FirstEnergy (FE) 10-Q 22 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	333-21011
Entity Registrant Name	FIRSTENERGY CORP
Entity Incorporation, State or Country Code	OH
Entity Address, Address Line One	76 South Main Street
Entity Address, City or Town	Akron
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44308
City Area Code	(800)
Local Phone Number	736-3402
Entity Tax Identification Number	34-1843785
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	FE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding	543,900,432
Amendment Flag	false
Entity Central Index Key	0001031296
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Total revenues	[1]	$ 2,726	$ 2,709
OPERATING EXPENSES:
Fuel		118	98
Purchased power		718	694
Other operating expenses		752	749
Provision for depreciation		323	317
Amortization of regulatory assets, net		92	52
General taxes		273	267
Gain on sale of Yards Creek		(109)	0
Total operating expenses		2,167	2,177
OPERATING INCOME		559	532
OTHER INCOME (EXPENSE):
Miscellaneous income, net		135	100
Pension and OPEB mark-to-market adjustment (Note 5)		0	(423)
Interest expense		(285)	(263)
Capitalized financing costs		13	18
Total other expense		(137)	(568)
INCOME (LOSS) BEFORE INCOME TAXES (BENEFITS)		422	(36)
INCOME TAXES (BENEFITS)		87	(60)
INCOME FROM CONTINUING OPERATIONS		335	24
Discontinued operations (Note 3)	[2]	0	50
NET INCOME		$ 335	$ 74
EARNINGS PER SHARE OF COMMON STOCK (Note 4):
Basic - Continuing Operations (in dollars per share)		$ 0.62	$ 0.05
Basic - Discontinued Operations (in dollars per share)		0	0.09
Basic - Net Income Attributable to Common Stockholders (in dollars per share)		0.62	0.14
Diluted - Continuing Operations (in dollars per share)		0.62	0.05
Diluted - Discontinued Operations (in dollars per share)		0	0.09
Diluted - Net Income Attributable to Common Stockholders (in dollars per share)		$ 0.62	$ 0.14
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic, in shares		543	541
Diluted, in shares		544	543
Distribution Services and Retail Generation
REVENUES:
Total revenues		$ 2,236	$ 2,124
Transmission
REVENUES:
Total revenues		401	397
Other
REVENUES:
Total revenues		$ 89	$ 188
[1]	Includes excise and gross receipts tax collections of $95 million and $92 million during the three months ended March 31, 2021 and 2020, respectively.
[2]	Net of income tax benefits of $36 million for the three months ended March 31, 2020.

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Excise taxes collected	$ 95	$ 92
Income tax expense		$ 36

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 335	$ 74
OTHER COMPREHENSIVE LOSS:
Pension and OPEB prior service costs	(3)	(23)
Other comprehensive loss	(3)	(23)
Income tax benefits on other comprehensive loss	(1)	(5)
Other comprehensive loss, net of tax	(2)	(18)
COMPREHENSIVE INCOME	$ 333	$ 56

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 1,281	$ 1,734
Restricted cash	45	67
Receivables-
Other, net of allowance for uncollectible accounts of $15 in 2021 and $26 in 2020	247	236
Materials and supplies, at average cost	303	317
Prepaid taxes and other	281	157
Total current assets	3,188	3,714
PROPERTY, PLANT AND EQUIPMENT:
In service	44,143	43,654
Less — Accumulated provision for depreciation	12,143	11,938
Property, plant and equipment in service net of accumulated provision for depreciation	32,000	31,716
Construction work in progress	1,640	1,578
Total net property, plant and equipment	33,640	33,294
PROPERTY, PLANT AND EQUIPMENT, NET - HELD FOR SALE (NOTE 8)	0	45
INVESTMENTS AND OTHER NONCURRENT ASSETS:
Goodwill	5,618	5,618
Investments (Note 7)	606	605
Regulatory assets	91	82
Other	974	1,106
Total deferred charges and other assets	7,289	7,411
Total assets	44,117	44,464
CURRENT LIABILITIES:
Currently payable long-term debt	539	146
Short-term borrowings	1,450	2,200
Accounts payable	870	827
Accrued interest	289	282
Accrued taxes	637	640
Accrued compensation and benefits	284	349
Other	555	560
Total current liabilities	4,624	5,004
Stockholders’ equity-
Common stock	54	54
Other paid-in capital	9,866	10,076
Accumulated other comprehensive loss	(7)	(5)
Accumulated deficit	(2,553)	(2,888)
Total stockholders’ equity	7,360	7,237
Long-term debt and other long-term obligations	22,204	22,131
Total capitalization	29,564	29,368
NONCURRENT LIABILITIES:
Accumulated deferred income taxes	3,203	3,095
Retirement benefits	3,274	3,345
Regulatory liabilities	1,959	1,826
Other	1,493	1,826
Total noncurrent liabilities	9,929	10,092
COMMITMENTS, GUARANTEES AND CONTINGENCIES (Note 9)
Total liabilities and capitalization	44,117	44,464
Customer
Receivables-
Customers	1,192	1,367
Less — Allowance for uncollectible customer receivables	161	164
Customers	1,031	1,203
Other Receivables
Receivables-
Less — Allowance for uncollectible customer receivables	$ 15	$ 26

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Stockholders’ equity-
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares outstanding (in shares)	543,900,432	543,117,533
Other
Receivables-
Allowance for uncollectible accounts	$ 15	$ 26

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	OPIC	AOCI	Accumulated Deficit
Beginning balance, (in shares) at Dec. 31, 2019		541,000,000
Beginning balance at Dec. 31, 2019	$ 6,975	$ 54	$ 10,868	$ 20	$ (3,967)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	74				74
Other comprehensive loss, net of tax	(18)			(18)
Stock Investment Plan and share-based benefit plans (in shares)		1,000,000
Stock Investment Plan and share-based benefit plans	(6)		(6)
Cash dividends declared on common stock	(211)		(211)
Ending balance (in shares) at Mar. 31, 2020		542,000,000
Ending balance at Mar. 31, 2020	$ 6,814	$ 54	10,651	2	(3,893)
Beginning balance, (in shares) at Dec. 31, 2020	543,117,533	543,000,000
Beginning balance at Dec. 31, 2020	$ 7,237	$ 54	10,076	(5)	(2,888)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	335				335
Other comprehensive loss, net of tax	(2)			(2)
Stock Investment Plan and share-based benefit plans (in shares)		1,000,000
Share-based benefit plans	2		2
Cash dividends declared on common stock	$ (212)		(212)
Ending balance (in shares) at Mar. 31, 2021	543,900,432	544,000,000
Ending balance at Mar. 31, 2021	$ 7,360	$ 54	$ 9,866	$ (7)	$ (2,553)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.39	$ 0.39

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 335	$ 74
Adjustments to reconcile net income to net cash from operating activities-
Depreciation and amortization	454	295
Deferred income taxes and investment tax credits, net	82	(78)
Retirement benefits, net of payments	(105)	(66)
Pension and OPEB mark-to-market adjustment	0	423
Settlement agreement and tax sharing payments to the FES Debtors	0	(978)
Gain on sale of Yards Creek	(109)	0
Gain on disposal, net of tax (Note 3)	0	(50)
Changes in current assets and liabilities-
Receivables	161	51
Materials and supplies	14	0
Prepaid taxes and other	(121)	(125)
Accounts payable	43	(66)
Accrued taxes	(127)	(37)
Accrued interest	7	29
Accrued compensation and benefits	(129)	(61)
Other current liabilities	(7)	1
Other	35	28
Net cash provided from (used for) operating activities	533	(560)
New financing-
Long-term debt	500	2,000
Redemptions and repayments-
Long-term debt	(29)	(778)
Short-term borrowings, net	(750)	(250)
Common stock dividend payments	(212)	(211)
Other	(18)	(36)
Net cash provided from (used for) financing activities	(509)	725
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions	(604)	(616)
Proceeds from sale of Yards Creek	155	0
Sales of investment securities held in trusts	5	13
Purchases of investment securities held in trusts	(7)	(18)
Asset removal costs	(47)	(43)
Other	(1)	5
Net cash used for investing activities	(499)	(659)
Net change in cash, cash equivalents, and restricted cash	(475)	(494)
Cash, cash equivalents, and restricted cash at beginning of period	1,801	679
Cash, cash equivalents, and restricted cash at end of period	$ 1,326	$ 185

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Unless otherwise indicated, defined terms and abbreviations used herein have the meanings set forth in the accompanying Glossary of Terms. FE was incorporated under Ohio law in 1996. FE’s principal business is the holding, directly or indirectly, of all of the outstanding equity of its principal subsidiaries: OE, CEI, TE, Penn (a wholly owned subsidiary of OE), JCP&L, ME, PN, FESC, MP, AGC (a wholly owned subsidiary of MP), PE, WP, and FET and its principal subsidiaries (ATSI, MAIT and TrAIL). In addition, FE holds all of the outstanding equity of other direct subsidiaries including: AE Supply, FirstEnergy Properties, Inc., FEV, FirstEnergy License Holding Company, GPUN, Allegheny Ventures, Inc., and Suvon, LLC doing business as both FirstEnergy Home and FirstEnergy Advisors. 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 six million customers in the Midwest and Mid-Atlantic regions. FirstEnergy’s transmission operations include approximately 24,000 miles of lines and two regional transmission operation centers. AGC and MP control 3,580 MWs of total capacity. PN, as lessee of the property of its subsidiary, the Waverly Electric Light & Power Company, serves approximately 4,000 customers in the Waverly, New York vicinity. 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. These interim financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2020. FE and its subsidiaries follow GAAP and comply with the related regulations, orders, policies and practices prescribed by the SEC, FERC, and, as applicable, the PUCO, the PPUC, the MDPSC, the NYPSC, the WVPSC, the VSCC and the NJBPU. The accompanying interim financial statements are unaudited, but reflect all adjustments, consisting of normal recurring adjustments, that, in the opinion of management, are necessary for a fair statement of the financial statements. The preparation of financial statements in conformity with GAAP requires management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The reported results of operations are not necessarily indicative of results of operations for any future period. FE and its subsidiaries have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. FE and its subsidiaries consolidate all majority-owned subsidiaries over which they exercise control and, when applicable, entities for which they have a controlling financial interest. Intercompany transactions and balances are eliminated in consolidation as appropriate and permitted pursuant to GAAP. FE and its subsidiaries consolidate a VIE when it is determined that it is the primary beneficiary. Investments in affiliates over which FE and its subsidiaries have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an investment in the Consolidated Balance Sheets and the percentage of FE’s ownership share of the entity’s earnings is reported in the Consolidated Statements of Income and Comprehensive Income. Certain prior year amounts have been reclassified to conform to the current year presentation. Capitalized Financing Costs For each of the three months ended March 31, 2021 and 2020, capitalized financing costs on FirstEnergy’s Consolidated Statements of Income include $7 million and $11 million, respectively, of allowance for equity funds used during construction and $6 million and $7 million, respectively, of capitalized interest. COVID-19 The outbreak of COVID-19 is a global pandemic. FirstEnergy is continuously evaluating the global pandemic and taking steps to mitigate known risks. FirstEnergy is actively monitoring the continued impact COVID-19 is having on its customers’ receivable balances, which include increasing arrears balances since the pandemic has begun. FirstEnergy has incurred, and it is expected to incur for the foreseeable future, COVID-19 pandemic related expenses. COVID-19 related expenses consist of additional costs that FirstEnergy is incurring to protect its employees, contractors and customers, and to support social distancing requirements. These costs include, but are not limited to, new or added benefits provided to employees, the purchase of additional personal protection equipment and disinfecting supplies, additional facility cleaning services, initiated programs and communications to customers on utility response, and increased technology expenses to support remote working, where possible. The full impact on FirstEnergy’s business from the COVID-19 pandemic, including the governmental and regulatory responses, is unknown at this time and difficult to predict. FirstEnergy provides a critical and essential service to its customers and the health and safety of its employees, contractors and customers is its first priority. FirstEnergy is continuously monitoring its supply chain and is working closely with essential vendors to understand the continued impact the COVID-19 pandemic is having on its business, however, FirstEnergy does not currently expect disruptions in its ability to deliver service to customers or any material impact on its capital spending plan. FirstEnergy continues to effectively manage operations during the pandemic in order to provide critical service to customers and believes it is well positioned to manage through the economic slowdown. FirstEnergy Distribution and Transmission revenues benefit from geographic and economic diversity across a five-state service territory, which also allows for flexibility with capital investments and measures to maintain sufficient liquidity over the next twelve months. However, the situation remains fluid and future impacts to FirstEnergy that are presently unknown or unanticipated may occur. Furthermore, the likelihood of an impact to FirstEnergy, and the severity of any impact that does occur, could increase the longer the global pandemic persists. Customer Receivables Receivables from customers include distribution services and retail generation sales to residential, commercial and industrial customers of the Utilities. The allowance for uncollectible customer receivables is based on historical loss information comprised of a rolling 36-month average net write-off percentage of revenues, in conjunction with a qualitative assessment of elements that impact the collectability of receivables to determine if allowances for uncollectible accounts should be further adjusted in accordance with the accounting guidance for credit losses. FirstEnergy reviews its allowance for uncollectible customer receivables utilizing a quantitative and qualitative assessment. Management contemplates available current information such as changes in economic factors, regulatory matters, industry trends, customer credit factors, amount of receivable balances that are past-due, payment options and programs available to customers, and the methods that the Utilities are able to utilize to ensure payment. This analysis includes consideration of the outbreak of COVID-19 and the impact on customer receivable balances outstanding and the ability of customers to continue payment since the pandemic began. Beginning March 13, 2020, FirstEnergy temporarily suspended customer disconnections for nonpayment and ceased collection activities as a result of the ongoing pandemic and in accordance with state regulatory requirements. The temporary suspension of disconnections for nonpayment and ceasing of collection activities extended into the fourth quarter of 2020, but resumed for most customers before the end of 2020. Customers are subject to each state's applicable regulations on winter moratoriums for residential customers, which begin as early as November 1, 2020, and were in effect until April 15, 2021. During the first quarter of 2021, FirstEnergy reviewed its allowance for uncollectible customer receivables based on this qualitative assessment and has experienced a reduction in customer accounts that are past due by greater than 30 days since the end of 2020. Additionally, customer accounts in arrears grew at a slower percentage in the first quarter of 2021, than quarters subsequent to the start of the COVID-19 pandemic in 2020. Furthermore, other factors were also considered in the quarterly analysis, such as the federal and certain state funding being made available to customers to assist with past due utility bills, additional federal economic stimulus package and the beginning of vaccine distribution. As a result of this analysis, FirstEnergy recognized no significant incremental uncollectibles expense in the first quarter of 2021. Receivables from customers also include PJM receivables resulting from transmission and wholesale sales. FirstEnergy’s credit risk on PJM receivables is reduced due to the nature of PJM’s settlement process whereby members of PJM legally agree to share the cost of defaults and as a result there is no allowance for doubtful accounts. Activity in the allowance for uncollectible accounts on customer receivables for the three months ended March 31, 2021 and for the year ended December 31, 2020 are as follows: (In millions) Balance, January 1, 2020 $ 46 Charged to income (1) 174 Charged to other accounts (2) 46 Write-offs (102) Balance, December 31, 2020 $ 164 Charged to income 5 Charged to other accounts (2) 11 Write-offs (19) Balance, March 31, 2021 $ 161 (1) $103 million of which was deferred for future recovery in the twelve months ended December 31, 2020. (2) Represents recoveries and reinstatements of accounts written off for uncollectible accounts. Restricted Cash Restricted cash primarily relates to cash collected from JCP&L, MP, PE and the Ohio Companies’ customers that is specifically used to service debt of their respective funding companies. New Accounting Pronouncements Recently Adopted Pronouncements ASU 2019-12, " Simplifying the Accounting for Income Taxes" (Issued in December 2019): ASU 2019-12 enhances and simplifies various aspects of the income tax accounting guidance, including the elimination of certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. FirstEnergy adopted the guidance as of January 1, 2021, with no material impact to the financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE FirstEnergy accounts for revenues from contracts with customers under ASC 606, “ Revenue from Contracts with Customers. ” Revenue from leases, financial instruments, other contractual rights or obligations and other revenues that are not from contracts with customers are outside the scope of the standard and accounted for under other existing GAAP. FirstEnergy has elected to exclude sales taxes and other similar taxes collected on behalf of third parties from revenue as prescribed in the standard. As a result, tax collections and remittances are excluded from recognition in the income statement and instead recorded through the balance sheet. Excise and gross receipts taxes that are assessed on FirstEnergy are not subject to the election and are included in revenue. FirstEnergy has elected the optional invoice practical expedient for most of its revenues and utilizes the optional short-term contract exemption for transmission revenues due to the annual establishment of revenue requirements, which eliminates the need to provide certain revenue disclosures regarding unsatisfied performance obligations. FirstEnergy’s revenues are primarily derived from electric service provided by the Utilities and Transmission Companies. The following tables represent a disaggregation of revenue from contracts with customers for the three months ended March 31, 2021 and 2020, by type of service from each reportable segment: For the Three Months Ended March 31, 2021 Revenues by Type of Service Regulated Distribution Regulated Transmission Corporate/Other and Reconciling Adjustments (1) Total (In millions) Distribution services $ 1,339 $ — $ (26) $ 1,313 Retail generation 935 — (12) 923 Wholesale sales 69 — 4 73 Transmission — 401 — 401 Other 33 — — 33 Total revenues from contracts with customers $ 2,376 $ 401 $ (34) $ 2,743 ARP (2) (27) — — (27) Other non-customer revenue 21 4 (15) 10 Total revenues $ 2,370 $ 405 $ (49) $ 2,726 (1) Includes eliminations and reconciling adjustments of inter-segment revenues. (2) Reflects amount the Ohio Companies will collectively refund to customers that was previously collected under decoupling mechanisms, with interest. See Note 8, “Regulatory Matters,” for further discussion on Ohio decoupling rates. For the Three Months Ended March 31, 2020 Revenues by Type of Service Regulated Distribution Regulated Transmission Corporate/Other and Reconciling Adjustments (1) Total (In millions) Distribution services $ 1,256 $ — $ (21) $ 1,235 Retail generation 904 — (15) 889 Wholesale sales 71 — 1 72 Transmission — 397 — 397 Other 36 — — 36 Total revenues from contracts with customers $ 2,267 $ 397 $ (35) $ 2,629 ARP (2) 68 — — 68 Other non-customer revenue 23 4 (15) 12 Total revenues $ 2,358 $ 401 $ (50) $ 2,709 (1) Includes eliminations and reconciling adjustments of inter-segment revenues. (2) Reflects Ohio decoupling rates that became effective on February 1, 2020. See Note 8, “Regulatory Matters,” for further discussion on Ohio decoupling rates. Other non-customer revenue includes revenue from late payment charges of $9 million and $10 million for the three months ended March 31, 2021 and 2020, respectively. Regulated Distribution The Regulated Distribution segment distributes electricity through FirstEnergy’s ten utility operating companies and also controls 3,580 MWs of regulated electric generation capacity located primarily in West Virginia and Virginia. Each of the Utilities earns revenue from state-regulated rate tariffs under which it provides distribution services to residential, commercial and industrial customers in its service territory. The Utilities are obligated under the regulated construct to deliver power to customers reliably, as it is needed, which creates an implied monthly contract with the end-use customer. See Note 8, “Regulatory Matters,” for additional information on rate recovery mechanisms. Distribution and electric revenues are recognized over time as electricity is distributed and delivered to the customer and the customers consume the electricity immediately as delivery occurs. Retail generation sales relate to POLR, SOS, SSO and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland, as well as generation sales in West Virginia that are regulated by the WVPSC. 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 varies depending on the level of shopping that occurs. Supply plans vary by state and by service territory. Default service for the Ohio Companies, Pennsylvania Companies, JCP&L and PE’s Maryland jurisdiction are provided through a competitive procurement process approved by each state’s respective commission. Retail generation revenues are recognized over time as electricity is delivered and consumed immediately by the customer. The following table represents a disaggregation of the Regulated Distribution segment revenue from contracts with distribution service and retail generation customers for the three months ended March 31, 2021 and 2020, by class: For the Three Months Ended March 31, Revenues by Customer Class 2021 2020 (In millions) Residential $ 1,457 $ 1,319 Commercial 541 544 Industrial 258 277 Other 18 20 Total Revenues $ 2,274 $ 2,160 Wholesale sales primarily consist of generation and capacity sales into the PJM market from FirstEnergy’s regulated electric generation capacity and NUGs. Certain of the Utilities may also purchase power in the PJM markets to supply power to their customers. Generally, these power sales from generation and purchases to serve load are netted hourly and reported as either revenues or purchased power on the Consolidated Statements of Income based on whether the entity was a net seller or buyer each hour. Capacity revenues are recognized ratably over the PJM planning year at prices cleared in the annual PJM Reliability Pricing Model Base Residual Auction and Incremental Auctions. Capacity purchases and sales through PJM capacity auctions are reported within revenues on the Consolidated Statements of Income. Certain capacity income (bonuses) and charges (penalties) related to the availability of units that have cleared in the auctions are unknown and not recorded in revenue until, and unless, they occur. The Utilities’ distribution customers are metered on a cycle basis. An estimate of unbilled revenues is calculated to recognize electric service provided from the last meter reading through the end of the month. This estimate includes many factors, among which are historical customer usage, load profiles, estimated weather impacts, customer shopping activity and prices in effect for each class of customer. In each accounting period, the Utilities accrue the estimated unbilled amount as revenue and reverse the related prior period estimate. Customer payments vary by state but are generally due within 30 days. ASC 606 excludes industry-specific accounting guidance for recognizing revenue from ARPs as these programs represent contracts between the utility and its regulators, as opposed to customers. Therefore, revenue from these programs are not within the scope of ASC 606 and regulated utilities are permitted to continue to recognize such revenues in accordance with existing practice but are presented separately from revenue arising from contracts with customers. FirstEnergy had ARPs in Ohio primarily for decoupling revenue in 2020, and has reflected refunds of decoupling revenue owed to customers as reductions to ARPs in 2021. Please see Note 8, “Regulatory Matters,” for further discussion on decoupling revenues in Ohio. Regulated Transmission 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 and JCP&L, as well as stated transmission rates at, MP, PE and WP, although as further discussed in Note 8, “Regulatory Matters,” MP, PE and WP filed with FERC on October 29, 2020, to convert their existing stated transmission rates to forward-looking formula rates. These transmission rate filings were accepted by FERC on December 31, 2020, effective January 1, 2021, subject to refund, pending further hearing and settlement procedures, and were consolidated with a related formula rate filing submitted by KATCo into a single proceeding. MP, PE, WP, and KATCo are engaged in settlement negotiations with the other parties to the formula rate proceedings. Both the forward-looking formula and stated rates recover costs that the regulatory agencies determine 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. Revenues and cash receipts for the stand-ready obligation of providing transmission service are recognized ratably over time. The following table represents a disaggregation of revenue from contracts with regulated transmission customers for the three months ended March 31, 2021 and 2020, by transmission owner: For the Three Months Ended March 31, Transmission Owner 2021 2020 (In millions) ATSI $ 207 $ 204 TrAIL 59 63 MAIT 68 57 JCP&L 40 40 Other 27 33 Total Revenues $ 401 $ 397

