What changed in this filing

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Item 1. Business

2022-02-16 compared with 2021-02-18 · 104 added, 100 removed, 165 unchanged (55% of the section changed)

1 unchanged sentence

FE and its subsidiaries are principally involved in the transmission, distribution, and generation of electricity.

FirstEnergy’s ten utility operating companies comprise one of the nation’s largest investor-owned electric systems, based on serving over 6 million customers in the Midwest and Mid-Atlantic regions.

FirstEnergy’s transmission operations include approximately 24,500 miles of lines and two regional transmission operation centers.

AGC, JCP&L and MP control 3,790 MWs of total capacity, 210 MWs of which is related to the Yards Creek generating plant that is being sold pursuant to an asset purchase agreement as further discussed below.

FirstEnergy’s ten utility operating companies comprise one of the nation’s largest investor-owned electric systems, based on serving over six million customers in the Midwest and Mid-Atlantic regions.

FirstEnergy’s transmission operations include over 24,000 miles of transmission lines and two regional transmission operation centers.

AGC and MP control 3,580 MWs of total capacity.

FirstEnergy’s revenues are primarily derived from electric service provided by the Utilities and Transmission Companies.

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The area it serves has a population of approximately 2.7 million.

JCP&L also has a 50% ownership interest (210 MWs) in the Yards Creek hydroelectric generating facility.

ME owns property and does business as an electric public utility in Pennsylvania.

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On February 10, 2021, PN entered into an agreement to transfer its customers and the related assets in Waverly, New York to Tri-County Rural Electric Cooperative;

the completion of such transfer is subject to several closing conditions including regulatory approval.

the completion of such transfer is subject to several closing conditions including regulatory approval, but is expected to have an immaterial impact to FirstEnergy's financial statements.

PE owns property and does business as an electric public utility in Maryland, Virginia, and West Virginia.

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Regulated Transmission Operating Subsidiaries

ATSI owns high-voltage transmission facilities, which consist of approximately 7,890 circuit miles of transmission lines with nominal voltages of 345 kV, 138 kV and 69 kV in the PJM Region, particularly Ohio and Pennsylvania.

TrAIL owns high-voltage transmission facilities in the PJM Region and has several transmission facilities in operation, including a 500 kV transmission line extending approximately 150 miles from southwestern Pennsylvania through West Virginia to a point of interconnection with VEPCO in northern Virginia.

MAIT owns high-voltage transmission facilities, which consist of approximately 4,260 circuit miles of transmission lines with nominal voltages of 500 kV, 345 kV, 230 kV, 138 kV, 115 kV, 69 kV and 46 kV in the PJM Region, particularly Pennsylvania.

ATSI owns high-voltage transmission facilities in PJM, which consist of approximately 7,900 circuit miles of transmission lines with nominal voltages of 345 kV, 138 kV and 69 kV in Ohio and Pennsylvania.

TrAIL owns high-voltage transmission facilities in PJM, which consists of approximately 260 circuit miles of transmission lines, including a 500 kV transmission line extending approximately 150 miles from southwestern Pennsylvania through West Virginia to a point of interconnection with VEPCO in northern Virginia.

MAIT owns high-voltage transmission facilities in PJM, which consist of approximately 4,300 circuit miles of transmission lines with nominal voltages of 500 kV, 345 kV, 230 kV, 138 kV, 115 kV, 69 kV and 46 kV in Pennsylvania.

KATCo was formed to accommodate new transmission construction in the WP, MP and PE footprint and currently does not own or operate any transmission assets.

Service Company

FESC provides legal, financial, and other corporate support services at cost, in accordance with its cost allocation manual, to affiliated FirstEnergy companies.

In addition, pursuant to the FES Bankruptcy settlement agreement discussed below, FE extended the availability of certain shared services to the FES Debtors through June 30, 2020.

As of June 30, 2020, FirstEnergy had substantially ceased providing post-emergence services to FES Debtors under the terms of the amended and restated shared services agreement.

