FirstEnergy Corp. is an American electric utility holding company headquartered in Akron, Ohio. It was founded in 1997 as a result of the merger between Ohio Edison Company and Centerior Energy Corporation. The company operates in six states: Ohio, Pennsylvania, West Virginia, New Jersey, New York, and Maryland. Its subsidiaries generate, transmit, and distribute electricity to over six million customers. The company is also involved in energy management, procurement, and energy efficiency services.
FirstEnergy went public in 1997 and is listed on the New York Stock Exchange (NYSE) under the ticker symbol FE. The company has a market capitalization of around $24 billion, as of May 2023, making it one of the largest investor-owned electric utilities in the United States. The stock has historically paid a dividend to its shareholders, and it is considered a relatively safe and stable investment due to its regulated nature.
The company operates through its regulated utility subsidiaries, which include Ohio Edison, Cleveland Electric Illuminating Company, and Toledo Edison in Ohio; Pennsylvania Power Company and Metropolitan Edison Company in Pennsylvania; and Jersey Central Power & Light in New Jersey. In addition to its regulated utilities, FirstEnergy also has a non-regulated subsidiary, FirstEnergy Solutions, which is responsible for generating electricity from non-regulated sources such as nuclear, coal, and natural gas.
FirstEnergy is committed to investing in renewable energy and has set a goal to achieve net-zero carbon emissions by 2050. The company has made investments in wind and solar projects and has retired coal-fired power plants to reduce its carbon footprint. In 2022, FirstEnergy announced plans to invest $1.8 billion in clean energy projects over the next three years, including wind and solar generation, battery storage, and electric vehicle infrastructure.