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS FES and FENOC Chapter 11 Bankruptcy Filing 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. On February 27, 2020, the FES Debtors effectuated their plan, emerged from bankruptcy and FirstEnergy tendered the bankruptcy court approved settlement payments totaling $853 million and a $125 million tax sharing payment to the FES Debtors. By eliminating a significant portion of its competitive generation fleet with the deconsolidation of the FES Debtors, FirstEnergy has concluded the FES Debtors meet the criteria for discontinued operations, as this represents a significant event in management’s strategic review to exit commodity-exposed generation and transition to a fully regulated company. Income Taxes For U.S. federal income taxes, the FES Debtors were included in FirstEnergy’s consolidated tax return until emergence from bankruptcy on February 27, 2020. As a result of the FES Debtors’ deconsolidation, FirstEnergy recognized a worthless stock deduction for the remaining tax basis in the FES Debtors of approximately $4.9 billion, net of unrecognized tax benefits of $316 million. Tax-effected, the worthless stock deduction is approximately $1.1 billion, net of valuation allowances recorded against the state tax benefit ($80 million) and the aforementioned unrecognized tax benefits ($72 million). Additionally, the Tax Act amended Section 163(j) of the Internal Revenue Code of 1986, as amended, limiting interest expense deductions for corporations but with exemption for certain regulated utilities. Based on interpretation of subsequently issued proposed regulations, and based on the FES Debtors’ emergence from bankruptcy in 2020, FirstEnergy expects all interest expense for 2020 and future years to be fully deductible. See Note 6, “Income Taxes” for further information. Competitive Generation Asset Sales As contemplated under the FES Bankruptcy settlement agreement, on January 1, 2019, FG acquired from AE Supply, the economic interests in the 1,300 MW Pleasants Power Station, and AE Supply operated Pleasants until ownership was transferred on January 30, 2020. AE Supply continues to provide access to the McElroy's Run CCR Impoundment Facility, which was not transferred, and FE will provide guarantees for certain retained environmental liabilities of AE Supply, including the McElroy’s Run CCR Impoundment Facility. During the first quarter of 2020, FG paid AE Supply approximately $65 million of cash for related materials and supplies (at book value) and the settlement of FG’s economic interest in Pleasants. Summarized Results of Discontinued Operations Summarized results of discontinued operations for the three months ended March 31, 2021 and 2020, were as follows: For the Three Months Ended March 31, (In millions) 2021 2020 Revenues $ — $ 7 Fuel — (6) Other operating expenses — (6) Other income — 5 Income from discontinued operations, before tax — — Income tax expense — — Income from discontinued operations, net of tax — — Settlement Consideration — (4) Accelerated net pension and OPEB prior service credits — 18 Gain on Disposal of FES and FENOC, before tax — 14 Income tax benefits including worthless stock deduction — (36) Gain on disposal of FES and FENOC, net of tax — 50 Income from discontinued operations $ — $ 50 FirstEnergy’s Consolidated Statement of Cash Flows combines cash flows from discontinued operations with cash flows from continuing operations within each cash flow category. For the three months ended March 31, 2020, cash flows from operating activities includes income from discontinued operations of $50 million.

Earnings Per Share Of Common St

Earnings Per Share Of Common Stock	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE OF COMMON STOCK	EARNINGS PER SHARE OF COMMON STOCK Basic EPS available to common stockholders is computed using the weighted average number of common shares outstanding during the relevant period as the denominator. The denominator for diluted EPS of common stock reflects the weighted average of common shares outstanding plus the potential additional common shares that could result if dilutive securities and other agreements to issue common stock were exercised. Diluted EPS reflects the dilutive effect of potential common shares from share-based awards The dilutive effect of outstanding share-based awards was computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of the award would be used to purchase common stock at the average market price for the period. The following table reconciles basic and diluted EPS of common stock: For the Three Months Ended March 31, Reconciliation of Basic and Diluted EPS of Common Stock 2021 2020 (In millions, except per share amounts) EPS of Common Stock Income from continuing operations $ 335 $ 24 Discontinued operations, net of tax — 50 Income available to common stockholders $ 335 $ 74 Share count information: Weighted average number of basic shares outstanding 543 541 Assumed exercise of dilutive stock options and awards 1 2 Weighted average number of diluted shares outstanding 544 543 Income available to common stockholders, per common share: Income from continuing operations, basic $ 0.62 $ 0.05 Discontinued operations, basic — 0.09 Income available to common stockholders, basic $ 0.62 $ 0.14 Income from continuing operations, diluted $ 0.62 $ 0.05 Discontinued operations, diluted — 0.09 Income available to common stockholders, diluted $ 0.62 $ 0.14 For the three months ended March 31, 2021 and March 31, 2020, no shares from stock options and awards were excluded from the calculation of diluted shares outstanding.

Pension and Other Post-Employme

Pension and Other Post-Employment Benefits	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS	PENSION AND OTHER POST-EMPLOYMENT BENEFITS The components of the consolidated net periodic costs (credits) for pension and OPEB were as follows: Components of Net Periodic Benefit Costs (Credits) Pension OPEB For the Three Months Ended March 31, 2021 2020 2021 2020 (In millions) Service costs $ 49 $ 52 $ 1 $ 1 Interest costs 56 75 3 4 Expected return on plan assets (163) (153) (10) (8) Amortization of prior service costs (credits) (1) (2) 1 10 (4) (33) One-time termination benefit (3) — 8 — — Pension and OPEB mark-to-market adjustment — 386 — 37 Net periodic costs (credits), including amounts capitalized $ (57) $ 378 $ (10) $ 1 Net periodic costs (credits), recognized in earnings $ (78) $ 358 $ (10) $ 1 (1) 2020 includes the acceleration of $18 million in net credits as a result of the FES Debtors’ emergence during the first quarter of 2020 and is a component of discontinued operations in FirstEnergy’s Consolidated Statements of Income. (2) The income tax benefits associated with pension and OPEB prior service costs amortized out of AOCI were $1 million and $5 million as of March 31, 2021 and 2020, respectively. (3) Costs represent additional benefits provided to FES and FENOC employees under the approved settlement agreement and are a component of discontinued operations in FirstEnergy’s Consolidated Statements of Income. FirstEnergy recognizes a pension and OPEB mark-to-market adjustment for the change in fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each fiscal year and whenever a plan is determined to qualify for remeasurement. Under the approved bankruptcy settlement agreement discussed above, upon emergence, FES and FENOC employees ceased earning years of service under the FirstEnergy pension and OPEB plans. The emergence on February 27, 2020, triggered a remeasurement of the affected pension and OPEB plans and as a result, FirstEnergy recognized a non-cash, pre-tax pension and OPEB mark-to-market adjustment of approximately $423 million in the first quarter of 2020. On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021, which among other things, extended shortfall amortization periods and modification of the interest rate stabilization rules for single-employer plans thereby impacting funding requirements. As a result, under current assumptions, including an expected rate of return of 7.50%, FirstEnergy does not currently expect to have a required contribution to the pension plan. However, FirstEnergy may elect to contribute to the pension plan voluntarily. Service costs, net of capitalization, are reported within Other operating expenses on FirstEnergy’s Consolidated Statements of Income. Non-service costs, other than the pension and OPEB mark-to-market adjustment, which is separately shown, are reported within Miscellaneous income, net, within Other Income (Expense) on FirstEnergy’s Consolidated Statements of Income.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES FirstEnergy’s interim effective tax rates reflect the estimated annual effective tax rates for 2021 and 2020. These tax rates are affected by estimated annual permanent items, such as AFUDC equity and other flow-through items, as well as discrete items that may occur in any given period but are not consistent from period to period. FirstEnergy’s effective tax rate on continuing operations for the three months ended March 31, 2021 and 2020, was 20.6% and 166.7%, respectively. The change in effective tax rate was primarily due to the absence of a $52 million reduction in valuation allowances in the first quarter of 2020 from the recognition of deferred gains on prior intercompany generation asset transfers triggered by the FES Debtors’ emergence from bankruptcy and deconsolidation from FirstEnergy’s consolidated federal income tax group. See Note 3, “Discontinued Operations,” for other tax matters relating to the FES Bankruptcy that were recognized in discontinued operations. During the three months ended March 31, 2021, FirstEnergy recorded a $11 million increase in its reserve for uncertain tax positions for benefits related to certain federal tax credits. As of March 31, 2021, it is reasonably possible that within the next twelve months FirstEnergy could record a net decrease of approximately $57 million to its reserve for uncertain tax positions due to the expiration of the statute of limitations or resolution with taxing authorities, of which approximately $55 million would impact FirstEnergy’s effective tax rate. On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021. While the Act is primarily an economic stimulus package, it also, among other changes, expanded the scope of Section 162(m) of the Internal Revenue Code that limits deductions on certain executive officer compensation. FirstEnergy does not currently expect these changes to have a

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS RECURRING FAIR VALUE MEASUREMENTS Authoritative accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. The three levels of the fair value hierarchy and a description of the valuation techniques are as follows: Level 1 - Quoted prices for identical instruments in active market. Level 2 - Quoted prices for similar instruments in active market. - Quoted prices for identical or similar instruments in markets that are not active. - Model-derived valuations for which all significant inputs are observable market data. Models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Level 3 - Valuation inputs are unobservable and significant to the fair value measurement. FirstEnergy produces a long-term power and capacity price forecast annually with periodic updates as market conditions change. When underlying prices are not observable, prices from the long-term price forecast are used to measure fair value. FTRs are financial instruments that entitle the holder to a stream of revenues (or charges) based on the hourly day-ahead congestion price differences across transmission paths. FTRs are acquired by FirstEnergy in the annual, monthly and long-term PJM auctions and are initially recorded using the auction clearing price less cost. After initial recognition, FTRs’ carrying values are periodically adjusted to fair value using a mark-to-model methodology, which approximates market. The primary inputs into the model, which are generally less observable than objective sources, are the most recent PJM auction clearing prices and the FTRs’ remaining hours. The model calculates the fair value by multiplying the most recent auction clearing price by the remaining FTR hours less the prorated FTR cost. Significant increases or decreases in inputs in isolation may have resulted in a higher or lower fair value measurement. NUG contracts represent PPAs with third-party non-utility generators that are transacted to satisfy certain obligations under PURPA. NUG contract carrying values are recorded at fair value and adjusted periodically using a mark-to-model methodology, which approximates market. The primary unobservable inputs into the model are regional power prices and generation MWH. Pricing for the NUG contracts is a combination of market prices for the current year and next two years based on observable data and internal models using historical trends and market data for the remaining years under contract. The internal models use forecasted energy purchase prices as an input when prices are not defined by the contract. Forecasted market prices are based on Intercontinental Exchange, Inc. quotes and management assumptions. Generation MWH reflects data provided by contractual arrangements and historical trends. The model calculates the fair value by multiplying the prices by the generation MWH. Significant increases or decreases in inputs in isolation may have resulted in a higher or lower fair value measurement. FirstEnergy primarily applies the market approach for recurring fair value measurements using the best information available. Accordingly, FirstEnergy maximizes the use of observable inputs and minimizes the use of unobservable inputs. There were no changes in valuation methodologies used as of March 31, 2021, from those used as of December 31, 2020. The determination of the fair value measures takes into consideration various factors, including but not limited to, nonperformance risk, counterparty credit risk and the impact of credit enhancements (such as cash deposits, LOCs and priority interests). The impact of these forms of risk was not significant to the fair value measurements. The following tables set forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy: March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (In millions) Derivative assets FTRs (1) $ — $ — $ — $ — $ — $ — $ 3 $ 3 Equity securities 2 — — 2 2 — — 2 U.S. state debt securities — 276 — 276 — 276 — 276 Cash and cash equivalents 1,281 — — 1,281 1,734 — — 1,734 Other (2) — 37 — 37 — 41 — 41 Total assets $ 1,283 $ 313 $ — $ 1,596 $ 1,736 $ 317 $ 3 $ 2,056 Liabilities Derivative liabilities FTRs (1) $ — $ — $ (1) $ (1) $ — $ — $ — $ — Total liabilities $ — $ — $ (1) $ (1) $ — $ — $ — $ — Net assets (liabilities) (3) $ 1,283 $ 313 $ (1) $ 1,595 $ 1,736 $ 317 $ 3 $ 2,056 (1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings. (2) Primarily consists of short-term investments. (3) Excludes $1 million each as of March 31, 2021 and December 31, 2020, respectively, of net receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table. Rollforward of Level 3 Measurements The following table provides a reconciliation of changes in the fair value of NUG contracts and FTRs that are classified as Level 3 in the fair value hierarchy for the periods ended March 31, 2021, and December 31, 2020: NUG Contracts (1) FTRs (1) Derivative Liabilities Derivative Assets Derivative Liabilities Net (In millions) January 1, 2020 Balance $ (16) $ 4 $ (1) $ 3 Unrealized loss (3) (3) — (3) Purchases — 7 (2) 5 Settlements 19 (5) 3 (2) December 31, 2020 Balance $ — $ 3 $ — $ 3 Unrealized loss — — (1) (1) Settlements — (3) — (3) March 31, 2021 Balance $ — $ — $ (1) $ (1) (1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings. Level 3 Quantitative Information The following table provides quantitative information for FTRs contracts that are classified as Level 3 in the fair value hierarchy for the period ended March 31, 2021: Fair Value, Net (In millions) Valuation Significant Input Range Weighted Average Units FTRs $ (1) Model RTO auction clearing prices $ 0.20 to $ 1.90 $0.60 Dollars/MWH INVESTMENTS All temporary cash investments purchased with an initial maturity of three months or less are reported as cash equivalents on the Consolidated Balance Sheets at cost, which approximates their fair market value. Investments other than cash and cash equivalents include equity securities, AFS debt securities and other investments. FirstEnergy has no debt securities held for trading purposes. Generally, unrealized gains and losses on equity securities are recognized in income whereas unrealized gains and losses on AFS debt securities are recognized in AOCI. However, the spent nuclear fuel disposal trusts and NDTs of JCP&L, ME and PN are subject to regulatory accounting with all gains and losses on equity and AFS debt securities offset against regulatory assets. On October 15, 2019, JCP&L, ME, PN and GPUN executed an asset purchase and sale agreement with TMI-2 Solutions, LLC, a subsidiary of Energy Solutions , LLC, concerning the transfer and dismantlement of TMI-2. With the receipt of all required regulatory approvals, the transaction was consummated, including the transfer of external trusts for the decommissioning and environmental remediation of TMI-2, on December 18, 2020. Please see Note 9, "Commitments, Guarantees and Contingencies," for further information. Spent Nuclear Fuel Disposal Trusts JCP&L holds debt securities within the spent nuclear fuel disposal trust, which are classified as AFS securities, recognized at fair market value. The trust is intended for funding spent nuclear fuel disposal fees to the DOE associated with previously owned nuclear plants. The following table summarizes the amortized cost basis, unrealized gains, unrealized losses and fair values of investments held in spent nuclear fuel disposal trusts as of March 31, 2021, and December 31, 2020: March 31, 2021 (1) December 31, 2020 (2) Cost Basis Unrealized Gains Unrealized Losses Fair Value Cost Basis Unrealized Gains Unrealized Losses Fair Value (In millions) Debt securities $ 276 $ 4 $ (7) $ 273 $ 275 $ 7 $ (6) $ 276 (1) Excludes short-term cash investments of $8 million. (2) Excludes short-term cash investments of $9 million. Proceeds from the sale of investments in AFS debt securities, realized gains and losses on those sales and interest and dividend income for the three months ended March 31, 2021 and 2020, were as follows: For the Three Months Ended March 31, 2021 2020 (1) (In millions) Sale proceeds $ 5 $ 13 Realized gains — 4 Realized losses — (5) Interest and dividend income 3 5 (1) Includes amounts associated with NDTs that were previously held by JCP&L, ME, and PN. See above for additional information. Other Investments Other investments include employee benefit trusts, which are primarily invested in corporate-owned life insurance policies and equity method investments. Other investments were $325 million and $322 million as of March 31, 2021, and December 31, 2020, respectively, and are excluded from the amounts reported above. LONG-TERM DEBT AND OTHER LONG-TERM OBLIGATIONS All borrowings with initial maturities of less than one year are defined as short-term financial instruments under GAAP and are reported as Short-term borrowings on the Consolidated Balance Sheets at cost. Since these borrowings are short-term in nature, FirstEnergy believes that their costs approximate their fair market value. The following table provides the approximate fair value and related carrying amounts of long-term debt, which excludes finance lease obligations and net unamortized debt issuance costs, unamortized fair value adjustments, premiums and discounts as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In millions) Carrying value (1) $ 22,848 $ 22,377 Fair value $ 24,914 $ 25,465 (1) The carrying value as of March 31, 2021, includes $500 million of debt issuances and $29 million of redemptions that occurred in the first quarter of 2021. The fair values of long-term debt and other long-term obligations reflect the present value of the cash outflows relating to those securities based on the current call price, the yield to maturity or the yield to call, as deemed appropriate at the end of each respective period. The yields assumed were based on securities with similar characteristics offered by corporations with credit