In connection with the FES Debtors emergence from bankruptcy, FirstEnergy entered into an amended separation agreement with the FES Debtors to implement the separation of FES Debtors and their businesses from FirstEnergy.

Legacy CES Subsidiaries

On March 31, 2018, the FES Debtors announced that, in order to facilitate an orderly financial restructuring, they filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code with the Bankruptcy Court.

In September 2018, the Bankruptcy Court approved a FES Bankruptcy settlement agreement by and among FirstEnergy, two groups of key FES creditors (collectively, the FES Key Creditor Groups), the FES Debtors and the UCC.

As of March 31, 2018, the FES Debtors were deconsolidated from FirstEnergy’s consolidated financial statements.

The FES Debtors effectuated their plan of reorganization on February 27, 2020 and emerged from bankruptcy.

As part of the FES Bankruptcy settlement agreement, discussed below, AE Supply transferred the Pleasants Power Station and related assets to a newly formed subsidiary of FG on January 30, 2020.

AE Supply will continue to provide Pleasants Power Station disposal access to the McElroy's Run impoundment facility pursuant to a separate agreement among the parties.

Substantially all of FirstEnergy’s subsidiaries’ operations that previously comprised the CES reportable operating segment, including FES, FENOC, BSPC and a portion of AE Supply (including the Pleasants Power Station), are presented as discontinued operations in FirstEnergy’s consolidated financial statements resulting from the FES Bankruptcy and actions taken as part of the strategic review to exit commodity-exposed generation and become a fully regulated utility.

Operating Segments

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The Regulated Distribution segment distributes electricity through FirstEnergy’s ten 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 controls 3,790 MWs of regulated electric generation capacity located primarily in West Virginia, Virginia and New Jersey, of which, 210 MWs are related to the Yards Creek generating station that is being sold pursuant to an asset purchase agreement as further discussed below.

This segment also controls 3,580 MWs of regulated electric generation capacity located primarily in West Virginia and Virginia.

The segment's results reflect the costs of securing and delivering electric generation from transmission facilities to customers, including the deferral and amortization of certain related costs.

As of December 31, 2020, FirstEnergy’s regulated generating portfolio consists of 3,790 MWs of capacity within the Regulated Distribution segment:

210 MWs consist of JCP&L's 50% ownership interest in the Yards Creek hydroelectric facility in New Jersey;

and 3,580 MWs consist of MP's facilities, including 487 MWs from AGC's interest in the Bath County pumped-storage hydroelectric facility in Virginia, and 11 MWs of MP's 0.49% entitlement from OVEC's generation output.

MP's other generation facilities are located in West Virginia.

The Regulated Transmission segment provides transmission infrastructure owned and operated by the Transmission Companies and certain of FirstEnergy's utilities (JCP&L, MP, PE and WP) to transmit electricity from generation sources to distribution facilities.

The segment's revenues are primarily derived from forward-looking formula rates at the Transmission Companies as well as stated transmission rates at MP, PE and WP;

although as explained in Note 14, "Regulatory Matters", effective January 1, 2021, subject to refund, MP's, PE's and WP's existing stated rates became forward-looking formula rates.

JCP&L previously had stated transmission rates, however, effective January 1, 2020, JCP&L implemented forward-looking formula rates, subject to refund, pending further hearing and settlement proceedings.

Both forward-looking formula and stated

rates recover costs that FERC determines are permitted to be recovered and provide a return on transmission capital investment.

Under forward-looking formula rates, the revenue requirement is updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on actual costs.

Revenue requirements under stated rates are calculated annually by multiplying the highest one-hour peak load in each respective transmission zone by the approved, stated rate in that zone.

The segment's revenues are primarily derived from forward-looking formula rates.

Under forward-looking formula rates, the revenue requirement is updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on actual rate base and costs.

The segment's results also reflect the net transmission expenses related to the delivery of electricity on FirstEnergy's transmission facilities.

Corporate/Other reflects corporate support costs not charged to FE's subsidiaries, including FE's retained Pension and OPEB assets and liabilities of the FES Debtors, interest expense on FE’s holding company debt and other businesses that do not constitute an operating segment.

