstEnergy Service Company (FESC), FirstEnergy Solutions Corp. (FES) and its principal subsidiaries (FirstEnergy Generation, LLC (FG) and FirstEnergy Nuclear Generation, LLC (NG)), Allegheny Energy Supply Company, LLC (AE Supply), Monon-gahela Power Company (MP), The Potomac Edison Company (PE), West Penn Power Company (WP), FirstEnergy Transmission LLC (FET) and its principal subsidiaries (American Transmission Systems, Incorporated (ATSI) and Trans-Allegheny Interstate Line Company (TrAIL)), and Allegheny Energy Service Corporation (AESC). In addition, FE holds all of the outstanding common stock of other direct subsidiaries, including FirstEnergy Properties, Inc., FirstEnergy Ventures Corp. (FEV), FirstEnergy Nuclear Operating Company (FENOC), FELHC, Inc., GPU Nuclear, Inc. and AE Ventures, Inc. The Company operates through three segments: Regulated Distribution, Regulated Transmission and Competitive Energy Services (CES).

As of February 17, 2015, FirstEnergy’s generating portfolio consisted of 17,858 MW of diversified capacity (CES - 14,068 MW and Regulated Distribution - 3,790 MW). Of the generation asset portfolio, approximately 10,113 MW (56.5%) consist of coal-fired capacity; 4,048 MW (22.7%) consist of nuclear capacity; 1,410 MW (7.9%) consist of hydroelectric capacity; 1,603 MW (9.0%) consist of oil and natural gas units; 496 MW (2.8%) consist of wind and solar power arrangements, and 188 MW (1.1%) consist of capacity entitlements to output from generation assets owned by Ohio Valley Electric Corporation (OVEC). All units are located within PJM and sell electric energy, capacity and other products into the wholesale markets that are operated by PJM. Within the CES segment's generation portfolio, 11,086 MW consist of FES' facilities that are operated by FENOC and FG (including entitlements from OVEC, wind and solar power arrangements), and except for portions of certain facilities that are subject to the sale and leaseback arrangements with non-affiliates for which the corresponding output of these arrangements is available to FES through power sales agreements, are all owned directly by NG and FG. Another 2,982 MW of the CES’ portfolio consists of AE Supply’s facilities, including AE Supply’s entitlement to 713 MW from Allegheny Generating Company’s (AGC) Bath County, Virginia hydroelectric facility and 67 MW of AE Supply’s 3.01% entitlement from OVEC’s generation output. FES’ generating facilities are concentrated primarily in Ohio and Pennsylvania and AE Supply’s generating facilities are primarily located in Pennsylvania, West Virginia, Virginia and Ohio.

Regulated Distribution

The Company’s Regulated Distribution segment distributes electricity through its 10 utility operating companies, serving approximately six million customers within 65,000 square miles of Ohio, Pennsylvania, West Virginia, Maryland, New Jersey and New York, and purchases power for its provider of last resort (POLR), standard offer service (SOS), standard service offer (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland. This segment also includes regulated electric generation facilities located in West Virginia, Virginia and New Jersey that MP and JCP&L, respectively, own or contractually control. This business segment controls approximately 3,790 megawatts (MWs) of generation capacity. Within the Regulated Distribution segment's portfolio, 210 MW consist of JCP&L’s 50% ownership interest in the Yards Creek hydroelectric facility in New Jersey; and 3,580 MW consist of MP’s facilities, including 487 MW from Allegheny Generating Company’s (AGC) Bath County, Virginia hydroelectric facility that MP partially owns and 11 MW of MP’s 0.49% entitlement from OVEC’s generation output. MP’s facilities are concentrated primarily in West Virginia.

Regulated Transmission

The Company’s Regulated Transmission segment transmits electricity through transmission facilities owned and operated by ATSI, TrAIL, and certain of FirstEnergy's utilities (JCP&L, ME, PN, MP, PE and WP), and the regulatory asset associated with the abandoned Potomac-Appalachian Transmission Highline, LLC (PATH) project. The segment's revenues are primarily derived from rates that recover costs and provide a return on transmission capital investment. Except for the recovery of the PATH abandoned project regulatory asset, these revenues are primarily from transmission services provided pursuant to the PJM Tariff to load serving entities (LSEs).

Competitive Energy Services

Through FES and AE Supply, the Company’s CES segment supplies electricity to end-use customers through retail and wholesale arrangements, including retail sales to customers in Ohio, Pennsylvania, Illinois, Michigan, New Jersey and Maryland, and the provision of partial POLR and default service for some utilities in Ohio, Pennsylvania and Maryland, including the Utilities. This business segment controls approximately 14,068 megawatts of capacity. The segment’s net income is derived from electric generation sales less the related costs of electricity generation, including fuel, purchased power and net transmission (including congestion) and ancillary and capacity costs charged by PJM to deliver energy to the segment’s customers.

Company Address

FirstEnergy Corp

76 S Main St
AKRON   OH   44308-1890
P: +1330.7617837

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