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2021
Regulated Operations [Abstract]
REGULATORY MATTERS	REGULATORY MATTERS STATE REGULATION Each of the Utilities' retail rates, conditions of service, issuance of securities and other matters are subject to regulation in the states in which it operates - in Maryland by the MDPSC, in New Jersey by the NJBPU, in Ohio by the PUCO, in Pennsylvania by the PPUC, in West Virginia by the WVPSC and in New York by the NYPSC. The transmission operations of PE in Virginia, ATSI in Ohio, and the Transmission Companies in Pennsylvania are subject to certain regulations of the VSCC, PUCO and PPUC, respectively. In addition, under Ohio law, municipalities may regulate rates of a public utility, subject to appeal to the PUCO if not acceptable to the utility. Further, if any of the FirstEnergy affiliates were to engage in the construction of significant new transmission facilities, depending on the state, they may be required to obtain state regulatory authorization to site, construct and operate the new transmission facility. MARYLAND PE operates under MDPSC approved base rates that were effective as of March 23, 2019. PE also provides SOS pursuant to a combination of settlement agreements, MDPSC orders and regulations, and statutory provisions. SOS supply is competitively procured in the form of rolling contracts of varying lengths through periodic auctions that are overseen by the MDPSC and a third-party monitor. Although settlements with respect to SOS supply for PE customers have expired, service continues in the same manner until changed by order of the MDPSC. PE recovers its costs plus a return for providing SOS. The EmPOWER Maryland program requires each electric utility to file a plan to reduce electric consumption and demand 0.2% per year, up to the ultimate goal of 2% annual savings, for the duration of the 2018-2020 and 2021-2023 EmPOWER Maryland program cycles, to the extent the MDPSC determines that cost-effective programs and services are available. PE's approved 2018-2020 EmPOWER Maryland plan continues and expands upon prior years' programs, and adds new programs, for a projected total cost of $116 million over the three-year period. PE recovers program costs through an annually reconciled surcharge, with most costs subject to a five-year amortization. Maryland law only allows for the utility to recover lost distribution revenue attributable to energy efficiency or demand reduction programs through a base rate case proceeding, and to date, such recovery has not been sought or obtained by PE. On September 1, 2020, PE filed its proposed plan for the 2021-2023 EmPOWER Maryland program cycle. The new plan largely continues PE’s existing programs and is estimated to cost approximately $148 million over the three-year period. The MDPSC approved the plan on December 18, 2020. On March 22, 2019, MDPSC issued an order approving PE’s 2018 base rate case filing, which among other things, approved an annual rate increase of $6.2 million, approved three of the four EDIS programs for four years to fund enhanced service reliability programs, directed PE to file a new depreciation study within 18 months, and ordered the filing of a new base rate case in four years to correspond to the ending of the approved EDIS programs. On September 22, 2020, PE filed its depreciation study reflecting a slight increase in expense and is seeking the difference to be deferred for future recovery in PE’s next base rate case. On January 29, 2021, the Maryland Office of People's Counsel filed testimony recommending an annual reduction in depreciation expense of $10.8 million, and the staff of the MDPSC filed testimony recommending an annual reduction of $9.6 million. PE's rebuttal testimony was filed on March 2, 2021, and the Public Utility Law Judge conducted a hearing on the matter on April 12, 2021. Maryland’s Governor issued an order on March 16, 2020, forbidding utilities from terminating residential service or charging late fees for non-payment for the duration of the COVID-19 pandemic. On April 9, 2020, the MDPSC issued an order allowing utilities to track and create a regulatory asset for future recovery of all prudently incurred incremental costs arising from the COVID-19 pandemic, including incremental uncollectible expense, incurred from the date of the Governor’s order (or earlier if the utility could show that the expenses related to suspension of service terminations). In July 2020, the MDPSC subsequently issued orders allowing Maryland electric and gas utilities to resume residential service terminations for non-payment on November 15, 2020, subject to various restrictions, and clarifying that utilities could resume charging late fees on October 1, 2020. On April 9, 2021, PE provided the MDPSC additional information related to customer arrearages, which will be used, to determine the distribution of at least $30 million of COVID-19 relief that was allocated by the Maryland General Assembly. NEW JERSEY JCP&L operates under NJBPU approved rates that were effective as of January 1, 2017. JCP&L provides BGS for retail customers who do not choose a third-party EGS and for customers of third-party EGSs that fail to provide the contracted service. All New Jersey EDCs participate in this competitive BGS procurement process and recover BGS costs directly from customers as a charge separate from base rates. In December 2017, the NJBPU issued proposed rules to modify its current CTA policy in base rate cases to: (i) calculate savings using a five-year look back from the beginning of the test year; (ii) allocate savings with 75% retained by the company and 25% allocated to ratepayers; and (iii) exclude transmission assets of electric distribution companies in the savings calculation, which were published in the NJ Register in the first quarter of 2018. JCP&L filed comments supporting the proposed rulemaking. On January 17, 2019, the NJBPU approved the proposed CTA rules with no changes. On May 17, 2019, the NJ Rate Counsel filed an appeal with the Appellate Division of the Superior Court of New Jersey. Oral Argument was held on March 10, 2021, which JCP&L participated in. JCP&L is contesting this appeal but is unable to predict the outcome of this matter. On February 18, 2020, JCP&L submitted a filing with the NJBPU requesting a distribution base rate increase. On October 28, 2020, the NJBPU approved a stipulated settlement between JCP&L and various parties, providing for, among other things, a $94 million annual base distribution revenues increase for JCP&L based on an ROE of 9.6%, which will become effective for customers on November 1, 2021. Until the rates become effective, and starting on January 1, 2021, JCP&L began to amortize an existing regulatory liability totaling approximately $86 million to offset the base rate increase that otherwise would have occurred in this period. The parties also agreed that the actual net gain from the sale of JCP&L’s interest in the Yards Creek pumped-storage hydro generation facility in New Jersey (210 MWs), as further discussed below, be applied to reduce JCP&L’s existing regulatory asset for previously deferred storm costs. Lastly, the parties agreed that approximately $95 million of Reliability Plus capital investment for projects through December 31, 2020 is included in rate base effective December 31, 2020, with a final prudence review of only those capital investment projects from July 1, 2020 through December 31, 2020 to occur in January 2021. During the first quarter of 2021, JCP&L submitted its review of storm costs, filed a written report for its Reliability Plus projects placed in service from July 1, 2020 through December 31, 2020, and submitted the vegetation management report, all required under the stipulation of settlement. On March 24, 2021, JCP&L, NJ Rate Counsel and the NJBPU Staff submitted a stipulation of settlement to the NJBPU, which was approved on April 7, 2021, providing that the Reliability Plus projects placed into service from July 1, 2020 through December 31, 2020 were reasonable and prudent. On April 6, 2020, JCP&L signed an asset purchase agreement with Yards Creek Energy, LLC, a subsidiary of LS Power to sell its 50% interest in the Yards Creek pumped-storage hydro generation facility. Subject to terms and conditions of the agreement, the base purchase price is $155 million. As of December 31, 2020, assets held for sale on FirstEnergy’s Consolidated Balance Sheets associated with the transaction consist of property, plant and equipment of $45 million, which is included in the regulated distribution segment. On July 31, 2020, FERC approved the transfer of JCP&L’s interest in the hydroelectric operating license. On October 8, 2020, FERC issued an order authorizing the transfer of JCP&L’s ownership interest in the hydroelectric facilities. On October 28, 2020, the NJBPU approved the sale of Yards Creek. With the receipt of all required regulatory approvals, the transaction was consummated on March 5, 2021 and resulted in a $109 million gain within the regulated distribution segment. As further discussed above, the gain from the transaction was applied against and reduced JCP&L’s existing regulatory asset for previously deferred storm costs and, as a result, was offset by expense in the “Amortization of regulatory assets, net”, line on the Consolidated Statements of Income, resulting in no earnings impact to FirstEnergy or JCP&L. On August 27, 2020, JCP&L filed an AMI Program with the NJBPU, which proposes the deployment of approximately 1.2 million advanced meters over a three-year period beginning on January 1, 2023, at a total cost of approximately $418 million, including the pre-deployment phase. The 3-year deployment is part of the 20-year AMI Program that is expected to cost a total of approximately $732 million and proposes a cost recovery mechanism through a separate AMI tariff rider. On January 13, 2021, a procedural schedule was established, which includes evidentiary hearings the week of May 24, 2021. On February 26, 2021, JCP&L filed a letter requesting a suspension of the procedural schedule to allow for settlement discussions, which was granted on March 5, 2021. On June 10, 2020, the NJBPU issued an order establishing a framework for the filing of utility-run energy efficiency and peak demand reduction programs in accordance with the New Jersey Clean Energy Act. Under the established framework, JCP&L will recover its program investments over a ten-year amortization period and its operations and maintenance expenses on an annual basis, be eligible to receive lost revenues on energy savings that resulted from its programs and be eligible for incentives or subject to penalties based on its annual program performance, beginning in the fifth year of its program offerings. On September 25, 2020, JCP&L filed its energy efficiency and peak demand reduction program. JCP&L’s program consists of 11 energy efficiency and peak demand reduction programs and subprograms to be run from July 1, 2021 through June 30, 2024. The program also seeks approval of cost recovery totaling approximately $230 million as well as lost revenues associated with the energy savings resulting from the programs. While a procedural order has been established in this matter, on January 20, 2021, JCP&L filed a letter requesting a suspension of the procedural schedule to allow for settlement discussions. The Clean Energy Act contemplates a final order from the NJBPU by May 2, 2021. On July 2, 2020, the NJBPU issued an order allowing New Jersey utilities to track and create a regulatory asset for future recovery of all prudently incurred incremental costs arising from the COVID-19 pandemic beginning March 9, 2020 through September 30, 2021, or until the Governor issues an order stating that the COVID-19 pandemic is no longer in effect. New Jersey utilities can request recovery of such regulatory asset in a stand-alone COVID-19 regulatory asset filing or future base rate case. On October 28, 2020, the NJBPU issued an order expanding the scope of the proceeding to examine all pandemic issues, including recovery of the COVID-19 regulatory assets, by way of a generic proceeding. Through various Executive Orders issued by Governor Murphy, the moratorium period is extended to June 30, 2021. The recent credit rating actions taken on October 28, 2020, by S&P and Fitch triggered a requirement from various NJBPU orders that JCP&L file a mitigation plan, which was filed on November 5, 2020, to demonstrate that JCP&L has sufficient liquidity to meet its BGS obligations. On December 11, 2020, the NJBPU held a public hearing on the mitigation plan. Written comments on JCP&L’s mitigation plan were submitted on January 8, 2021. On September 23, 2020, the NJBPU issued an Order requiring all New Jersey electric distribution companies to file electric vehicle programs. JCP&L filed its electric vehicle program on March 1, 2021, which consists of six sub-programs, including a consumer education and outreach initiative that would begin on January 1, 2022, and continue over a four-year period. The total proposed budget for the electric vehicle program is approximately $50 million, of which $16 million is capital expenditures and $34 million is for operations and maintenance expenses. JCP&L is proposing to recover the electric vehicle program costs via a non-bypassable rate clause applicable to all distribution customer rate classes, which would become effective on January 1, 2022. OHIO The Ohio Companies operate under base distribution rates approved by the PUCO effective in 2009. The Ohio Companies’ residential and commercial base distribution revenues were decoupled, through a mechanism that took effect on February 1, 2020 and under which the Ohio Companies billed customers until February 9, 2021, to the base distribution revenue and lost distribution revenue associated with energy efficiency and peak demand reduction programs recovered as of the twelve-month period ending on December 31, 2018. The Ohio Companies currently operate under ESP IV effective June 1, 2016, and continuing through May 31, 2024, that continues the supply of power to non-shopping customers at a market-based price set through an auction process. ESP IV also continues the Rider DCR, which supports continued investment related to the distribution system for the benefit of customers, with increased revenue caps of $20 million per year from June 1, 2019 through May 31, 2022; and $15 million per year from June 1, 2022 through May 31, 2024. In addition, ESP IV includes: (1) continuation of a base distribution rate freeze through May 31, 2024; (2) the collection of lost distribution revenue associated with energy efficiency and peak demand reduction programs, which is discussed further below; (3) a goal across FirstEnergy to reduce CO 2 emissions by 90% below 2005 levels by 2045; and (4) contributions, totaling $51 million to: (a) fund energy conservation programs, economic development and job retention in the Ohio Companies’ service territories; (b) establish a fuel-fund in each of the Ohio Companies’ service territories to assist low-income customers; and (c) establish a Customer Advisory Council to ensure preservation and growth of the competitive market in Ohio. ESP IV further provided for the Ohio Companies to collect through the DMR $132.5 million annually for three years beginning in 2017, grossed up for federal income taxes, resulting in an approved amount of approximately $168 million annually in 2018 and 2019. On appeal, the SCOH, on June 19, 2019, reversed the PUCO’s determination that the DMR is lawful, and remanded the matter to the PUCO with instructions to remove the DMR from ESP IV. The PUCO entered an order directing the Ohio Companies to cease further collection through the DMR, credit back to customers a refund of the DMR funds collected since July 2, 2019 and remove the DMR from ESP IV. On July 15, 2019, OCC filed a Notice of Appeal with the SCOH, challenging the PUCO’s exclusion of the DMR revenues from the determination of the existence of significantly excessive earnings under ESP IV for calendar year 2017 for OE and claiming a $42 million refund is due to OE customers. On December 1, 2020, the SCOH reversed the PUCO’s exclusion of the DMR revenues from the determination of the existence of