Additionally, reconciling adjustments for the elimination of inter-segment transactions and discontinued operations are included in Corporate/Other.

As of December 31, 2020, 67 MWs of electric generating capacity, representing AE Supply's OVEC capacity entitlement, was included in continuing operations of Corporate/Other.

On November 6, 2021, FirstEnergy, along with FET, entered into the FET P&SA, with Brookfield and Brookfield Guarantors pursuant to which FET agreed to issue and sell to Brookfield at the closing, and Brookfield agreed to purchase from FET, certain newly issued membership interests of FET, such that Brookfield will own 19.9% of the issued and outstanding membership interests of FET, for a purchase price of $2.375 billion.

The transaction is subject to customary closing conditions, including approval from the FERC and review by the CFIUS.

Corporate/Other reflects corporate support and other costs not charged or attributable to the Utilities or Transmission Companies, including FE's retained Pension and OPEB assets and liabilities of the FES Debtors, interest expense on FE’s holding company debt and other businesses that do not constitute an operating segment.

Additionally, reconciling adjustments for the elimination of inter-segment transactions are included in Corporate/Other.

As of December 31, 2021, 67 MWs of electric generating capacity, representing AE Supply's OVEC capacity entitlement, is included in Corporate/Other.

As of December 31, 2021, Corporate/Other had approximately $7.9 billion of FE holding company debt.

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FirstEnergy accounts for the effects of regulation through the application of regulatory accounting to the Utilities and the Transmission Companies since their rates are established by a third-party regulator with the authority to set rates that bind customers, are cost-based and can be charged to and collected from customers.

The Utilities and the Transmission Companies recognize, as regulatory assets and regulatory liabilities, costs which FERC and the various state utility commissions, as applicable, have authorized for recovery from/return to customers in future periods or for which authorization is probable.

Without the probability of such authorization, costs currently recorded as regulatory assets and regulatory liabilities would have been charged/credited to income as incurred.

All regulatory assets and liabilities are expected to be recovered from/returned to customers.

The Utilities and the Transmission Companies recognize, as regulatory assets and regulatory liabilities, costs which FERC and the various state utility commissions, as applicable, have authorized for recovery from or return to customers in future periods or for which authorization is probable.

Without the probability of such authorization, costs currently recorded as regulatory assets and regulatory liabilities would have been charged or credited to income as incurred.

All regulatory assets and liabilities are expected to be recovered from or returned to customers.

Based on current ratemaking procedures, the Utilities and the Transmission Companies continue to collect cost-based rates for their transmission and distribution services;

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West Virginia Settled (2)

(1) Actual ROE based upon trailing twelve months ended December 31, 2020;

assumes actual rate base for distribution assets only (except in West Virginia) and reflects state regulatory adjustments.

(1) Actual ROE is based on methodology used in last distribution rate case and/or quarterly earnings reports, as applicable.

Rate base is for distribution assets only (except West Virginia) and reflects the actual capital structure for Pennsylvania, West Virginia and Maryland, and the allowed capital structure for Ohio.

Actual ROEs reflect actual revenue (not weather normalized) and historical results should not be relied upon to estimate the outcome of future rate cases as regulatory assumptions may vary.

(2) Commission-approved settlement agreements did not disclose ROE rates.

(3) On October 28, 2020, the NJBPU approved JCP&L's distribution rate case settlement with an allowed ROE of 9.6%.

Rates are effective for customers on November 1, 2021.

Rates were effective for customers on November 1, 2021.

See "Outlook - State Regulation" in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information and discussion.

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See "Outlook - FERC Regulatory Matters" in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information and discussion.

Nuclear Regulation

See "Outlook - Other Legal Matters - Nuclear Plant Matters" in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information and discussion.

Environmental Matters

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Capital Requirements

FirstEnergy’s business is capital intensive, requiring significant resources to fund operating expenses, construction expenditures, scheduled debt maturities and interest payments, dividend payments, and contributions to its pension plan.

