Profile: FirstEnergy Corp (FE)

FE on New York Consolidated

22 Aug 2014
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FirstEnergy Corp., incorporated on September 17, 1996, is a holding company. The Company is a diversified energy company. The Company operates in three segments: regulated distribution, regulated transmission and competitive energy services segment. The Company’s principal subsidiaries include Ohio Edison Company (OE), The Cleveland Electric Illuminating Company (CEI), The Toledo Edison Company (TE), Pennsylvania Power Company (Penn) (a wholly owned subsidiary of OE), Jersey Central Power & Light Company (JCP&L), Metropolitan Edison Company (ME), Pennsylvania Electric Company (PN), FirstEnergy Solutions Corp (FES) and its principal subsidiaries (FirstEnergy Generation, LLC (FG) and FirstEnergy Nuclear Generation, LLC (NG)), FirstEnergy Service Company (FESC) and Allegheny Energy, Inc (AE) and its principal subsidiaries (Allegheny Energy Supply Company, LLC (AE Supply), Allegheny Generating Company (AGC), Monongahela 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), Trans-Allegheny Interstate Line Company (TrAIL) and Potomac-Appalachian Transmission Highline, LLC (PATH)), and Allegheny Energy Service Corporation (AESC)). In addition, the Company holds other direct subsidiaries including FirstEnergy Properties, Inc., FirstEnergy Ventures Corp. (FEV), FirstEnergy Nuclear Operating Company (FENOC), FELHC, Inc., and GPU Nuclear, Inc. As of January 1, 2014, AE merged with and into FirstEnergy Corp., therefore, AE's direct subsidiaries, AE Supply, MP, PE, WP and FET, became direct subsidiaries of FirstEnergy Corp.

The Regulated Distribution

The Company’s Regulated Distribution segment distributes electricity through the Company's 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 POLR, SOS, SSO and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland. This segment also includes regulated electric generation facilities in West Virginia and New Jersey that MP and JCP&L, own or contractually control. This business segment controls approximately 3,780 megawatts of generation capacity, including the net transfer to Regulated Distribution of 1,476 megawatts of capacity associated with the Harrison and Pleasants asset swap which occurred on October 9, 2013.

The 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 PATH project. The segment's revenues are primarily derived from rates that recover costs and provide a return on transmission capital investment.

The Competitive Energy Services

The Company’s Competitive Energy Services segment, through FES and AE Supply, supplies electricity to end-use customers through retail and wholesale arrangements, including competitive retail sales to customers primarily in Ohio, Pennsylvania, Illinois, Michigan, New Jersey and Maryland, and the provision of partial provider of last resort (POLR) and default service for some utilities in Ohio, Pennsylvania and Maryland, including the Utilities. This business segment controls approximately 14,000 megawatts of capacity, including 885 megawatts of capacity subject to RMR arrangements with PJM and excluding 1,476 megawatts of generation capacity transferred to Regulated Distribution in connection with the Harrison and Pleasants asset swap that occurred on October 9, 2013. This segment also purchases electricity to meet sales obligations.

The Company’s revenues are primarily derived from electric service provided by its utility operating subsidiaries (OE, CEI, TE, Penn, ATSI, JCP&L, ME, PN, MP, PE, WP and TrAIL) and the sale of energy and related products and services by its unregulated subsidiaries, FES and AE Supply. OE engages in the distribution and sale of electric energy to communities in a 7,000 square mile area of central and northeastern Ohio. Penn furnishes electric service to communities in 1,100 square miles of western Pennsylvania. CEI engages in the distribution and sale of electric energy in an area of 1,600 square miles in northeastern Ohio. TE engages in the distribution and sale of electric energy in an area of 2,300 square miles in northwestern Ohio. ATSI owns major, high-voltage transmission facilities, which consist of approximately 7,525 pole miles of transmission lines with nominal voltages of 345kilovolt , 138 kV and 69 kV in the PJM Region. CP&L provides transmission and distribution services in 3,200 square miles of northern, western and east central New Jersey. ME provides transmission and distribution services in 3,300 square miles of eastern and south central Pennsylvania. PN provides transmission and distribution services in 17,600 square miles of western, northern and south central Pennsylvania. PE owns property and does business as an electric public utility in those states. PE provides transmission and distribution services in 5,500 square miles area in portions of Maryland, Virginia and West Virginia.

MP provides generation, transmission and distribution services in 13,000 square miles of northern West Virginia. As of December 31, 2013, MP owned or contractually controlled 3,580 megawatts of generation capacity that is supplied to its electric utility business. TrAIL was formed to finance, construct, own, operate and maintain high-voltage transmission facilities in the PJM Region and has several transmission facilities in operation at the present time including a 500 kilovolt transmission line extending approximately 150 miles from southwestern Pennsylvania through West Virginia to a point of interconnection with Virginia Electric and Power Company in northern Virginia. ES provides energy-related products and services to retail and wholesale customers. FES also owns and operates, through its FG subsidiary, fossil generating facilities and owns, through its NG subsidiary, FirstEnergy’s nuclear generating facilities. FENOC, a separate subsidiary of FirstEnergy, operates and maintains NG’s nuclear generating facilities. FES purchases the entire output of the generation facilities owned by FG and NG, as well as the output relating to leasehold interests of OE and TE in certain of those facilities that are subject to sale and leaseback arrangements with non-affiliates.

AE Supply provides energy-related products and services to wholesale and retail customers. AE Supply also owns and operates fossil generating facilities and purchases and sells energy and energy-related commodities. AGC is owned approximately 59% by AE Supply and approximately 41% by MP. AGC’s sole asset is a 40% interest in the Bath County, Virginia pumped-storage hydroelectric generation facility and its connecting transmission facilities. AGC provides the generation capacity from this facility to AE Supply and MP. FESC provides legal, financial and other corporate support services to affiliated FirstEnergy companies.

Company Address

FirstEnergy Corp

AKRON   OH   44308-1890
P: +1330.7617837

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