significantly excessive earnings under ESP IV for OE for calendar year 2017, and remanded the case to the PUCO with instructions to conduct new proceedings which includes the DMR revenues in the analysis, determines the threshold against which the earned return is measured, and makes other necessary determinations. FirstEnergy is unable to predict the outcome of these proceedings but has not deemed a liability probable as of March 31, 2021. On July 23, 2019, Ohio enacted HB 6, which established support for nuclear energy supply in Ohio. In addition to the provisions supporting nuclear energy, HB 6 included provisions implementing a decoupling mechanism for Ohio electric utilities and ending current energy efficiency program mandates on December 31, 2020, provided that statewide energy efficiency mandates are achieved as determined by the PUCO. On February 26, 2020, the PUCO ordered a wind-down of statutorily required energy efficiency programs to commence on September 30, 2020, that the programs terminate on December 31, 2020, with the Ohio Companies' existing portfolio plans extended through 2020 without changes. On February 24, 2021, the PUCO found that statewide energy efficiency mandates had been achieved, and ordered that Ohio electric utilities’ energy efficiency and peak demand reduction cost recovery riders terminate. On November 21, 2019, the Ohio Companies applied to the PUCO for approval of a decoupling mechanism, which would set residential and commercial base distribution related revenues at the levels collected in 2018. As such, those base distribution revenues would no longer be based on electric consumption, which allows continued support of energy efficiency initiatives while also providing revenue certainty to the Ohio Companies. On January 15, 2020, the PUCO approved the Ohio Companies’ decoupling application, and the decoupling mechanism took effect on February 1, 2020. On March 31, 2021, Governor DeWine signed HB 128, which, among other things, would repeal parts of HB 6, the legislation that established support for nuclear energy supply in Ohio, provided for a decoupling mechanism for Ohio electric utilities, and provided for the ending of current energy efficiency program mandates. HB 128 is effective June 29, 2021. As further discussed below, in connection with a partial settlement with the OAG and other parties, the Ohio Companies filed an application with the PUCO on February 1, 2021, to set the respective decoupling riders (CSR) to zero. On February 2, 2021, the PUCO approved the application. While the partial settlement with the OAG focused specifically on decoupling, the Ohio Companies will of their own accord not seek to recover lost distribution revenue from residential and commercial customers. FirstEnergy is committed to pursuing an open dialogue with stakeholders in an appropriate manner with respect to the numerous regulatory proceedings currently underway as further discussed herein. As a result of the partial settlement, and the decision to not seek lost distribution revenue, FirstEnergy recognized a $108 million pre-tax charge ($84 million after-tax) in the fourth quarter of 2020, and $77 million (pre-tax) of which is associated with forgoing collection of lost distribution revenue. On March 31, 2021, FirstEnergy announced that the Ohio Companies will proactively refund to customers amounts previously collected under decoupling, with interest, which total approximately $27 million. On April 22, 2021, the Ohio Companies filed an application with the PUCO to modify CSR to return such amounts. Furthermore, as FirstEnergy would not have financially benefited from the Clean Air Fund included in HB 6, which is the mechanism to provide support to nuclear energy in Ohio, there is no expected additional impact to FirstEnergy due to any repeal of that provision of HB 6. On July 17, 2019, the PUCO approved, with no material modifications, a settlement agreement that provides for the implementation of the Ohio Companies’ first phase of grid modernization plans, including the investment of $516 million over three years to modernize the Ohio Companies’ electric distribution system, and for all tax savings associated with the Tax Act to flow back to customers. The settlement had broad support, including PUCO staff, the OCC, representatives of industrial and commercial customers, a low-income advocate, environmental advocates, hospitals, competitive generation suppliers and other parties. In March 2020, the PUCO issued entries directing utilities to review their service disconnection and restoration policies and suspend, for the duration of the COVID-19 pandemic, otherwise applicable requirements that may impose a service continuity hardship or service restoration hardship on customers. The Ohio Companies are utilizing their existing approved cost recovery mechanisms where applicable to address the financial impacts of these directives. On July 31, 2020, the Ohio Companies filed with the PUCO their transition plan and requests for waivers to allow for the safe resumption of normal business operations, including service disconnections for non-payment. On September 23, 2020, the PUCO approved the Ohio Companies’ transition plan, including approval of the resumption of service disconnections for non-payment, which the Ohio Companies began on October 5, 2020. On July 29, 2020, the PUCO consolidated the Ohio Companies’ Applications for determination of the existence of significantly excessive earnings, or SEET, under ESP IV for calendar years 2018 and 2019, which had been previously filed on July 15, 2019, and May 15, 2020, respectively, and set a procedural schedule with evidentiary hearings. On September 4, 2020, the PUCO opened its quadrennial review of ESP IV, consolidated it with the Ohio Companies’ 2018 and 2019 SEET Applications, and set a procedural schedule for the consolidated matters. On October 29, 2020, the PUCO issued an entry extending the deadline for the Ohio Companies to file quadrennial review of ESP IV testimony and supplemental SEET testimony to March 1, 2021, with the evidentiary hearings to commence no sooner than May 3, 2021. On January 12, 2021, the PUCO consolidated these matters with the determination of the existence of significantly excessive earnings under ESP IV for calendar year 2017, which the SCOH had remanded to the PUCO. On March 1, 2021, the Ohio Companies filed testimony in the quadrennial review and supplemental testimony in the SEET cases for calendar years 2017 through 2019. The calculations included in the quadrennial review for 2020 through 2024 demonstrate that the prospective effect of ESP IV is not substantially likely to provide the Ohio Companies with significantly excessive earnings during the balance of ESP IV. In addition, the Ohio Companies’ quadrennial review testimony demonstrates that ESP IV continues to be more favorable in the aggregate and during the remaining term of ESP IV as compared to the expected results of a market rate offer. Further, the revised calculations included in the Ohio Companies’ supplemental SEET testimony for calendar years 2017 through 2019 demonstrated that the Ohio Companies did not have significantly excessive earnings, on an individual company basis or on a consolidated basis. However, on March 31, 2021, Governor DeWine signed House Bill 128, which repeals legislation passed in 2019 that permitted the Ohio Companies to file their SEET results on a consolidated basis instead of on an individual company basis. HB 128 is effective June 29, 2021. Further, the OCC and another party filed testimony on April 5, 2021, recommending refunds for one or more of the Ohio Companies for calendar years 2017 through 2019. On April 20, 2021, the Ohio Companies filed supplemental testimony in the quadrennial review providing prospective SEET values on an individual company basis, which demonstrate that the Ohio Companies are not projected to have significantly excessive earnings, on an individual company basis, during the balance of ESP IV. On September 8, 2020, the OCC filed motions in the Ohio Companies’ corporate separation audit and DMR audit dockets, requesting the PUCO to open an investigation and management audit, hire an independent auditor, and require FirstEnergy to show it did not improperly use money collected from consumers or violate any utility regulatory laws, rules or orders in its activities regarding HB 6. The Ohio Companies’ filed a response in opposition to the OCC’s motions on September 23, 2020. On December 30, 2020, in response to the OCC's motion, the PUCO reopened the DMR audit docket, and directed PUCO staff to solicit a third-party auditor and conduct a full review of the DMR to ensure funds collected from ratepayers through the DMR were only used for the purposes established in ESP IV. On April 7, 2021, the PUCO set deadlines for selection of an auditor and the filing of the final audit report, by June 2, 2021 and October 29, 2021, respectively. Initial discovery is ongoing. On September 15, 2020, the PUCO opened a new proceeding to review the political and charitable spending by the Ohio Companies in support of HB 6 and the subsequent referendum effort, directing the Ohio Companies to show cause, demonstrating that the costs of any political or charitable spending in support of HB 6, or the subsequent referendum effort, were not included, directly or indirectly, in any rates or charges paid by ratepayers. The Ohio Companies filed a response on September 30, 2020, stating that any political and charitable spending in support of HB 6 or the subsequent referendum were not included in rates or charges paid for by its customers. Several parties requested that the PUCO broaden the scope of the review of political and charitable spending. Discovery is ongoing. In connection with an ongoing audit of the Ohio Companies’ policies and procedures relating to the code of conduct rules between affiliates, on November 4, 2020, the PUCO initiated an additional corporate separation audit as a result of the FirstEnergy leadership transition announcement made on October 29, 2020, as further discussed below. The additional audit is to ensure compliance by the Ohio Companies and their affiliates with corporate separation laws and the Ohio Companies’ corporate separation plan. The additional audit is for the period from November 2016 through October 2020, with a final audit report to be filed in June 2021. On January 27, 2021, the PUCO selected an auditor, and the auditor’s investigation and discovery are ongoing. On November 24, 2020, the Environmental Law and Policy Center filed motions to vacate the PUCO’s orders in proceedings related to the Ohio Companies’ settlement that provides for the implementation of the first phase of grid modernization plans and for all tax savings associated with the Tax Act to flow back to customers, the Ohio Companies’ energy efficiency portfolio plans for the period from 2013 through 2016, and the Ohio Companies’ application for a two-year extension of the DMR, on the grounds that the former Chairman of the PUCO should have recused himself in these matters. On December 30, 2020, the PUCO denied the motions, and reinstated the requirement under ESP IV that the Ohio Companies file a base distribution rate case by May 31, 2024, the end of ESP IV, which the Ohio Companies had indicated they would not oppose. In the fourth quarter of 2020, motions were filed with the PUCO requesting that the PUCO amend the Ohio Companies’ riders for collecting charges required by HB 6, which the Ohio Companies are further required to remit to other Ohio electric distribution utilities or to the State Treasurer, to provide for refunds in the event HB 6 is repealed. The Ohio Companies contested the motions, which are pending before the PUCO. On December 7, 2020, the Citizens’ Utility Board of Ohio filed a complaint with the PUCO against the Ohio Companies. The complaint alleges that the Ohio Companies’ new charges resulting from HB 6, and any increased rates resulting from proceedings over which the former PUCO Chairman presided, are unjust and unreasonable, and that the Ohio Companies violated Ohio corporate separation laws by failing to operate separately from unregulated affiliates. The complaint requests, among other things, that any rates authorized by HB 6 or authorized by the PUCO in a proceeding over which the former Chairman presided be made refundable; that the Ohio Companies be required to file a new distribution rate case at the earliest possible date; and that the Ohio Companies’ corporate separation plans be modified to introduce institutional controls. The Ohio Companies are contesting the complaint. In connection with an ongoing annual audit of the Ohio Companies’ Rider DCR for 2020, on March 10, 2021, the PUCO expanded the scope of the audit to include a review of certain transactions that were either improperly classified, misallocated, or lacked supporting documentation, which were disclosed in FirstEnergy’s Form 10-K for the year ended 2020, filed on February 18, 2021, and determine whether funds collected from ratepayers were used to pay the vendors and if so, whether or not the funds associated with those payments should be returned to ratepayers through Rider DCR or through an alternative proceeding. See Note 9, "Commitments, Guarantees and Contingencies" for additional details on the government investigations and subsequent litigation surrounding the investigation of HB 6. PENNSYLVANIA The Pennsylvania Companies operate under rates approved by the PPUC, effective as of January 27, 2017. These rates were adjusted for the net impact of the Tax Act, effective March 15, 2018. The net impact of the Tax Act for the period January 1, 2018 through March 14, 2018 was separately tracked and its treatment will be addressed in a future rate proceeding. The Pennsylvania Companies operate under DSPs for the June 1, 2019 through May 31, 2023 delivery period, which provide for the competitive procurement of generation supply for customers who do not choose an alternative EGS or for customers of alternative EGSs that fail to provide the contracted service. Under the 2019-2023 DSPs, supply will be provided by wholesale suppliers through a mix of 3, 12 and 24-month energy contracts, as well as two RFPs for 2-year SREC contracts for ME, PN and Penn. Pursuant to Pennsylvania Act 129 of 2008 and PPUC orders, Pennsylvania EDCs implement energy efficiency and peak demand reduction programs. The Pennsylvania Companies’ Phase III EE&C plans for the June 2016 through May 2021 period, which were approved in March 2016, with expected costs up to $390 million, are designed to achieve the targets established in the PPUC’s Phase III Final Implementation Order with full recovery through the reconcilable EE&C riders. On June 18, 2020, the PPUC entered a Final Implementation Order for a Phase IV EE&C Plan, operating from June 2021 through May 2026. The Final Implementation Order set demand reduction targets, relative to 2007 to 2008 peak demands, at 2.9% MW for ME, 3.3% MW for PN, 2.0% MW for Penn, and 2.5% MW for WP; and energy consumption reduction targets, as a percentage of the Pennsylvania Companies’ historic 2009 to 2010 reference load at 3.1% MWH for ME, 3.0% MWH for PN, 2.7% MWH for Penn, and 2.4% MWH for WP. The Pennsylvania Companies’ Phase IV plans were filed November 30, 2020. A settlement has been reached in this matter, and a joint petition seeking approval of that settlement by the parties was filed on February 16, 2021. On March 25, 2021, the PPUC issued an order approving the settlement without modification. Pennsylvania EDCs are permitted to seek PPUC approval of an LTIIP for infrastructure improvements and costs related to highway relocation projects, after which a DSIC may be approved to recover LTIIP costs. On January 16, 2020, the PPUC approved the Pennsylvania Companies’ LTIIPs for the five-year period beginning January 1, 2020 and ending December 31, 2024 for a total capital investment of approximately $572 million for certain infrastructure improvement initiatives. Following the Pennsylvania Companies’ 2016 base rate proceedings, the PPUC ruled in a separate proceeding related to the DSIC mechanisms that the Pennsylvania Companies were not required to reflect federal and state income tax deductions related to