FirstEnergy’s business is capital intensive, requiring significant resources to fund operating expenses, construction and other investment expenditures, scheduled debt maturities and interest payments, dividend payments, and potential contributions to its pension plan.

See "Capital Resources and Liquidity" in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information and discussion.

MP currently has coal contracts with various terms to acquire approximately 5.5 million tons of coal for the year 2021, which is approximately 90% of its forecasted 2021 coal requirements.

This contracted coal is produced primarily from mines located in Pennsylvania and West Virginia.

FirstEnergy has experienced supply chain challenges during the COVID-19 pandemic.

Lead times have increased across numerous material categories, with some as much as doubling from previous times.

Some key suppliers have struggled with labor shortages and raw material availability, which along with inflationary pressure, have increased the costs of certain materials, equipment and contractors.

FirstEnergy continues to monitor supply chain risk as it anticipates these challenges continuing into 2022 and is mitigating these risks by:

• Establishing a cross-functional team to forecast potential impacts to operations and programs;

• Expanding supply base to increase resiliency;

• Enhancing the demand management and material reservation process;

• Evaluating substitute products, reserving production capacity, and buying ahead in targeted categories;

• Staying updated by participating in discussions with other utilities through EEI, which has a long history of mutual assistance in the electric utility industry.

Default Service

Certain of the Utilities have default service obligations to provide power to non-shopping customers who have elected to continue to receive service under regulated retail tariffs.

The volume of these sales can vary depending on the level of shopping that occurs and these default service plans vary by state and by service territory.

JCP&L’s default service, or BGS supply, is secured through a statewide competitive procurement process approved by the NJBPU.

Default service for the Ohio Companies, Pennsylvania Companies and PE's Maryland jurisdiction are provided through a competitive procurement process approved by the PUCO (under ESP IV), PPUC (under the DSP) and MDPSC (under the SOS), respectively.

If any supplier fails to deliver

power to any one of those Utilities’ service areas, the Utility serving that area may need to procure the required power in the market in their role as the default LSE.

West Virginia electric generation continues to be regulated by the WVPSC.

MP currently has coal contracts with various terms to purchase approximately 7.9 million tons of coal for the year 2022, which fulfills its forecasted 2022 coal requirements.

This contracted coal is produced primarily from mines located in Pennsylvania, Illinois and West Virginia.

The contracts expire at various times through 2025.

See "Outlook - Environmental Matters" in Item 7.

"Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information pertaining to the impact of increased environmental regulations on coal supply.

See "Outlook - Environmental Matters" in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information pertaining to the impact of increased environmental regulations on coal supply.

System Demand

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System Demand 2021 2020 2019

OE 5,598 5,494 5,604

Penn 889 946 950

CEI 4,055 4,253 4,188

TE 2,265 2,787 2,367

JCP&L 6,170 5,902 6,056

ME 3,072 2,976 2,974

PN 2,908 3,020 2,993

MP 2,158 2,114 2,121

OE 5,504 5,598 5,494

PE 2,924 2,905 3,609

Penn 971 889 946

PN 2,898 2,908 3,020

TE 2,190 2,265 2,787

WP 3,940 3,827 4,012

Certain of the Utilities have default service obligations to provide power to non-shopping customers who have elected to continue to receive service under regulated retail tariffs.

The volume of these sales can vary depending on the level of shopping that occurs.

Supply plans vary by state and by service territory.

JCP&L’s default service, or BGS supply, is secured through a statewide competitive procurement process approved by the NJBPU.

If any supplier fails to deliver power to any one of those Utilities’ service areas, the Utility serving that area may need to procure the required power in the market in their role as the default LSE.

West Virginia electric generation continues to be regulated by the WVPSC.

Regional Reliability

All of FirstEnergy's facilities are located within the PJM Region and operate under the reliability oversight of a regional entity known as RFC.

All of FirstEnergy's facilities are located within PJM and operate under the reliability oversight of a regional entity known as RFC.

This regional entity operates under the oversight of NERC in accordance with a delegation agreement approved by FERC.

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This could result in additional competition to build transmission facilities in the Regulated Transmission segment’s service territories while also allowing the Regulated Transmission segment the opportunity to seek to build facilities in non-incumbent service territories.

The sale of electric power is generally a seasonal business, and weather patterns can have a material impact on FirstEnergy’s operating results.

The sale of electric power is generally a seasonal business, and weather patterns can have a material impact on FirstEnergy’s Regulated Distribution segment operating results.

Demand for electricity in our service territories historically peaks during the summer and winter months.

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FirstEnergy focuses on a number of human capital resources, measures, and objectives in managing its business, including:

safety, diversity and inclusion, employee development, and compensation and benefits.

safety, diversity, equity and inclusion, employee development, and compensation and benefits.

Collectively, these focus areas may be material to understanding its business under certain circumstances.

Employees and Collective Bargaining Agreements

As of December 31, 2020, FirstEnergy had 12,153 employees located in the United States as follows:

As of December 31, 2021, FirstEnergy had 12,395 employees, all of whom were located in the United States as follows:

Employees Bargaining

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There are 15 CBAs between FirstEnergy’s subsidiaries and its unions, which have three, four or five- year terms.

In 2020, FirstEnergy’s subsidiaries reached new agreements with 3 UWUA locals, covering 550 employees, and 1 OPEIU local, covering 77 employees.

In 2021, FirstEnergy’s subsidiaries reached new agreements with 4 IBEW locals, covering 1,960 employees, and 1 UWA local, covering 660 employees.

Safety is a core value of FirstEnergy.

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This shift in focus strengthens FirstEnergy’s safety-first culture by aligning our leadership around the same goal and driving safer decisions from an engaged workforce who puts safety first.

To support that shift, FirstEnergy is transitioning from leader and employee training and exposure control concepts to a safety management system that cultivates job site exposure identification and mitigation to prevent life-changing events.

To support that shift, FirstEnergy continues to embed its "Leading with Safety" learnings and experiences obtained during its 2020 and 2021 Safety Transformation.

FirstEnergy continues to enhance and reinforce leader and employee safety training and exposure control concepts to improve job site exposure identification, communication and mitigation to prevent life changing events.

Further, FirstEnergy continues to expand its “Leading with Safety” experiences with its employees to achieve excellence in personal, contractor and public safety.

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and ultimately safely return employees to work.

FirstEnergy continues to implement state health directives as they emerge and adjusts its procedures as needed to continue to keep its employees safe.

Diversity and Inclusion

FirstEnergy seeks to expand the diversity of its team and create an inclusive workplace where employees feel valued, motivated and empowered to drive FirstEnergy’s success.

Diversity and inclusion metrics are included in FirstEnergy’s annual incentive compensation program to emphasize that a diverse and inclusive work environment at FirstEnergy drives better service for customers, strong operational performance, innovation and a rewarding work experience for its employees.

Affirmative steps taken at FirstEnergy to promote the core value of diversity and inclusion includes:

• FirstEnergy sponsors an executive diversity and inclusion council consisting of senior management and other leaders across the company.

• A cross-functional working group oversees the development and implementation of diversity and inclusion action plans company-wide.

• Additional teams of employees are embedded throughout FirstEnergy to implement local actions supporting diversity and inclusion.

• FirstEnergy’s employees have established multiple employee business resource groups, known as "EBRGs," to further support diversity and inclusion objectives through networking, mentoring, coaching, recruiting, development and community outreach.

• Employees are provided ongoing training and education on a variety of diversity and inclusion topics.

FirstEnergy continues to comply with Federal laws and state health directives as they emerge and adjusts its procedures as needed to continue to keep its employees safe.

Diversity, Equity and Inclusion

Diversity, equity and inclusion is a core value, as well as a corporate objective because a diverse, equitable and inclusive work environment delivers better service to customers, strong operational performance, innovation, and a safe, rewarding work experience for employees.