Commitments, Guarantees and Con

Commitments, Guarantees and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, GUARANTEES AND CONTINGENCIES	COMMITMENTS, GUARANTEES AND CONTINGENCIES GUARANTEES AND OTHER ASSURANCES FirstEnergy has various financial and performance guarantees and indemnifications, which are issued in the normal course of business. These contracts include performance guarantees, stand-by letters of credit, debt guarantees, surety bonds and indemnifications. FirstEnergy enters into these arrangements to facilitate commercial transactions with third parties by enhancing the value of the transaction to the third party. As of March 31, 2021, outstanding guarantees and other assurances aggregated approximately $1.7 billion, consisting of parental guarantees on behalf of its consolidated subsidiaries ($1.1 billion), other guarantees ($108 million) and other assurances ($474 million). COLLATERAL AND CONTINGENT-RELATED FEATURES In the normal course of business, FE and its subsidiaries may enter into physical or financially settled contracts for the sale and purchase of electric capacity, energy, fuel and emission allowances. Certain agreements contain provisions that require FE or its subsidiaries to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon FE’s or its subsidiaries’ credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. As of March 31, 2021, $26 million of collateral has been posted by FE or its subsidiaries, of which, $25 million was posted as a result of the credit rating downgrades in the fourth quarter of 2020, as further discussed below. These credit-risk-related contingent features stipulate that if the subsidiary were to be downgraded or lose its investment grade credit rating (based on its senior unsecured debt rating), it would be required to provide additional collateral. The following table discloses the potential additional credit rating contingent contractual collateral obligations as of March 31, 2021: Potential Collateral Obligations Utilities and FET FE Total (In millions) Contractual Obligations for Additional Collateral Upon Further Downgrade $ 28 $ — $ 28 Surety Bonds (Collateralized Amount) (1) 56 258 314 Total Exposure from Contractual Obligations $ 84 $ 258 $ 342 (1) Surety Bonds are not tied to a credit rating. Surety Bonds’ impact assumes maximum contractual obligations, which is ordinarily 100% of the face amount of the surety bond except with the respect to $39 million of surety bond obligations for which the collateral obligation is capped at 60% of the face amount, and typical obligations require 30 days to cure. OTHER COMMITMENTS AND CONTINGENCIES FE is a guarantor under a $120 million syndicated senior secured term loan facility due November 12, 2024, under which Global Holding’s outstanding principal balance is $108 million as of March 31, 2021. Signal Peak, Global Rail, Global Mining Group, LLC and Global Coal Sales Group, LLC, each being a direct or indirect subsidiary of Global Holding, and FE continue to provide their joint and several guaranties of the obligations of Global Holding under the facility. In connection with the facility, 69.99% of Global Holding’s direct and indirect membership interests in Signal Peak, Global Rail and their affiliates along with FEV’s and WMB Marketing Ventures, LLC’s respective 33-1/3% membership interests in Global Holding, are pledged to the lenders under the current facility as collateral. ENVIRONMENTAL MATTERS Various federal, state and local authorities regulate FirstEnergy with regard to air and water quality, hazardous and solid waste disposal, and other environmental matters. While FirstEnergy’s environmental policies and procedures are designed to achieve compliance with applicable environmental laws and regulations, such laws and regulations are subject to periodic review and potential revision by the implementing agencies. FirstEnergy cannot predict the timing or ultimate outcome of any of these reviews or how any future actions taken as a result thereof may materially impact its business, results of operations, cash flows and financial condition. Clean Air Act FirstEnergy complies with SO 2 and NOx emission reduction requirements under the CAA and SIP(s) by burning lower-sulfur fuel, utilizing combustion controls and post-combustion controls and/or using emission allowances. CSAPR requires reductions of NOx and SO 2 emissions in two phases (2015 and 2017), ultimately capping SO 2 emissions in affected states to 2.4 million tons annually and NOx emissions to 1.2 million tons annually. CSAPR allows trading of NOx and SO 2 emission allowances between power plants located in the same state and interstate trading of NOx and SO 2 emission allowances with some restrictions. The D.C. Circuit ordered the EPA on July 28, 2015, to reconsider the CSAPR caps on NOx and SO 2 emissions from power plants in 13 states, including West Virginia. This follows the 2014 U.S. Supreme Court ruling generally upholding the EPA’s regulatory approach under CSAPR but questioning whether the EPA required upwind states to reduce emissions by more than their contribution to air pollution in downwind states. The EPA issued a CSAPR update rule on September 7, 2016, reducing summertime NOx emissions from power plants in 22 states in the eastern U.S., including West Virginia, beginning in 2017. Various states and other stakeholders appealed the CSAPR update rule to the D.C. Circuit in November and December 2016. On September 13, 2019, the D.C. Circuit remanded the CSAPR update rule to the EPA citing that the rule did not eliminate upwind states’ significant contributions to downwind states’ air quality attainment requirements within applicable attainment deadlines. Also during this time, in March 2018, the State of New York filed a CAA Section 126 petition with the EPA alleging that NOx emissions from nine states (including West Virginia) significantly contribute to New York’s inability to attain the ozone NAAQS. The petition sought suitable emission rate limits for large stationary sources that are allegedly affecting New York’s air quality within the three years allowed by CAA Section 126. On September 20, 2019, the EPA denied New York’s CAA Section 126 petition. On October 29, 2019, the State of New York appealed the denial of its petition to the D.C. Circuit. On July 14, 2020, the D.C. Circuit reversed and remanded the New York petition to the EPA for further consideration. On March 15, 2021, EPA issued a revised CSAPR Rule that addresses, among other things, the remand of the CSAPR Update Rule and the New York Section 126 Petition. Depending on the outcome of any appeals and how the EPA and the states ultimately implement the revised CSAPR Rule, the future cost of compliance may materially impact FirstEnergy's operations, cash flows and financial condition. In February 2019, the EPA announced its final decision to retain without changes the NAAQS for SO 2 , specifically retaining the 2010 primary (health-based) 1-hour standard of 75 PPB. As of March 31, 2020, FirstEnergy has no power plants operating in areas designated as non-attainment by the EPA. Climate Change There are several initiatives to reduce GHG emissions at the state, federal and international level. Certain northeastern states are participating in the RGGI and western states led by California, have implemented programs, primarily cap and trade mechanisms, to control emissions of certain GHGs. Additional policies reducing GHG emissions, such as demand reduction programs, renewable portfolio standards and renewable subsidies have been implemented across the nation. In September 2016, the U.S. joined in adopting the agreement reached on December 12, 2015, at the United Nations Framework Convention on Climate Change meetings in Paris to reduce GHG. The Paris Agreement’s non-binding obligations to limit global warming to below two degrees Celsius became effective on November 4, 2016. On June 1, 2017, the Trump Administration announced that the U.S. would cease all participation in the Paris Agreement. On January 20, 2021, President Biden signed an executive order re-adopting the agreement on behalf of the U.S. In November 2020, FirstEnergy published its Climate Story which includes its climate position and strategy, as well as a new comprehensive and ambitious GHG emission goal. FirstEnergy pledged to achieve carbon neutrality by 2050 and set an interim goal for a 30% reduction in GHG within the company’s direct operational control by 2030, based on 2019 levels. FirstEnergy cannot currently estimate the financial impact of climate change policies, although potential legislative or regulatory programs restricting CO2 emissions, or litigation alleging damages from GHG emissions, could require material capital and other expenditures or result in changes to its operations. In December 2009, the EPA released its final “Endangerment and Cause or Contribute Findings for GHG under the Clean Air Act,” concluding that concentrations of several key GHG constitutes an "endangerment" and may be regulated as "air pollutants" under the CAA and mandated measurement and reporting of GHG emissions from certain sources, including electric generating plants. Subsequently, the EPA released its final CPP regulations in August 2015 to reduce CO2 emissions from existing fossil fuel-fired EGUs and finalized separate regulations imposing CO2 emission limits for new, modified, and reconstructed fossil fuel-fired EGUs. Numerous states and private parties filed appeals and motions to stay the CPP with the D.C. Circuit in October 2015. On February 9, 2016, the U.S. Supreme Court stayed the rule during the pendency of the challenges to the D.C. Circuit and U.S. Supreme Court. On March 28, 2017, an executive order, entitled “Promoting Energy Independence and Economic Growth,” instructed the EPA to review the CPP and related rules addressing GHG emissions and suspend, revise or rescind the rules if appropriate. On June 19, 2019, the EPA repealed the CPP and replaced it with the ACE rule that establishes guidelines for states to develop standards of performance to address GHG emissions from existing coal-fired power plants. On January 19, 2021, the D.C. Circuit vacated and remanded the ACE rule declaring that the EPA was “arbitrary and capricious” in its rule making and, as such, the ACE rule is no longer in effect and all actions thus far taken by states to implement the federally mandated rule are now null and void. The D.C. Circuit decision is subject to legal challenge. Depending on the outcomes of further appeals and how any final rules are ultimately implemented, the future cost of compliance may be material. Clean Water Act Various water quality regulations, the majority of which are the result of the federal CWA and its amendments, apply to FirstEnergy’s facilities. In addition, the states in which FirstEnergy operates have water quality standards applicable to FirstEnergy’s operations. The EPA finalized CWA Section 316(b) regulations in May 2014, requiring cooling water intake structures with an intake velocity greater than 0.5 feet per second to reduce fish impingement when aquatic organisms are pinned against screens or other parts of a cooling water intake system to a 12% annual average and requiring cooling water intake structures exceeding 125 million gallons per day to conduct studies to determine site-specific controls, if any, to reduce entrainment, which occurs when aquatic life is drawn into a facility’s cooling water system. Depending on any final action taken by the states with respect to impingement and entrainment, the future capital costs of compliance with these standards may be material. On September 30, 2015, the EPA finalized new, more stringent effluent limits for the Steam Electric Power Generating category (40 CFR Part 423) for arsenic, mercury, selenium and nitrogen for wastewater from wet scrubber systems and zero discharge of pollutants in ash transport water. The treatment obligations were to phase-in as permits are renewed on a five-year cycle from 2018 to 2023. However, on April 13, 2017, the EPA granted a Petition for Reconsideration and on September 18, 2017, the EPA postponed certain compliance deadlines for two years. On August 31, 2020, the EPA issued a final rule revising the effluent limits for discharges from wet scrubber systems, retaining the zero-discharge standard for ash transport water, (with some limited discharge allowances), and extending the deadline for compliance to December 31, 2025 for both. In addition, the EPA allows for less stringent limits for sub-categories of generating units based on capacity utilization, flow volume from the scrubber system, and unit retirement date. Depending on the outcome of appeals, how final rules are ultimately implemented and the compliance options MP elects to take with the new rules, the compliance with these standards, which could include capital expenditures at the Ft. Martin and Harrison power stations, may be substantial and changes to MP’s operations at those power stations may also result. On September 29, 2016, FirstEnergy received a request from the EPA for information pursuant to CWA Section 308(a) for information concerning boron exceedances of effluent limitations established in the NPDES Permit for the former Mitchell Power Station’s Mingo landfill, owned by WP. On November 1, 2016, WP provided an initial response that contained information related to a similar boron issue at the former Springdale Power Station’s landfill. The EPA requested additional information regarding the Springdale landfill and on November 15, 2016, WP provided a response and intends to fully comply with the Section 308(a) information request. On March 3, 2017, WP proposed to the PA DEP a re-route of its wastewater discharge to eliminate potential boron exceedances at the Springdale landfill. On January 29, 2018, WP submitted an NPDES permit renewal application to PA DEP proposing to re-route its wastewater discharge to eliminate potential boron exceedances at the Mingo landfill. On February 20, 2018, the DOJ issued a letter and tolling agreement on behalf of the EPA alleging violations of the CWA at the Springdale and Mingo landfills while seeking to enter settlement negotiations in lieu of filing a complaint. The EPA has proposed a penalty of $610,000 to settle alleged past boron exceedances at both facilities. Negotiations are continuing and WP is unable to predict the outcome of this matter. Regulation of Waste Disposal Federal and state hazardous waste regulations have been promulgated as a result of the RCRA, as amended, and the Toxic Substances Control Act. Certain CCRs, such as coal ash, were exempted from hazardous waste disposal requirements pending the EPA’s evaluation of the need for future regulation. In April 2015, the EPA finalized regulations for the disposal of CCRs (non-hazardous), establishing national standards for landfill design, structural integrity design and assessment criteria for surface impoundments, groundwater monitoring and protection procedures and other operational and reporting procedures to assure the safe disposal of CCRs from electric generating plants. On September 13, 2017, the EPA announced that it would reconsider certain provisions of the final regulations. On July 17, 2018, the EPA Administrator signed a final rule extending the deadline for certain CCR facilities to cease disposal and commence closure activities, as well as, establishing less stringent groundwater monitoring and protection requirements. On August 21, 2018, the D.C. Circuit remanded sections of the CCR Rule to the EPA to provide additional safeguards for unlined CCR impoundments that are more protective of human health and the environment. On December 2, 2019, the EPA published a proposed rule accelerating the date that certain CCR impoundments must cease accepting waste and initiate closure to August 31, 2020. The proposed rule allows for an extension of the closure deadline based on meeting proscribed site-specific criteria. On July 29, 2020, the EPA published a final rule revising the date that certain CCR impoundments must cease accepting waste and initiate closure to April 11, 2021. The final rule allows for an extension of the closure deadline based on meeting proscribed site-specific criteria. On November 30, 2020, AE Supply submitted a closure deadline extension request to the EPA seeking to extend the closure date until 2024 of McElroy's Run CCR impoundment facility, for which AE Supply continues to provide access to FG. FE or its subsidiaries have been named as potentially responsible parties at waste disposal sites, which may require cleanup under the CERCLA. Allegations of disposal of hazardous substances at historical sites and the liability involved are often unsubstantiated and subject to dispute; however, federal law provides that all potentially responsible parties for a particular site may be liable on a joint and several basis. Environmental liabilities that are considered probable have been recognized on the Consolidated Balance Sheets as of March 31, 2021, based on estimates of the total costs of cleanup, FirstEnergy’s proportionate responsibility for such costs and the financial ability of other unaffiliated entities to pay. Total liabilities of approximately $102 million have been accrued through March 31, 2021, of which, approximately $67 million are for environmental remediation of former MGP and gas holder facilities in New Jersey, which are being recovered by JCP&L through a non-bypassable SBC. FE or its subsidiaries could be found potentially responsible for additional amounts or additional sites, but the loss or range of losses cannot be determined or reasonably estimated at this time. OTHER LEGAL PROCEEDINGS United States v. Larry Householder, et al. On July 21, 2020, a complaint and supporting affidavit containing federal criminal allegations were unsealed against the now former Ohio House Speaker Larry Householder and other individuals and entities allegedly affiliated with Mr. Householder. Also, on July 21, 2020, and in connection with the investigation, FirstEnergy received subpoenas for records from the U.S. Attorney’s Office for the S.D. Ohio. FirstEnergy was not aware of the criminal allegations, affidavit or subpoenas before July 21, 2020. As previously disclosed, FirstEnergy has been cooperating with the U.S. Attorney’s Office regarding the ongoing investigation and discussions have begun with the U.S. Attorney’s Office regarding the resolution of this matter, including the possibility of FirstEnergy entering into a deferred prosecution agreement. As these discussions are preliminary, FirstEnergy cannot currently predict the timing, the outcome, or the impact of a possible resolution of this ongoing investigation. While no contingency has been reflected in its consolidated financial statements, FirstEnergy believes that it is probable that it will incur a loss in connection with the resolution of this investigation. Given the ongoing nature and complexity of the review, inquiries and investigations, FirstEnergy cannot yet reasonably estimate a loss or range of loss that may arise from the resolutions of this investigation, but such resolution could have a material adverse effect on FirstEnergy’s reputation, business, financial condition, results of operations, liquidity, or cash flows. Legal Proceedings Relating to United States v. Larry Householder, et al. In addition to the subpoenas referenced above under “—United States v. Larry Householder, et. al.”, certain FE stockholders and FirstEnergy customers filed several lawsuits against FirstEnergy and certain current and former directors, officers and other employees, and the complaints in each of these suits is related to allegations in the complaint and supporting affidavit relating to HB 6 and the now former Ohio House Speaker Larry Householder and other individuals and entities allegedly affiliated with Mr. Householder. • Owens v. FirstEnergy Corp. et al. and Frand v. FirstEnergy Corp. et al. (Federal District Court, S.D. Ohio); on July 28, 2020 and August 21, 2020, purported stockholders of FE filed putative class action lawsuits alleging violations of the federal securities laws. Those actions have been consolidated and a lead plaintiff, the Los Angeles County Employees Retirement Association, has been appointed by the court. A consolidated complaint was filed on February 26, 2021. The consolidated complaint alleges, on behalf of a proposed class of persons who purchased FE securities between February 21, 2017 and July 21, 2020, that FE and certain current or former FE officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing misrepresentations or omissions concerning FE’s business and results of operations. The consolidated complaint also alleges that FE, certain current or former FE officers and directors, and a group of underwriters violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 as a result of alleged misrepresentations or omissions in connection with offerings of senior notes by FE in February and June 2020. • Gendrich v. Anderson, et al. and Sloan v. Anderson, et al. (Common Pleas Court, Summit County, OH); on July 26, 2020 and July 31, 2020, respectively, purported stockholders of FE filed shareholder derivative action lawsuits against certain FE directors and officers, alleging, among other things, breaches of fiduciary duty. These actions have been consolidated. • Miller v. Anderson, et al. (Federal District Court, N.D. Ohio); Bloom, et al. v. Anderson, et al.; Employees Retirement System of the City of St. Louis v. Jones, et al.; Electrical Workers Pension Fund, Local 103, I.B.E.W. v. Anderson et al.; Massachusetts Laborers Pension Fund v. Anderson et al.; The City of Philadelphia Board of Pensions and Retirement v. Anderson et al.; Atherton v. Dowling et al; Behar v. Anderson, et al. (U.S. District Court, S.D. Ohio, all actions have been consolidated); beginning on August 7, 2020, purported stockholders of FE filed shareholder derivative actions alleging the board and officers breached their fiduciary duties and committed violations of Section 14(a) of the Securities Exchange Act of 1934. The cases in the Southern District of Ohio have been consolidated and co-lead plaintiffs have been appointed by the court. • Smith v. FirstEnergy Corp. et al., Buldas v. FirstEnergy Corp. et al., and Hudock and Cameo Countertops, Inc. v. FirstEnergy Corp. et al. (Federal District Court, S.D. Ohio); on July 27, 2020, July 31, 2020, and August 5, 2020, respectively, purported customers of FirstEnergy filed putative class action lawsuits against FE and FESC, as well as certain current and former FirstEnergy officers, alleging civil Racketeer Influenced and Corrupt Organizations Act violations and related state law claims. These actions have been consolidated, and the court denied FirstEnergy’s motions to dismiss and stay discovery on February 10 and 11, 2021, respectively. Class certification discovery is proceeding. • State of Ohio ex rel. Dave Yost, Ohio Attorney General v. FirstEnergy Corp., et al. and City of Cincinnati and City of Columbus v. FirstEnergy Corp. (Common Pleas Court, Franklin County, OH); on September 23, 2020 and October 27, 2020, the OAG and the cities of Cincinnati and Columbus, respectively, filed complaints against several parties including FE, each alleging civil violations of the Ohio Corrupt Activity Act in connection with the passage of HB 6. On January 13, 2021, the OAG filed a motion for a temporary restraining order and preliminary injunction against FirstEnergy seeking to enjoin FirstEnergy from collecting the Ohio Companies' decoupling rider. On January 31, 2021, FE reached a partial settlement with the OAG and the cities of Cincinnati and Columbus with respect to the temporary restraining order and preliminary injunction request and related issues. In connection with the partial settlement, the Ohio Companies filed an application on February 1, 2021, with the PUCO to set their respective decoupling riders (CSR) to zero. On February 2, 2021, the PUCO approved the application of the Ohio Companies setting the rider to zero and no additional customer bills will include new decoupling rider charges after February 8, 2021. The cities of Dayton and Toledo have also been added as plaintiffs to the action. These actions have been consolidated. The cases are stayed pending final resolution of the United States v. Larry Householder, et al criminal proceeding described above. • Emmons v. FirstEnergy Corp. et al. (Common Pleas Court, Cuyahoga County, OH); on August 4, 2020, a purported customer of FirstEnergy filed a putative class action lawsuit against FE, FESC, OE, TE and CEI, along with FES, alleging several causes of action, including negligence and/or gross negligence, breach of contract, unjust enrichment, and unfair or deceptive consumer acts or practices. On October 1, 2020, plaintiffs filed a First Amended Complaint, adding as a plaintiff a purported customer of FirstEnergy and alleging a civil violation of the Ohio Corrupt Activity Act and civil conspiracy against FE, FESC and FES. Motions to dismiss remain pending. The plaintiffs in each of the above cases, seek, among other things, to recover an unspecified amount of damages (unless otherwise noted). In addition, on August 10, 2020, the SEC, through its Division of Enforcement, issued an order directing an investigation of possible securities laws violations by FE, and on September 1, 2020, issued subpoenas to FE and certain FE officers. Further, in letters dated January 26, and February 22, 2021, staff of FERC's Division of Investigations notified FirstEnergy that the Division is conducting an investigation of FirstEnergy’s lobbying and governmental affairs activities concerning HB 6, and staff directed FirstEnergy to preserve and maintain all documents and information related to the same as such have been developed as part of an ongoing audit being conducted by FERC's Division of Audits and Accounting. The outcome of any of these lawsuits, investigations and audit are uncertain and could have a material adverse effect on FE’s or its subsidiaries’ financial condition, results of operations and cash flows. No contingency has been reflected in FirstEnergy’s consolidated financial statements as a loss is neither probable, nor is a loss or range of a loss reasonably estimable. Internal Investigation Relating to United States v. Larry Householder, et al. As previously disclosed, a committee of independent members of the Board of Directors has been directing an internal investigation related to ongoing government investigations. In connection with FirstEnergy’s internal investigation, such committee determined on October 29, 2020, to terminate FirstEnergy’s Chief Executive Officer, Charles E. Jones, together with two other executives: Dennis M. Chack, Senior Vice President of Product Development, Marketing, and Branding; and Michael J. Dowling, Senior Vice President of External Affairs. Each of these terminated executives violated certain FirstEnergy policies and its code of conduct. These executives were terminated as of October 29, 2020. Such former members of senior management did not maintain and promote a control environment with an appropriate tone of compliance in certain areas of FirstEnergy’s business, nor sufficiently promote, monitor or enforce adherence to certain FirstEnergy policies and its code of conduct. Furthermore, certain former members of senior management did not reasonably ensure that relevant information was communicated within our organization and not withheld from our independent directors, our Audit Committee, and our independent auditor. Among the matters considered with respect to the determination by the committee of independent members of the Board of Directors that certain former members of senior management violated certain FirstEnergy policies and its code of conduct related to a payment of approximately $4 million made in early 2019 in connection with the termination of a purported consulting agreement, as amended, which had been in place since 2013. The counterparty to such agreement was an entity associated with an individual who subsequently was appointed to a full-time role as an Ohio government official directly involved in regulating the Ohio Companies, including with respect to distribution rates. FirstEnergy believes that payments under the consulting agreement may have been for purposes other than those represented within the consulting agreement. Additionally, on November 8, 2020, Robert P. Reffner, Senior Vice President and Chief Legal Officer, and Ebony L. Yeboah-Amankwah, Vice President, General Counsel, and Chief Ethics Officer, were separated from FirstEnergy due to inaction and conduct that the Board determined was influenced by the improper tone at the top. Additionally, on February 17, 2021, the Board appointed Mr. John W. Somerhalder II to the positions of Vice Chairperson of the Board and Executive Director of FE, each effective as of March 1, 2021. Mr. Donald T. Misheff will continue to serve as Non-Executive Chairman of the Board. Mr. Somerhalder will help lead efforts to enhance FirstEnergy’s reputation. On March 7, 2021, the Board appointed Mr. Steven E. Strah to the position of Chief Executive Officer of FirstEnergy, effective as of March 8, 2021. On March 7, 2021, at the recommendation of the FirstEnergy Corporate Governance and Corporate Responsibility Committee, the Board also elected Mr. Strah as a Director of FirstEnergy, effective as of March 8, 2021, increasing the size of the Board from 11 to 12 members. Mr. Strah has been elected to the Board to serve for a term expiring at the FirstEnergy’s 2021 Annual Meeting of Shareholders and until his successor shall have been elected. Also, in connection with the internal investigation, FirstEnergy identified certain transactions, which, in some instances, extended back ten years of more, including vendor service, that were either improperly classified, misallocated to certain of the Utilities and Transmission Companies, or lacked proper supporting documentation. These transactions resulted in amounts collected from customers that were immaterial to FirstEnergy. The Utilities and Transmission Companies are working with the appropriate regulatory agencies to address these amounts . The internal investigation has revealed no new material issues since FirstEnergy’s Form 10-K was filed on February 18, 2021. The focus of the internal investigation has transitioned from a proactive investigation to continued cooperation with the ongoing government investigations. Nuclear Plant Matters On October 15, 2019, JCP&L, ME, PN and GPUN executed an asset purchase and sale agreement with TMI-2 Solutions, LLC, a subsidiary of EnergySolutions, LLC, concerning the transfer and dismantlement of TMI-2. This transfer of TMI-2 to TMI-2 Solutions, LLC will include the: (i) transfer of the ownership and operating NRC licenses for TMI-2; (ii) transfer of the external trusts for the decommissioning and environmental remediation of TMI-2; and (iii) assumption by TMI-2 Solutions, LLC, of certain liabilities, including all responsibility for the TMI-2 site, full decommissioning of TMI-2 and ongoing management of core debris material not previously transferred to the DOE. On August 10, 2020, JCP&L, ME, PN, GPUN, TMI-2 Solutions, LLC, and the PA DEP reached a settlement agreement regarding the decommissioning of TMI-2. On December 2, 2020, the NJBPU issued an order approving the transfer and sale under the conditions requested by NJ Rate Counsel and agreed to by JCP&L. Those conditions will restrict JCP&L from seeking recovery from its ratepayers for any future liabilities JCP&L could incur with respect to TMI-2. Also, on December 2, 2020, the NRC issued its order approving the license transfer as requested. With the receipt of all required regulatory approvals, the transaction was consummated on December 18, 2020. FES Bankruptcy On March 31, 2018, FES, including its consolidated subsidiaries, FG, NG, FE Aircraft Leasing Corp., Norton Energy Storage L.L.C. and FGMUC, and FENOC filed voluntary petitions for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court and emerged on February 27, 2020. See Note 3, “Discontinued Operations,” for additional discussion. Other Legal Matters There are various lawsuits, claims (including claims for asbestos exposure) and proceedings related to FirstEnergy’s normal