FirstEnergy is focused on building a diverse workforce for the future, advancing a culture of equity, inclusion and belonging, and enhancing our diversity focus with our customers, in our communities and with our suppliers.

Affirmative steps taken at FirstEnergy to promote the core value of diversity, equity and inclusion include:

• FirstEnergy sponsors an executive diversity, equity and inclusion council consisting of senior management and other leaders across the company;

• Holding an annual “Diversity, Equity & Inclusion Employee Survey” to capture employees’ perspectives on FirstEnergy’s efforts in this area, and where the results are discussed with employees in order to drive initiatives and action plans for improvement.

This includes establishing:

◦ a cross-functional working group to oversee the development and implementation of diversity, equity and inclusion action plans company-wide;

◦ additional teams of employees embedded throughout FirstEnergy to implement local actions supporting diversity, equity and inclusion;

• FirstEnergy’s employees have established multiple employee business resource groups, known as "EBRGs," to further support diversity, equity and inclusion objectives through networking, mentoring, coaching, recruiting, development and community outreach;

• Employees are provided ongoing training and education on a variety of diversity, equity and inclusion topics;

• Enhanced transparency of diversity, equity and inclusion data, talent processes and measurement of progress;

• FirstEnergy has enhanced the recruiting processes to increase the number of diverse candidates considered for open positions and expand the diversity of teams interviewing those candidates.

These enhancements include:

◦ expanded relationship building with key diverse professional organizations, colleges and universities;

◦ a more strategic approach to proactive talent sourcing that ensures increased diversity of candidate slates presented to hiring managers;

◦ expanded diversity of teams interviewing those candidates.

• Increase leadership accountability by including diversity, equity and inclusion metrics in FirstEnergy’s annual incentive compensation program.

Employee Development

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Understanding FirstEnergy’s rapidly changing industry and strategy is key to employees’ ability to support FirstEnergy’s mission and meet its customers’ evolving needs.

In 2020, FirstEnergy launched FE University as an initiative to brand and create synergies among FirstEnergy’s many employee development and training initiatives.

Key FirstEnergy development programs include:

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• new supervisor and manager program;

• experienced leader program, and

• experienced leader program;

• aspiring leader program;

• external partnership with the Center for Creative Leadership for senior and executive leadership development,

• "Educate to Elevate," which provides access to post-secondary education and a path to an Associate’s and Bachelor’s degrees for employees;

• Power Systems Institute, an award-winning program for recruiting and developing the next generation of highly trained, dedicated and motivated line and substation workers.

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The base pay program is designed to provide individual base pay levels that balance an employee’s value to FirstEnergy with comparable jobs at peer companies.

FirstEnergy is committed to ensuring that our internal policies and processes support pay equity.

The annual incentive compensation program is designed to reward the achievement of near-term

corporate and business unit objectives.

Additionally, FirstEnergy’s long-term incentive compensation program is designed to reward eligible employees for FirstEnergy’s achievement of longer-term goals intended to drive shareholder value and growth.

FirstEnergy is committed to ensuring that our internal policies and processes support pay equity, which was confirmed in a third-party review of our practices in 2019.

The annual incentive compensation program is designed to reward the achievement of near-term corporate and business unit objectives.

Additionally, FirstEnergy’s long-term incentive compensation program is designed to reward eligible executives for FirstEnergy’s achievement of longer-term goals intended to drive shareholder value and growth.

In addition to base pay and incentive compensation plans, FirstEnergy offers a comprehensive benefits program, including a 401(k) Savings Plan and a defined benefit Pension Plan.