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION FE and its subsidiaries are principally involved in the transmission, distribution and generation of electricity through its reportable segments, Regulated Distribution and Regulated Transmission. 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 3,580 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. Included within the segment is $45 million of assets classified as held for sale as of December 31, 2020, associated with the asset purchase agreement with Yards Creek; see Note 8, “Regulatory Matters,” for additional information. 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 and JCP&L as well as stated transmission rates at MP, PE and WP; although as explained in Note 8, “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, which were approved by FERC on April 15, 2021. 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 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. Reconciling adjustments for the elimination of inter-segment transactions and discontinued operations are shown separately in the following table of Segment Financial Information. See Note 3, “Discontinued Operations,” for additional discussion. As of March 31, 2021, 67 MWs of electric generating capacity, representing AE Supply’s OVEC capacity entitlement, was included in continuing operations of Corporate/Other. As of March 31, 2021, Corporate/Other had approximately $8 billion of FE holding company debt. Financial information for each of FirstEnergy’s reportable segments is presented in the tables below: Segment Financial Information For the Three Months Ended Regulated Distribution Regulated Transmission Corporate/ Other Reconciling Adjustments FirstEnergy Consolidated (In millions) March 31, 2021 External revenues $ 2,321 $ 401 $ 4 $ — $ 2,726 Internal revenues 49 4 — (53) — Total revenues $ 2,370 $ 405 $ 4 $ (53) $ 2,726 Depreciation 226 81 1 15 323 Amortization of regulatory assets, net 87 5 — — 92 Miscellaneous income (expense), net 107 11 22 (5) 135 Interest expense 128 61 101 (5) 285 Income taxes (benefits) 82 33 (28) — 87 Income (loss) from continuing operations 313 109 (87) — 335 Property additions $ 321 $ 273 $ 10 $ — $ 604 March 31, 2020 External revenues $ 2,311 $ 397 $ 1 $ — $ 2,709 Internal revenues 47 4 — (51) — Total revenues $ 2,358 $ 401 $ 1 $ (51) $ 2,709 Depreciation 223 76 2 16 317 Amortization of regulatory assets, net 49 3 — — 52 Miscellaneous income (expense), net 75 6 25 (6) 100 Interest expense 127 52 90 (6) 263 Income taxes (benefits) (32) 34 (62) — (60) Income (loss) from continuing operations 136 117 (229) — 24 Property additions $ 338 $ 269 $ 9 $ — $ 616 As of March 31, 2021 Total assets $ 30,331 $ 12,753 $ 1,033 $ — $ 44,117 Total goodwill $ 5,004 $ 614 $ — $ — $ 5,618 As of December 31, 2020 Total assets $ 30,855 $ 12,592 $ 1,017 $ — $ 44,464 Total goodwill $ 5,004 $ 614 $ — $ — $ 5,618

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	These interim financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim financial statements should be read in conjunction with the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2020. FE and its subsidiaries follow GAAP and comply with the related regulations, orders, policies and practices prescribed by the SEC, FERC, and, as applicable, the PUCO, the PPUC, the MDPSC, the NYPSC, the WVPSC, the VSCC and the NJBPU. The accompanying interim financial statements are unaudited, but reflect all adjustments, consisting of normal recurring adjustments, that, in the opinion of management, are necessary for a fair statement of the financial statements. The preparation of financial statements in conformity with GAAP requires management to make periodic estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities. Actual results could differ from these estimates. The reported results of operations are not necessarily indicative of results of operations for any future period. FE and its subsidiaries have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Consolidation Policy	FE and its subsidiaries consolidate all majority-owned subsidiaries over which they exercise control and, when applicable, entities for which they have a controlling financial interest. Intercompany transactions and balances are eliminated in consolidation as appropriate and permitted pursuant to GAAP. FE and its subsidiaries consolidate a VIE when it is determined that it is the primary beneficiary. Investments in affiliates over which FE and its subsidiaries have the ability to exercise significant influence, but do not have a controlling financial interest, follow the equity method of accounting. Under the equity method, the interest in the entity is reported as an investment in the Consolidated Balance Sheets and the percentage of FE’s ownership share of the entity’s earnings is reported in the Consolidated Statements of Income and Comprehensive Income.
Customer Receivables	Customer Receivables Receivables from customers include distribution services and retail generation sales to residential, commercial and industrial customers of the Utilities. The allowance for uncollectible customer receivables is based on historical loss information comprised of a rolling 36-month average net write-off percentage of revenues, in conjunction with a qualitative assessment of elements that impact the collectability of receivables to determine if allowances for uncollectible accounts should be further adjusted in accordance with the accounting guidance for credit losses. FirstEnergy reviews its allowance for uncollectible customer receivables utilizing a quantitative and qualitative assessment. Management contemplates available current information such as changes in economic factors, regulatory matters, industry trends, customer credit factors, amount of receivable balances that are past-due, payment options and programs available to customers, and the methods that the Utilities are able to utilize to ensure payment. This analysis includes consideration of the outbreak of COVID-19 and the impact on customer receivable balances outstanding and the ability of customers to continue payment since the pandemic began. Beginning March 13, 2020, FirstEnergy temporarily suspended customer disconnections for nonpayment and ceased collection activities as a result of the ongoing pandemic and in accordance with state regulatory requirements. The temporary suspension of disconnections for nonpayment and ceasing of collection activities extended into the fourth quarter of 2020, but resumed for most customers before the end of 2020. Customers are subject to each state's applicable regulations on winter moratoriums for residential customers, which begin as early as November 1, 2020, and were in effect until April 15, 2021. During the first quarter of 2021, FirstEnergy reviewed its allowance for uncollectible customer receivables based on this qualitative assessment and has experienced a reduction in customer accounts that are past due by greater than 30 days since the end of 2020. Additionally, customer accounts in arrears grew at a slower percentage in the first quarter of 2021, than quarters subsequent to the start of the COVID-19 pandemic in 2020. Furthermore, other factors were also considered in the quarterly analysis, such as the federal and certain state funding being made available to customers to assist with past due utility bills, additional federal economic stimulus package and the beginning of vaccine distribution. As a result of this analysis, FirstEnergy recognized no significant incremental uncollectibles expense in the first quarter of 2021.
Restricted Cash	Restricted Cash Restricted cash primarily relates to cash collected from JCP&L, MP, PE and the Ohio Companies’ customers that is specifically used to service debt of their respective funding companies.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Pronouncements ASU 2019-12, " Simplifying the Accounting for Income Taxes" (Issued in December 2019): ASU 2019-12 enhances and simplifies various aspects of the income tax accounting guidance, including the elimination of certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. FirstEnergy adopted the guidance as of January 1, 2021, with no material impact to the financial statements.
Revenue	FirstEnergy accounts for revenues from contracts with customers under ASC 606, “ Revenue from Contracts with Customers. ” Revenue from leases, financial instruments, other contractual rights or obligations and other revenues that are not from contracts with customers are outside the scope of the standard and accounted for under other existing GAAP. FirstEnergy has elected to exclude sales taxes and other similar taxes collected on behalf of third parties from revenue as prescribed in the standard. As a result, tax collections and remittances are excluded from recognition in the income statement and instead recorded through the balance sheet. Excise and gross receipts taxes that are assessed on FirstEnergy are not subject to the election and are included in revenue. FirstEnergy has elected the optional invoice practical expedient for most of its revenues and utilizes the optional short-term contract exemption for transmission revenues due to the annual establishment of revenue requirements, which eliminates the need to provide certain revenue disclosures regarding unsatisfied performance obligations.
Earnings Per Share	Basic EPS available to common stockholders is computed using the weighted average number of common shares outstanding during the relevant period as the denominator. The denominator for diluted EPS of common stock reflects the weighted average of common shares outstanding plus the potential additional common shares that could result if dilutive securities and other agreements to issue common stock were exercised. Diluted EPS reflects the dilutive effect of potential common shares from share-based awards The dilutive effect of outstanding share-based awards was computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of the award would be used to purchase common stock at the average market price for the period.
Investments	INVESTMENTS All temporary cash investments purchased with an initial maturity of three months or less are reported as cash equivalents on the Consolidated Balance Sheets at cost, which approximates their fair market value. Investments other than cash and cash equivalents include equity securities, AFS debt securities and other investments. FirstEnergy has no debt securities held for trading purposes. Generally, unrealized gains and losses on equity securities are recognized in income whereas unrealized gains and losses on AFS debt securities are recognized in AOCI. However, the spent nuclear fuel disposal trusts and NDTs of JCP&L, ME and PN are subject to regulatory accounting with all gains and losses on equity and AFS debt securities offset against regulatory assets. On October 15, 2019, JCP&L, ME, PN and GPUN executed an asset purchase and sale agreement with TMI-2 Solutions, LLC, a subsidiary of Energy Solutions , LLC, concerning the transfer and dismantlement of TMI-2. With the receipt of all required regulatory approvals, the transaction was consummated, including the transfer of external trusts for the decommissioning and environmental remediation of TMI-2, on December 18, 2020. Please see Note 9, "Commitments, Guarantees and Contingencies," for further information.
Long-Term Debt and Other Long-Term Obligations	LONG-TERM DEBT AND OTHER LONG-TERM OBLIGATIONSAll borrowings with initial maturities of less than one year are defined as short-term financial instruments under GAAP and are reported as Short-term borrowings on the Consolidated Balance Sheets at cost. Since these borrowings are short-term in nature, FirstEnergy believes that their costs approximate their fair market value.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Activity in the allowance for uncollectible accounts on customer receivables	Activity in the allowance for uncollectible accounts on customer receivables for the three months ended March 31, 2021 and for the year ended December 31, 2020 are as follows: (In millions) Balance, January 1, 2020 $ 46 Charged to income (1) 174 Charged to other accounts (2) 46 Write-offs (102) Balance, December 31, 2020 $ 164 Charged to income 5 Charged to other accounts (2) 11 Write-offs (19) Balance, March 31, 2021 $ 161 (1) $103 million of which was deferred for future recovery in the twelve months ended December 31, 2020. (2) Represents recoveries and reinstatements of accounts written off for uncollectible accounts.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables represent a disaggregation of revenue from contracts with customers for the three months ended March 31, 2021 and 2020, by type of service from each reportable segment: For the Three Months Ended March 31, 2021 Revenues by Type of Service Regulated Distribution Regulated Transmission Corporate/Other and Reconciling Adjustments (1) Total (In millions) Distribution services $ 1,339 $ — $ (26) $ 1,313 Retail generation 935 — (12) 923 Wholesale sales 69 — 4 73 Transmission — 401 — 401 Other 33 — — 33 Total revenues from contracts with customers $ 2,376 $ 401 $ (34) $ 2,743 ARP (2) (27) — — (27) Other non-customer revenue 21 4 (15) 10 Total revenues $ 2,370 $ 405 $ (49) $ 2,726 (1) Includes eliminations and reconciling adjustments of inter-segment revenues. (2) Reflects amount the Ohio Companies will collectively refund to customers that was previously collected under decoupling mechanisms, with interest. See Note 8, “Regulatory Matters,” for further discussion on Ohio decoupling rates. For the Three Months Ended March 31, 2020 Revenues by Type of Service Regulated Distribution Regulated Transmission Corporate/Other and Reconciling Adjustments (1) Total (In millions) Distribution services $ 1,256 $ — $ (21) $ 1,235 Retail generation 904 — (15) 889 Wholesale sales 71 — 1 72 Transmission — 397 — 397 Other 36 — — 36 Total revenues from contracts with customers $ 2,267 $ 397 $ (35) $ 2,629 ARP (2) 68 — — 68 Other non-customer revenue 23 4 (15) 12 Total revenues $ 2,358 $ 401 $ (50) $ 2,709 (1) Includes eliminations and reconciling adjustments of inter-segment revenues. (2) Reflects Ohio decoupling rates that became effective on February 1, 2020. See Note 8, “Regulatory Matters,” for further discussion on Ohio decoupling rates. The following table represents a disaggregation of the Regulated Distribution segment revenue from contracts with distribution service and retail generation customers for the three months ended March 31, 2021 and 2020, by class: For the Three Months Ended March 31, Revenues by Customer Class 2021 2020 (In millions) Residential $ 1,457 $ 1,319 Commercial 541 544 Industrial 258 277 Other 18 20 Total Revenues $ 2,274 $ 2,160 The following table represents a disaggregation of revenue from contracts with regulated transmission customers for the three months ended March 31, 2021 and 2020, by transmission owner: For the Three Months Ended March 31, Transmission Owner 2021 2020 (In millions) ATSI $ 207 $ 204 TrAIL 59 63 MAIT 68 57 JCP&L 40 40 Other 27 33 Total Revenues $ 401 $ 397

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	Summarized results of discontinued operations for the three months ended March 31, 2021 and 2020, were as follows: For the Three Months Ended March 31, (In millions) 2021 2020 Revenues $ — $ 7 Fuel — (6) Other operating expenses — (6) Other income — 5 Income from discontinued operations, before tax — — Income tax expense — — Income from discontinued operations, net of tax — — Settlement Consideration — (4) Accelerated net pension and OPEB prior service credits — 18 Gain on Disposal of FES and FENOC, before tax — 14 Income tax benefits including worthless stock deduction — (36) Gain on disposal of FES and FENOC, net of tax — 50 Income from discontinued operations $ — $ 50

Earnings Per Share Of Common _2

Earnings Per Share Of Common Stock (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings Per Share	The following table reconciles basic and diluted EPS of common stock: For the Three Months Ended March 31, Reconciliation of Basic and Diluted EPS of Common Stock 2021 2020 (In millions, except per share amounts) EPS of Common Stock Income from continuing operations $ 335 $ 24 Discontinued operations, net of tax — 50 Income available to common stockholders $ 335 $ 74 Share count information: Weighted average number of basic shares outstanding 543 541 Assumed exercise of dilutive stock options and awards 1 2 Weighted average number of diluted shares outstanding 544 543 Income available to common stockholders, per common share: Income from continuing operations, basic $ 0.62 $ 0.05 Discontinued operations, basic — 0.09 Income available to common stockholders, basic $ 0.62 $ 0.14 Income from continuing operations, diluted $ 0.62 $ 0.05 Discontinued operations, diluted — 0.09 Income available to common stockholders, diluted $ 0.62 $ 0.14

Pension and Other Post-Employ_2

Pension and Other Post-Employment Benefits (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Costs	The components of the consolidated net periodic costs (credits) for pension and OPEB were as follows: Components of Net Periodic Benefit Costs (Credits) Pension OPEB For the Three Months Ended March 31, 2021 2020 2021 2020 (In millions) Service costs $ 49 $ 52 $ 1 $ 1 Interest costs 56 75 3 4 Expected return on plan assets (163) (153) (10) (8) Amortization of prior service costs (credits) (1) (2) 1 10 (4) (33) One-time termination benefit (3) — 8 — — Pension and OPEB mark-to-market adjustment — 386 — 37 Net periodic costs (credits), including amounts capitalized $ (57) $ 378 $ (10) $ 1 Net periodic costs (credits), recognized in earnings $ (78) $ 358 $ (10) $ 1 (1) 2020 includes the acceleration of $18 million in net credits as a result of the FES Debtors’ emergence during the first quarter of 2020 and is a component of discontinued operations in FirstEnergy’s Consolidated Statements of Income. (2) The income tax benefits associated with pension and OPEB prior service costs amortized out of AOCI were $1 million and $5 million as of March 31, 2021 and 2020, respectively. (3) Costs represent additional benefits provided to FES and FENOC employees under the approved settlement agreement and are a component of discontinued operations in FirstEnergy’s Consolidated Statements of Income.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured on Recurring Basis	The following tables set forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy: March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (In millions) Derivative assets FTRs (1) $ — $ — $ — $ — $ — $ — $ 3 $ 3 Equity securities 2 — — 2 2 — — 2 U.S. state debt securities — 276 — 276 — 276 — 276 Cash and cash equivalents 1,281 — — 1,281 1,734 — — 1,734 Other (2) — 37 — 37 — 41 — 41 Total assets $ 1,283 $ 313 $ — $ 1,596 $ 1,736 $ 317 $ 3 $ 2,056 Liabilities Derivative liabilities FTRs (1) $ — $ — $ (1) $ (1) $ — $ — $ — $ — Total liabilities $ — $ — $ (1) $ (1) $ — $ — $ — $ — Net assets (liabilities) (3) $ 1,283 $ 313 $ (1) $ 1,595 $ 1,736 $ 317 $ 3 $ 2,056 (1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings. (2) Primarily consists of short-term investments. (3) Excludes $1 million each as of March 31, 2021 and December 31, 2020, respectively, of net receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.
Reconciliation of Changes in the Fair Value Roll Forward of Level 3 Measurements of NUG Contracts	The following table provides a reconciliation of changes in the fair value of NUG contracts and FTRs that are classified as Level 3 in the fair value hierarchy for the periods ended March 31, 2021, and December 31, 2020: NUG Contracts (1) FTRs (1) Derivative Liabilities Derivative Assets Derivative Liabilities Net (In millions) January 1, 2020 Balance $ (16) $ 4 $ (1) $ 3 Unrealized loss (3) (3) — (3) Purchases — 7 (2) 5 Settlements 19 (5) 3 (2) December 31, 2020 Balance $ — $ 3 $ — $ 3 Unrealized loss — — (1) (1) Settlements — (3) — (3) March 31, 2021 Balance $ — $ — $ (1) $ (1) (1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.
Quantitative Information for Level 3 Valuation	The following table provides quantitative information for FTRs contracts that are classified as Level 3 in the fair value hierarchy for the period ended March 31, 2021: Fair Value, Net (In millions) Valuation Significant Input Range Weighted Average Units FTRs $ (1) Model RTO auction clearing prices $ 0.20 to $ 1.90 $0.60 Dollars/MWH
Amortized Cost Basis, Unrealized Gains and Losses and Fair Values of Investments in Available-for-sale Securities	The following table summarizes the amortized cost basis, unrealized gains, unrealized losses and fair values of investments held in spent nuclear fuel disposal trusts as of March 31, 2021, and December 31, 2020: March 31, 2021 (1) December 31, 2020 (2) Cost Basis Unrealized Gains Unrealized Losses Fair Value Cost Basis Unrealized Gains Unrealized Losses Fair Value (In millions) Debt securities $ 276 $ 4 $ (7) $ 273 $ 275 $ 7 $ (6) $ 276 (1) Excludes short-term cash investments of $8 million. (2) Excludes short-term cash investments of $9 million.
Proceeds from the Sale of Investments in Available-for-sale Securities, Realized Gains and Losses on Those Sales, and Interest and Dividend Income	Proceeds from the sale of investments in AFS debt securities, realized gains and losses on those sales and interest and dividend income for the three months ended March 31, 2021 and 2020, were as follows: For the Three Months Ended March 31, 2021 2020 (1) (In millions) Sale proceeds $ 5 $ 13 Realized gains — 4 Realized losses — (5) Interest and dividend income 3 5
Fair Value and Related Carrying Amounts of Long-term Debt and Other Long-term Obligations	March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In millions) Carrying value (1) $ 22,848 $ 22,377 Fair value $ 24,914 $ 25,465 (1) The carrying value as of March 31, 2021, includes $500 million of debt issuances and $29 million of redemptions that occurred in the first quarter of 2021.

Commitments, Guarantees and C_2

Commitments, Guarantees and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Guarantor Obligations	These credit-risk-related contingent features stipulate that if the subsidiary were to be downgraded or lose its investment grade credit rating (based on its senior unsecured debt rating), it would be required to provide additional collateral. The following table discloses the potential additional credit rating contingent contractual collateral obligations as of March 31, 2021: Potential Collateral Obligations Utilities and FET FE Total (In millions) Contractual Obligations for Additional Collateral Upon Further Downgrade $ 28 $ — $ 28 Surety Bonds (Collateralized Amount) (1) 56 258 314 Total Exposure from Contractual Obligations $ 84 $ 258 $ 342

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Financial Information	Financial information for each of FirstEnergy’s reportable segments is presented in the tables below: Segment Financial Information For the Three Months Ended Regulated Distribution Regulated Transmission Corporate/ Other Reconciling Adjustments FirstEnergy Consolidated (In millions) March 31, 2021 External revenues $ 2,321 $ 401 $ 4 $ — $ 2,726 Internal revenues 49 4 — (53) — Total revenues $ 2,370 $ 405 $ 4 $ (53) $ 2,726 Depreciation 226 81 1 15 323 Amortization of regulatory assets, net 87 5 — — 92 Miscellaneous income (expense), net 107 11 22 (5) 135 Interest expense 128 61 101 (5) 285 Income taxes (benefits) 82 33 (28) — 87 Income (loss) from continuing operations 313 109 (87) — 335 Property additions $ 321 $ 273 $ 10 $ — $ 604 March 31, 2020 External revenues $ 2,311 $ 397 $ 1 $ — $ 2,709 Internal revenues 47 4 — (51) — Total revenues $ 2,358 $ 401 $ 1 $ (51) $ 2,709 Depreciation 223 76 2 16 317 Amortization of regulatory assets, net 49 3 — — 52 Miscellaneous income (expense), net 75 6 25 (6) 100 Interest expense 127 52 90 (6) 263 Income taxes (benefits) (32) 34 (62) — (60) Income (loss) from continuing operations 136 117 (229) — 24 Property additions $ 338 $ 269 $ 9 $ — $ 616 As of March 31, 2021 Total assets $ 30,331 $ 12,753 $ 1,033 $ — $ 44,117 Total goodwill $ 5,004 $ 614 $ — $ — $ 5,618 As of December 31, 2020 Total assets $ 30,855 $ 12,592 $ 1,017 $ — $ 44,464 Total goodwill $ 5,004 $ 614 $ — $ — $ 5,618

Organization and Basis of Pre_4

Organization and Basis of Presentation - Narrative (Details) mi in Thousands, customer in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)customercompanytransmissionCentermiMW	Mar. 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Length of transmission lines | mi	24
Number of regional transmission centers | transmissionCenter	2
Capitalized cost of equity | $	$ 7	$ 11
Capitalized interest | $	$ 6	$ 7
PN | Waverly, New York
Property, Plant and Equipment [Line Items]
Number of customers served by utility operating companies | customer	4
Regulated Distribution
Property, Plant and Equipment [Line Items]
Number of existing utility operating companies | company	10
Number of customers served by utility operating companies | customer	6,000
Plant capacity (in MW's) | MW	3,580

Organization and Basis of Pre_5

Organization and Basis of Presentation - Activity in Uncollectable Accounts (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 164	$ 46
Charged to income	5	174
Charged to other accounts	11	46
Write-offs	(19)	(102)
Ending balance	$ 161	164
Deferred for recovery		$ 103

Revenue (Details)

Revenue (Details) $ in Millions		3 Months Ended
		Mar. 31, 2021USD ($)companyMW	Mar. 31, 2020USD ($)
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		$ 2,743	$ 2,629
Total revenues	[1]	2,726	2,709
Other Non-Customer Revenue
Disaggregation of Revenue [Line Items]
Late payment charges		9	10
Distribution services
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		1,313	1,235
Retail generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		923	889
Wholesale sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		73	72
Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		401	397
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		33	36
ARP
Disaggregation of Revenue [Line Items]
Total revenues		(27)	68
Other non-customer revenue
Disaggregation of Revenue [Line Items]
Total revenues		10	12
Regulated Distribution
Disaggregation of Revenue [Line Items]
Total revenues		$ 2,274	2,160
Number of existing utility operating companies | company		10
Megawatts of net demonstrated capacity of competitive segment | MW		3,580
Utility customer payment period		30 days
Regulated Distribution | Residential
Disaggregation of Revenue [Line Items]
Total revenues		$ 1,457	1,319
Regulated Distribution | Commercial
Disaggregation of Revenue [Line Items]
Total revenues		541	544
Regulated Distribution | Industrial
Disaggregation of Revenue [Line Items]
Total revenues		258	277
Regulated Distribution | Other
Disaggregation of Revenue [Line Items]
Total revenues		18	20
Regulated Transmission
Disaggregation of Revenue [Line Items]
Total revenues		401	397
Regulated Transmission | Other
Disaggregation of Revenue [Line Items]
Total revenues		27	33
Regulated Transmission | ATSI
Disaggregation of Revenue [Line Items]
Total revenues		207	204
Regulated Transmission | TrAIL
Disaggregation of Revenue [Line Items]
Total revenues		59	63
Regulated Transmission | MAIT
Disaggregation of Revenue [Line Items]
Total revenues		68	57
Regulated Transmission | JCP&L
Disaggregation of Revenue [Line Items]
Total revenues		40	40
Operating Segments | Regulated Distribution
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		2,376	2,267
Total revenues		2,370	2,358
Operating Segments | Regulated Distribution | Distribution services
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		1,339	1,256
Operating Segments | Regulated Distribution | Retail generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		935	904
Operating Segments | Regulated Distribution | Wholesale sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		69	71
Operating Segments | Regulated Distribution | Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Operating Segments | Regulated Distribution | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		33	36
Operating Segments | Regulated Distribution | ARP
Disaggregation of Revenue [Line Items]
Total revenues		(27)	68
Operating Segments | Regulated Distribution | Other non-customer revenue
Disaggregation of Revenue [Line Items]
Total revenues		21	23
Operating Segments | Regulated Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		401	397
Total revenues		405	401
Operating Segments | Regulated Transmission | Distribution services
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Operating Segments | Regulated Transmission | Retail generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Operating Segments | Regulated Transmission | Wholesale sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Operating Segments | Regulated Transmission | Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		401	397
Operating Segments | Regulated Transmission | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Operating Segments | Regulated Transmission | ARP
Disaggregation of Revenue [Line Items]
Total revenues		0	0
Operating Segments | Regulated Transmission | Other non-customer revenue
Disaggregation of Revenue [Line Items]
Total revenues		4	4
Corporate/Other and Reconciling Adjustments
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		(34)	(35)
Total revenues		(49)	(50)
Corporate/Other and Reconciling Adjustments | Distribution services
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		(26)	(21)
Corporate/Other and Reconciling Adjustments | Retail generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		(12)	(15)
Corporate/Other and Reconciling Adjustments | Wholesale sales
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		4	1
Corporate/Other and Reconciling Adjustments | Transmission
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Corporate/Other and Reconciling Adjustments | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers		0	0
Corporate/Other and Reconciling Adjustments | ARP
Disaggregation of Revenue [Line Items]
Total revenues		0	0
Corporate/Other and Reconciling Adjustments | Other non-customer revenue
Disaggregation of Revenue [Line Items]
Total revenues		$ (15)	$ (15)
[1]	Includes excise and gross receipts tax collections of $95 million and $92 million during the three months ended March 31, 2021 and 2020, respectively.

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) $ in Millions		Feb. 27, 2020USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020MW
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Worthless stock deduction		$ 4,900
Unrecognized tax benefits from worthless stock deduction		316
Worthless stock deduction, net of tax		1,100
Unrecognized tax benefits from worthless stock deduction, net of tax		72
Discontinued operations, net of tax	[1]		$ 0	$ 50
Pleasants Power Station | AE Supply | Purchase Agreement with Subsidiary of LS Power
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Plant capacity (in MW's) | MW					1,300
Discontinued Operations, Disposed of by Means Other than Sale | FES and FENOC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, net of tax			$ 0	50
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from asset sales				$ 65
FES Key Creditor Groups | Affiliated Companies | FES
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Settlement of claims upon emergence		853
IT Access Agreement | Affiliated Companies | FES
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Settlement of claims upon emergence		125
State and Local Jurisdiction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Worthless stock deduction, net of tax		$ 80
[1]	Net of income tax benefits of $36 million for the three months ended March 31, 2020.

Discontinued Operations - Summa

Discontinued Operations - Summarized Results (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense			$ 36
Income from discontinued operations, net of tax		$ 0	50
Income from discontinued operations	[1]	0	50
FES and FENOC | Discontinued Operations, Disposed of by Means Other than Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		0	7
Fuel		0	(6)
Other operating expenses		0	(6)
Other income		0	5
Income from discontinued operations, before tax		0	0
Income tax expense		0	0
Income from discontinued operations, net of tax		0	0
Settlement consideration		0	(4)
Accelerated net pension and OPEB prior service credits		0	18
Gain on Disposal of FES and FENOC, before tax		0	14
Income tax benefits including worthless stock deduction		0	(36)
Gain on disposal of FES and FENOC, net of tax		0	50
Income from discontinued operations		$ 0	$ 50
[1]	Net of income tax benefits of $36 million for the three months ended March 31, 2020.

Earnings Per Share Of Common _3

Earnings Per Share Of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
EPS of Common Stock
Income from continuing operations		$ 335	$ 24
Discontinued operations, net of tax	[1]	0	50
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$ 335	$ 74
Share count information:
Weighted average number of basic shares outstanding (in shares)		543,000	541,000
Assumed exercise of dilutive stock options and awards (in shares)		1,000	2,000
Weighted average number of diluted shares outstanding		544,000	543,000
Income available to common stockholders, per common share:
Income from continuing operations, basic (in dollars per share)		$ 0.62	$ 0.05
Discontinued operations, basic (in dollars per share)		0	0.09
Basic - Net Income Attributable to Common Stockholders (in dollars per share)		0.62	0.14
Income from continuing operations, diluted (in dollars per share)		0.62	0.05
Discontinued operations, diluted (in dollars per share)		0	0.09
Diluted - Net Income Attributable to Common Stockholders (in dollars per share)		$ 0.62	$ 0.14
Stock Options
Income available to common stockholders, per common share:
Shares excluded from the calculation of diluted shares outstanding, in shares		0	0
[1]	Net of income tax benefits of $36 million for the three months ended March 31, 2020.

Pension and Other Post-Employ_3

Pension and Other Post-Employment Benefits (Details) - USD ($) $ in Millions	Mar. 11, 2021	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension and OPEB prior service costs amortized out of AOCI		$ 1	$ 5
Mark-to-market adjustment			423
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs		49	52
Interest costs		56	75
Expected return on plan assets		(163)	(153)
Amortization of prior service costs (credits)		1	10
One-time termination benefit		0	8
Pension and OPEB mark-to-market adjustment		0	386
Net periodic costs (credits), including amounts capitalized		(57)	378
Net periodic costs (credits), recognized in earnings		(78)	358
Net accelerated credits			18
Estimated return	7.50%
OPEB
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs		1	1
Interest costs		3	4
Expected return on plan assets		(10)	(8)
Amortization of prior service costs (credits)		(4)	(33)
One-time termination benefit		0	0
Pension and OPEB mark-to-market adjustment		0	37
Net periodic costs (credits), including amounts capitalized		(10)	1
Net periodic costs (credits), recognized in earnings		$ (10)	$ 1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	20.60%	166.70%
Change in amount of valuation allowance	$ 52
Worthless stock deduction	11
Unrecognized tax benefits, portion expected to be resolved in the next fiscal year	57
Unrecognized tax benefits that would impact effective tax rate	$ 55

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Liabilities
Investment excludes receivables, payables and accrued income	$ 1	$ 1
Recurring
Assets
Fair value, assets	1,596	2,056
Liabilities
Fair value, liabilities	(1)	0
Net assets (liabilities)	1,595	2,056
Recurring | FTRs | Derivative Liabilities
Liabilities
Fair value, liabilities	(1)	0
Recurring | FTRs | Derivative Assets
Assets
Fair value, assets	0	3
Recurring | Equity securities
Assets
Fair value, assets	2	2
Recurring | U.S. state debt securities
Assets
Fair value, assets	276	276
Recurring | Cash and cash equivalents
Assets
Fair value, assets	1,281	1,734
Recurring | Other
Assets
Fair value, assets	37	41
Recurring | Level 1
Assets
Fair value, assets	1,283	1,736
Liabilities
Fair value, liabilities	0	0
Net assets (liabilities)	1,283	1,736
Recurring | Level 1 | FTRs | Derivative Liabilities
Liabilities
Fair value, liabilities	0	0
Recurring | Level 1 | FTRs | Derivative Assets
Assets
Fair value, assets	0	0
Recurring | Level 1 | Equity securities
Assets
Fair value, assets	2	2
Recurring | Level 1 | U.S. state debt securities
Assets
Fair value, assets	0	0
Recurring | Level 1 | Cash and cash equivalents
Assets
Fair value, assets	1,281	1,734
Recurring | Level 1 | Other
Assets
Fair value, assets	0	0
Recurring | Level 2
Assets
Fair value, assets	313	317
Liabilities
Fair value, liabilities	0	0
Net assets (liabilities)	313	317
Recurring | Level 2 | FTRs | Derivative Liabilities
Liabilities
Fair value, liabilities	0	0
Recurring | Level 2 | FTRs | Derivative Assets
Assets
Fair value, assets	0	0
Recurring | Level 2 | Equity securities
Assets
Fair value, assets	0	0
Recurring | Level 2 | U.S. state debt securities
Assets
Fair value, assets	276	276
Recurring | Level 2 | Cash and cash equivalents
Assets
Fair value, assets	0	0
Recurring | Level 2 | Other
Assets
Fair value, assets	37	41
Recurring | Level 3
Assets
Fair value, assets	0	3
Liabilities
Fair value, liabilities	(1)	0
Net assets (liabilities)	(1)	3
Recurring | Level 3 | FTRs | Derivative Liabilities
Liabilities
Fair value, liabilities	(1)	0
Recurring | Level 3 | FTRs | Derivative Assets
Assets
Fair value, assets	0	3
Recurring | Level 3 | Equity securities
Assets
Fair value, assets	0	0
Recurring | Level 3 | U.S. state debt securities
Assets
Fair value, assets	0	0
Recurring | Level 3 | Cash and cash equivalents
Assets
Fair value, assets	0	0
Recurring | Level 3 | Other
Assets
Fair value, assets	$ 0	$ 0