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Name Age Positions Held During Past Five Years Dates

Strah 57 President and Acting Chief Executive Officer (A) (B) 2020-Present

Somerhalder II 66 Vice Chair and Executive Director (A) 2021-Present

CenterPoint Energy Inc, Interim President & Chief Executive Officer 2020

Colonial Pipeline Co, Interim President & Chief Executive Officer 2017

Strah 58 President and Chief Executive Officer (A) (B) 2021-Present

President and Acting Chief Executive Officer (A) (B) 2020-2021

Senior Vice President and Chief Financial Officer (A) (B) (C) (E) 2018-2020

President (D) 2017-2018

President (E) 2016-2018

President (C) (E) *-2018

Senior Vice President & President, FirstEnergy Utilities (B) *-2018

President (C) *-2018

Belcher 53 Senior Vice President, Operations (B) 2021-Present

President (C) (E) 2018-Present

Senior Vice President and President, FirstEnergy Utilities (B) 2018-2021

President and Chief Nuclear Officer (G) *-2018

President, FirstEnergy Nuclear Operating Company (B) *-2017

Park 60 Senior Vice President and Chief Legal Officer (A) 2021-Present

Senior Vice President and General Counsel (C) (D) (E) 2021-Present

LimNexus, Partner and General Counsel 2019-2021

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PG&E Corporation, Senior Vice President and Special Counsel to Chairman

Senior Vice President and General Counsel *-2017

Jon Taylor 47 Senior Vice President and Chief Financial Officer (A) (B) (C) (E) 2020-Present

PG&E Corporation, Senior Vice President and General Counsel

Jon Taylor 48 Senior Vice President, Chief Financial Officer and Strategy (A) (B) 2021-Present

Senior Vice President and Chief Financial Officer (C) (E) 2020-Present

Senior Vice President and Chief Financial Officer (A) (B) 2020-2021

Vice President, Utility Operations (B) 2019-2020

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Vice President and Controller (E) 2016-2018

Vice President and Controller (C) *-2018

Vice President and Controller (C) (E) *-2018

Vice President, Controller and Chief Accounting Officer (A) (B) *-2018

Vice President and Controller (D) (G) *-2017

Vice President and Controller (F) *-2016

Walker 55 Senior Vice President and Chief Human Resources Officer (B) 2019-present

Vice President, Human Resources (B) 2018-2019

Executive Director, Talent Management (B) 2016-2018

Benz 61 Senior Vice President, Strategy (B) *-present

Lisowski 40 Vice President, Controller and Chief Accounting Officer (A) (B) 2018-Present

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Controller and Treasurer (F) *-2018

Assistant Controller (E) 2016-2017

Assistant Controller (A) (B) (C) (D) (F) (G) *-2017

Belcher 52 Senior Vice President and President, FirstEnergy Utilities (B) 2018-present

President (C) (E) 2018-present

President and Chief Nuclear Officer (G) *-2018

President, FirstEnergy Nuclear Operating Company (B) *-2017

Assistant Controller (B) (C) (D) (E) (G) *-2017

Walker 56 Senior Vice President and Chief Human Resources Officer (B) 2019-Present

Vice President, Human Resources (B) 2018-2019

Executive Director, Talent Management (B) *-2018

* Indicates position held at least since January 1, 2017

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FirstEnergy Website and Other Social Media Sites and Applications

FirstEnergy's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, and all other documents filed with or furnished to the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available free of charge on or through the "Investors" page of FirstEnergy’s website at www.firstenergycorp.com.

FirstEnergy's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, and all other documents filed with or furnished to the SEC pursuant to Section 13(a) of the Exchange Act are made available free of charge on or through the "Investors" page of FirstEnergy’s website at www.firstenergycorp.com.

These documents are also available to the public from commercial document retrieval services and the website maintained by the SEC at www.sec.gov.

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Investors may be notified of postings to the website by signing up for email alerts and RSS feeds on the "Investors" page of FirstEnergy's website.

FirstEnergy also uses Twitter® and Facebook® as additional channels of distribution to reach public investors and as a supplemental means of disclosing material non-public information for complying with its disclosure obligations under Regulation FD.

FirstEnergy also uses Twitter® and Facebook® as additional channels of distribution to reach public investors and as a supplemental means of

disclosing material non-public information for complying with its disclosure obligations under Regulation FD.

Information contained on FirstEnergy’s website, Twitter® handle or Facebook® page, and any corresponding applications of those sites, shall not be deemed incorporated into, or to be part of, this report.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business