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Rollforward (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
NUG contracts
Reconciliation of changes in the fair value of FTRs contracts
Beginning Balance, Derivative Liabilities	$ 0	$ (16)
Unrealized loss, Derivative Liabilities	0	(3)
Purchases, Derivative Liabilities		0
Settlements, Derivative Liabilities	0	19
Ending Balance, Derivative Liabilities	0	0
FTRs
Reconciliation of changes in the fair value of FTRs contracts
Beginning Balance, Derivative Assets	3	4
Beginning Balance, Derivative Liabilities	0	(1)
Beginning Balance, Net	3	3
Unrealized loss, Derivative Assets	0	(3)
Unrealized loss, Derivative Liabilities	(1)	0
Unrealized loss, Net	(1)	(3)
Purchases, Derivative Assets		7
Purchases, Derivative Liabilities		(2)
Purchases, Net		5
Settlements, Derivative Assets	(3)	(5)
Settlements, Derivative Liabilities	0	3
Settlements, Net	(3)	(2)
Ending Balance, Derivative Assets	0	3
Ending Balance, Derivative Liabilities	(1)	0
Ending Balance, Net	$ (1)	$ 3

Fair Value Measurements - Lev_2

Fair Value Measurements - Level 3 Quantitative Information (Details) - Level 3 - FTRs $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)$ / MWh	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value | $	$ (1)	$ 3	$ 3
Model
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value | $	$ (1)
Model | Minimum
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, RTO Auction Clearing Prices (in $/MWH)	0.20
Model | Maximum
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, RTO Auction Clearing Prices (in $/MWH)	1.90
Model | Weighted Average
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, RTO Auction Clearing Prices (in $/MWH)	0.60

Fair Value Measurements - Inves

Fair Value Measurements - Investments Held in Trusts (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Short-term cash investments	$ 8	$ 9
Debt securities
Debt Securities, Available-for-sale [Line Items]
Cost Basis	276	275
Unrealized Gains	4	7
Unrealized Losses	(7)	(6)
Fair Value	$ 273	$ 276

Fair Value Measurements - Proce

Fair Value Measurements - Proceeds from the Sale of Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Proceeds from the sale of investments in available-for-sale securities, realized gains and losses on those sales, and interest and dividend income
Sale proceeds	$ 5	$ 13
Realized gains	0	4
Realized Losses	0	(5)
Interest and dividend income	$ 3	$ 5

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts of Long-term Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair value and related carrying amounts of long-term debt and other long-term obligations
Debt issuances	$ 500	$ 2,000
Debt redemptions	29	$ 778
Carrying Value
Fair value and related carrying amounts of long-term debt and other long-term obligations
Long-term debt and other long-term obligations	22,848		$ 22,377
Debt issuances	500
Debt redemptions	29
Fair Value
Fair value and related carrying amounts of long-term debt and other long-term obligations
Long-term debt and other long-term obligations	$ 24,914		$ 25,465

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments [Line Items]
Investments not required to be disclosed	$ 325	$ 322
NUG contracts
Fair Value of Financial Instruments [Line Items]
Period of future observable data to determine contract price	2 years

Regulatory Matters - Maryland a

Regulatory Matters - Maryland and New Jersey (Details) meter in Millions, $ in Millions

Nov. 01, 2021

Apr. 09, 2021USD ($)

Mar. 05, 2021USD ($)

Mar. 01, 2021USD ($)program

Jan. 29, 2021USD ($)

Jan. 01, 2021USD ($)

Dec. 18, 2020USD ($)

Sep. 25, 2020USD ($)program

Aug. 27, 2020USD ($)meter

Jun. 10, 2020

Apr. 06, 2020USD ($)MW

Mar. 22, 2019USD ($)program

Mar. 31, 2021USD ($)MW

Mar. 31, 2020USD ($)

Dec. 31, 2020USD ($)

Regulatory Matters [Line Items]

Gain on sale of Yards Creek (Note 8)

$ 109

$ 0

Regulated Distribution

Regulatory Matters [Line Items]

Plant capacity (in MW's) | MW

3,580

PE | Maryland

Regulatory Matters [Line Items]

Incremental energy savings goal per year (percent)

0.20%

Incremental energy savings goal thereafter (percent)

2.00%

Recovery period for expenditures for cost recovery program

3 years

3 years

Expenditures for cost recovery program

$ 116

Amortization period

5 years

Amount of requested rate increase (decrease)

$ 148

PE | MPSC | Maryland

Regulatory Matters [Line Items]

Amount of approved annual rate increase

$ 6.2

Number of enhanced service reliability programs | program

3

Enhanced service reliability program term

4 years

Period to file new depreciation study

18 months

Enhanced service reliability program renewal period

4 years

PE | MPSC | Maryland | Subsequent Event

Regulatory Matters [Line Items]

Distribution reporting of COVID relief funds

$ 30

PE | MPSC | Depreciation Expense Study | Maryland

Regulatory Matters [Line Items]

Amount of requested rate increase (decrease)

$ (9.6)

PE | Maryland Office of People's Counsel | Depreciation Expense Study | Maryland

Regulatory Matters [Line Items]

Amount of requested rate increase (decrease)

$ (10.8)

JCP&L | New Jersey | Yard's Creek Energy

Regulatory Matters [Line Items]

Plant capacity (in MW's) | MW

210

Purchase price

$ 155

JCP&L | New Jersey | Regulated Distribution | Yard's Creek Energy

Regulatory Matters [Line Items]

Book value

$ 45

Gain on sale of Yards Creek (Note 8)

$ 109

JCP&L | Advanced Metering Infrastructure | New Jersey | Regulated Distribution

Regulatory Matters [Line Items]

Amount of requested rate increase (decrease)

$ 732

JCP&L | NJBPU | New Jersey

Regulatory Matters [Line Items]

Amount of revenue increase

95

Decrease in regulatory liability

$ 86

JCP&L | NJBPU | New Jersey | Forecast

Regulatory Matters [Line Items]

Requested increase to ROE

9.60%

JCP&L | NJBPU | New Jersey | Yard's Creek Energy

Regulatory Matters [Line Items]

Ownership interest acquired

50.00%

JCP&L | NJBPU | JCP&L Reliability Plus | New Jersey

Regulatory Matters [Line Items]

Approved amount of annual increase

$ 95

JCP&L | NJBPU | Advanced Metering Infrastructure | New Jersey | Regulated Distribution

Regulatory Matters [Line Items]

Meter deployment period

3 years

Number of meters to be deployed | meter

1.2

Expected cost of the program

$ 418

Time period of the program

20 years

JCP&L | NJBPU | Energy Efficiency and Peak Demand Reduction | New Jersey | Regulated Distribution

Regulatory Matters [Line Items]

Amortization period

10 years

Amount of requested rate increase (decrease)

$ 230

Number of programs | program

11

JCP&L | NJBPU | Electrical Vehicle Program | New Jersey | Regulated Distribution

Regulatory Matters [Line Items]

Amount of requested rate increase (decrease)

$ 50

Number of programs | program

6

Electric vehicle program period

4 years

Amount of requested return on capital

$ 16

Requested amount for operations and maintenance expense

$ 34

Regulatory Matters - Ohio (Deta

Regulatory Matters - Ohio (Details) - OHIO - PUCO - USD ($) $ in Millions	Nov. 24, 2020	Jul. 15, 2019	Nov. 09, 2018	Jun. 01, 2016	Mar. 31, 2021	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Regulatory Matters [Line Items]
Proposed goal to reduce CO2 pollution (percent)				90.00%
Energy Conservation, Economic Development and Job Retention
Regulatory Matters [Line Items]
Contribution amount				$ 51
Distribution Modernization Rider
Regulatory Matters [Line Items]
Annual revenue cap for rider							$ 132.5
Recovery period							3 years
Approved amount for rider						$ 168	$ 168
Requested plan extension period	2 years
Delivery Capital Recovery Rider
Regulatory Matters [Line Items]
Annual revenue cap for rider for years three through six				20
Annual revenue cap for rider for years six through eight				$ 15
OCC DMR Refund | The Ohio Companies
Regulatory Matters [Line Items]
Loss contingency, damages sought		$ 42
Distribution Platform Modernization Plan
Regulatory Matters [Line Items]
Approved amount of annual increase (decrease)			$ 516
Period of grid modernization plan			3 years
Decoupling Rider | The Ohio Companies
Regulatory Matters [Line Items]
Amount of refunds announced					$ 27
Rider CSR | The Ohio Companies
Regulatory Matters [Line Items]
Pre-tax impairment of regulatory asset								$ 108
Impairment of regulatory asset, net								84
Lost distribution revenue								$ 77

Regulatory Matters - Pennsylvan

Regulatory Matters - Pennsylvania and West Virginia (Details) $ in Millions	Dec. 30, 2020USD ($)MW	Aug. 28, 2020USD ($)	May 01, 2020USD ($)	Aug. 30, 2019USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2021proposal	Jun. 18, 2020
ATSI | FERC | Transmission Related Vegetation Management Programs
Regulatory Matters [Line Items]
Amount of requested rate increase (decrease)			$ 19
Amended amount of rate increase			$ 85
Pennsylvania | DSP June 2019- May 2023
Regulatory Matters [Line Items]
Number of RFP's | proposal						2
RFP term						2 years
Pennsylvania | Three month period | DSP June 2019- May 2023
Regulatory Matters [Line Items]
Term of energy contract						3 months
Pennsylvania | Twelve month period | DSP June 2019- May 2023
Regulatory Matters [Line Items]
Term of energy contract						12 months
Pennsylvania | Twenty-four month period | DSP June 2019- May 2023
Regulatory Matters [Line Items]
Term of energy contract						24 months
Pennsylvania | Pennsylvania Companies | PPUC | EE&C Phase III
Regulatory Matters [Line Items]
Approved amount of annual increase					$ 390
Pennsylvania | Pennsylvania Companies | PPUC | New LTIIPs
Regulatory Matters [Line Items]
Amount of requested rate increase (decrease)				$ 572
Recovery period				5 years
Pennsylvania | ME | PPUC | EE&C Phase IV
Regulatory Matters [Line Items]
Demand reduction targets							2.90%
Energy consumption reduction targets							3.10%
Pennsylvania | PN | PPUC | EE&C Phase IV
Regulatory Matters [Line Items]
Demand reduction targets							3.30%
Energy consumption reduction targets							3.00%
Pennsylvania | Penn | PPUC | EE&C Phase IV
Regulatory Matters [Line Items]
Demand reduction targets							2.00%
Energy consumption reduction targets							2.70%
Pennsylvania | WP | PPUC | EE&C Phase IV
Regulatory Matters [Line Items]
Demand reduction targets							2.50%
Energy consumption reduction targets							2.40%
West Virginia | MP and PE | WVPSC | ENEC
Regulatory Matters [Line Items]
Amount of requested rate increase (decrease)		$ (55)
Amount of requested rate increase (decrease) (percent)		(4.00%)
Recovery of deferred, incremental uncollectible and other related costs		$ 10.5
Amount of requested rate decrease	$ 2.6
West Virginia | MP and PE | WVPSC | Modernization and Improvement Program For Coal-Fired Boilers
Regulatory Matters [Line Items]
Amount of requested rate increase (decrease)		$ 5
West Virginia | MP and PE | WVPSC | Integrated Resource Plan
Regulatory Matters [Line Items]
Project period	15 years
Capacity of plant to be constructed (in MW's) | MW	50

Commitments, Guarantees and C_3

Commitments, Guarantees and Contingencies - Potential Collateral Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Guarantor Obligations [Line Items]
Guarantor obligations	$ 342
Percent of face amount of debt	100.00%
Curing period	30 days
Upon Further Downgrade
Guarantor Obligations [Line Items]
Guarantor obligations	$ 28
Surety Bond (Collateralized Amount)
Guarantor Obligations [Line Items]
Guarantor obligations	$ 314
Percent of face amount of debt	60.00%
Capped portion of surety bond obligations	$ 39
Utilities and FET
Guarantor Obligations [Line Items]
Guarantor obligations	84
Utilities and FET | Upon Further Downgrade
Guarantor Obligations [Line Items]
Guarantor obligations	28
Utilities and FET | Surety Bond (Collateralized Amount)
Guarantor Obligations [Line Items]
Guarantor obligations	56
FirstEnergy
Guarantor Obligations [Line Items]
Guarantor obligations	258
FirstEnergy | Upon Further Downgrade
Guarantor Obligations [Line Items]
Guarantor obligations	0
FirstEnergy | Surety Bond (Collateralized Amount)
Guarantor Obligations [Line Items]
Guarantor obligations	$ 258

Commitments, Guarantees and C_4

Commitments, Guarantees and Contingencies - Narrative (Details) T in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021USD ($)phaseT	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 08, 2021director	Mar. 07, 2021director	Feb. 20, 2018USD ($)
Guarantor Obligations [Line Items]
Outstanding guarantees and other assurances aggregated	$ 1,700,000,000
Company posted collateral related to net liability positions	$ 26,000,000
Collateral posted due to credit rating downgrade		$ 25,000,000
Goal to reduce in GHG emissions	30.00%
Amount of code of conduct payment			$ 4,000,000
Number of Board Members | director				12	11
Regulation of Waste Disposal
Guarantor Obligations [Line Items]
Accrual for environmental loss contingencies	$ 102,000,000
Environmental liabilities former gas facilities	$ 67,000,000
National Ambient Air Quality Standards
Guarantor Obligations [Line Items]
Capping of SO2 Emissions Under CSAPR | T	2.4
Capping of NOx emissions under CSAPR | T	1.2
National Ambient Air Quality Standards | CSAPR
Guarantor Obligations [Line Items]
Number of phases under the EPA’s CAIR for reductions of Sulfur Dioxide and Mono-Nitrogen Oxides | phase	2
Global Holding | Senior Secured Term Loan | Senior Loans | Signal Peak, Global Rail and Affiliates
Guarantor Obligations [Line Items]
Investment ownership percentage	69.99%
FEV | Senior Secured Term Loan | Senior Loans | Signal Peak | Global Holding
Guarantor Obligations [Line Items]
Investment ownership percentage	33.33%
WMB Marketing Ventures, LLC | Senior Secured Term Loan | Senior Loans | Signal Peak | Global Holding
Guarantor Obligations [Line Items]
Investment ownership percentage	33.33333%
FE
Guarantor Obligations [Line Items]
Outstanding guarantees and other assurances aggregated	$ 1,100,000,000
Other Guarantee
Guarantor Obligations [Line Items]
Outstanding guarantees and other assurances aggregated	108,000,000
Other Assurances
Guarantor Obligations [Line Items]
Outstanding guarantees and other assurances aggregated	474,000,000
Term Loan Facility due November 2024 | Line of Credit | Global Holding
Guarantor Obligations [Line Items]
Face amount of debt	$ 120,000,000
EPA | Clean Water Act
Guarantor Obligations [Line Items]
Proposed penalty amount						$ 610,000

Segment Information - Narrative

Segment Information - Narrative (Details) mi² in Thousands, customer in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)mi²customercompanyMW	Dec. 31, 2020USD ($)
Regulated Distribution
Segment Reporting Information [Line Items]
Number of existing utility operating companies | company	10
Number of customers served by utility operating companies | customer	6
Number of square miles in service area | mi²	65
Megawatts of net demonstrated capacity of competitive segment | MW	3,580
Other/Corporate | OVEC
Segment Reporting Information [Line Items]
Megawatts of net demonstrated capacity of competitive segment | MW	67
FirstEnergy | Other/Corporate
Segment Reporting Information [Line Items]
Long-term debt and other long-term obligations | $	$ 8,000
Held-for-sale | Yard Creek Generating Facility | Regulated Distribution
Segment Reporting Information [Line Items]
Investments - held for sale | $		$ 45

Segment Information - Financial

Segment Information - Financial Data (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Financial Information
Revenues	[1]	$ 2,726	$ 2,709
Depreciation		323	317
Amortization of regulatory assets, net		92	52
Miscellaneous income (expense), net		135	100
Interest expense		285	263
Income taxes (benefits)		87	(60)
Income (loss) from continuing operations		335	24
Property additions		604	616
Total assets		44,117		$ 44,464
Goodwill		5,618		5,618
External Customers
Segment Financial Information
Revenues		2,726	2,709
Internal Customers
Segment Financial Information
Revenues		0	0
Regulated Distribution
Segment Financial Information
Revenues		2,274	2,160
Regulated Transmission
Segment Financial Information
Revenues		401	397
Operating Segments | Regulated Distribution
Segment Financial Information
Revenues		2,370	2,358
Depreciation		226	223
Amortization of regulatory assets, net		87	49
Miscellaneous income (expense), net		107	75
Interest expense		128	127
Income taxes (benefits)		82	(32)
Income (loss) from continuing operations		313	136
Property additions		321	338
Total assets		30,331		30,855
Goodwill		5,004		5,004
Operating Segments | Regulated Distribution | External Customers
Segment Financial Information
Revenues		2,321	2,311
Operating Segments | Regulated Distribution | Internal Customers
Segment Financial Information
Revenues		49	47
Operating Segments | Regulated Transmission
Segment Financial Information
Revenues		405	401
Depreciation		81	76
Amortization of regulatory assets, net		5	3
Miscellaneous income (expense), net		11	6
Interest expense		61	52
Income taxes (benefits)		33	34
Income (loss) from continuing operations		109	117
Property additions		273	269
Total assets		12,753		12,592
Goodwill		614		614
Operating Segments | Regulated Transmission | External Customers
Segment Financial Information
Revenues		401	397
Operating Segments | Regulated Transmission | Internal Customers
Segment Financial Information
Revenues		4	4
Corporate/Other
Segment Financial Information
Revenues		4	1
Depreciation		1	2
Amortization of regulatory assets, net		0	0
Miscellaneous income (expense), net		22	25
Interest expense		101	90
Income taxes (benefits)		(28)	(62)
Income (loss) from continuing operations		(87)	(229)
Property additions		10	9
Total assets		1,033		1,017
Goodwill		0		0
Corporate/Other | External Customers
Segment Financial Information
Revenues		4	1
Corporate/Other | Internal Customers
Segment Financial Information
Revenues		0	0
Reconciling Adjustments
Segment Financial Information
Revenues		(53)	(51)
Depreciation		15	16
Amortization of regulatory assets, net		0	0
Miscellaneous income (expense), net		(5)	(6)
Interest expense		(5)	(6)
Income taxes (benefits)		0	0
Income (loss) from continuing operations		0	0
Property additions		0	0
Total assets		0		0
Goodwill		0		$ 0
Reconciling Adjustments | External Customers
Segment Financial Information
Revenues		0	0
Reconciling Adjustments | Internal Customers
Segment Financial Information
Revenues		$ (53)	$ (51)
[1]	Includes excise and gross receipts tax collections of $95 million and $92 million during the three months ended March 31, 2021 and 2020, respectively.