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Section 1: 10-Q (10-Q)

fe-20200630
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________
CommissionRegistrant; State of Incorporation;I.R.S. Employer
File NumberAddress; and Telephone NumberIdentification No.
 
333-21011FIRSTENERGY CORP34-1843785
 (AnOhioCorporation) 
   76 South Main Street 
 AkronOH44308 
 Telephone(800)736-3402 
   
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, $0.10 par valueFENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
 
 No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
 
 No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
 No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
 OUTSTANDING
CLASSAS OF JUNE 30, 2020
Common Stock, $0.10 par value542,110,386  
FirstEnergy Website and Other Social Media Sites and Applications

FirstEnergy’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports and all other documents filed with or furnished to the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 are made available free of charge on or through the “Investors” page of FirstEnergy’s website at www.firstenergycorp.com. These documents are also available to the public from commercial document retrieval services and the website maintained by the SEC at www.sec.gov.

These SEC filings are posted on the website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Additionally, FirstEnergy routinely posts additional important information, including press releases, investor presentations, investor factbook, and notices of upcoming events under the “Investors” section of FirstEnergy’s website and recognizes FirstEnergy’s website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. Investors may be notified of postings to the website by signing up for email alerts and Rich Site Summary feeds on the “Investors” page of FirstEnergy’s website. FirstEnergy also uses Twitter® and Facebook® as additional channels of distribution to reach public investors and as a supplemental means of disclosing material non-public information for complying with its disclosure obligations under Regulation FD. Information contained on FirstEnergy’s website, Twitter® handle or Facebook® page, and any corresponding applications of those sites, shall not be deemed incorporated into, or to be part of, this report.
1


Forward-Looking Statements: This Form 10-Q includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management’s intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” “forecast,” “target,” “will,” “intend,” “believe,” “project,” “estimate,” “plan” and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following (see Glossary of Terms for definitions of capitalized terms):

The extent and duration of COVID-19 and the impacts to our business, operations and financial condition resulting from the outbreak of COVID-19 including, but not limited to, disruption of businesses in our territories, volatile capital and credit markets, legislative and regulatory actions, the effectiveness of our pandemic and business continuity plans, the precautionary measures we are taking on behalf of our customers and employees, our customers’ ability to make their utility payment and the potential for supply-chain disruptions.
The risks and uncertainties associated with government investigations regarding Ohio House Bill 6 and related matters.
The risks and uncertainties associated with litigation, arbitration, mediation and like proceedings.
Mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including, but not limited to, risks associated with the decommissioning of TMI-2.
The ability to accomplish or realize anticipated benefits from strategic and financial goals, including, but not limited to, executing our transmission and distribution investment plans, controlling costs, improving our credit metrics, strengthening our balance sheet and growing earnings.
Legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity.
Economic and weather conditions affecting future operating results, such as significant weather events and other natural disasters, and associated regulatory events or actions.
Changes in assumptions regarding economic conditions within our territories, the reliability of our transmission and distribution system, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities.
Changes in customers’ demand for power, including, but not limited to, the impact of climate change or energy efficiency and peak demand reduction mandates.
Changes in national and regional economic conditions affecting us and/or our major industrial and commercial customers or others with which we do business.
The risks associated with cyber-attacks and other disruptions to our information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information.
The ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates.
Changes to environmental laws and regulations, including, but not limited to, those related to climate change.
Changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts and other trust funds, or causing us to make contributions sooner, or in amounts that are larger, than currently anticipated.
Labor disruptions by our unionized workforce.
Changes to significant accounting policies.
Any changes in tax laws or regulations, or adverse tax audit results or rulings.
The ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions.
Actions that may be taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity.
The risks and other factors discussed from time to time in our SEC filings.

Dividends declared from time to time on our common stock during any period may in the aggregate vary from prior periods due to circumstances considered by our Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating.

These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy’s filings with the SEC, including but not limited to the most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy’s business or the extent to which any factor, or combination of factors, may
2


cause results to differ materially from those contained in any forward-looking statements. FirstEnergy expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.
3



TABLE OF CONTENTS
 Page
Part I. Financial Information 
 
 
Consolidated Statements of Stockholders’ Equity
 
i


GLOSSARY OF TERMS
The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries:
AE SupplyAllegheny Energy Supply Company, LLC, an unregulated generation subsidiary
AGCAllegheny Generating Company, a generation subsidiary of MP
ATSIAmerican Transmission Systems, Incorporated, a subsidiary of FET, which owns and operates transmission facilities
CEIThe Cleveland Electric Illuminating Company, an Ohio electric utility operating subsidiary
FEFirstEnergy Corp., a public utility holding company
FENOCEnergy Harbor Nuclear Corp. (formerly known as FirstEnergy Nuclear Operating Company), a subsidiary of EH, which operates NG’s nuclear generating facilities
FESEnergy Harbor LLC. (formerly known as FirstEnergy Solutions Corp.), a subsidiary of EH, which provides energy-related products and services
FES DebtorsFES, FENOC, FG, NG, FE Aircraft Leasing Corp., Norton Energy Storage LLC, and FGMUC
FESCFirstEnergy Service Company, which provides legal, financial and other corporate support services
FETFirstEnergy Transmission, LLC, the parent company of ATSI, MAIT and TrAIL, and has a joint venture in PATH
FEVFirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures
FGEnergy Harbor Generation LLC (formerly known as FirstEnergy Generation, LLC), a subsidiary of EH, which owns and operates fossil generating facilities
FGMUCFirstEnergy Generation Mansfield Unit 1 Corp., a subsidiary of FG
FirstEnergyFirstEnergy Corp., together with its consolidated subsidiaries
Global HoldingGlobal Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC
Global RailGlobal Rail Group, LLC, a subsidiary of Global Holding that owns coal transportation operations near Roundup, Montana
GPUNGPU Nuclear, Inc., a subsidiary of FE, which operates TMI-2
JCP&LJersey Central Power & Light Company, a New Jersey electric utility operating subsidiary
MAITMid-Atlantic Interstate Transmission, LLC, a subsidiary of FET, which owns and operates transmission facilities
MEMetropolitan Edison Company, a Pennsylvania electric utility operating subsidiary
MPMonongahela Power Company, a West Virginia electric utility operating subsidiary
NGEnergy Harbor Nuclear Generation LLC (formerly known as FirstEnergy Nuclear Generation, LLC), a subsidiary of EH, which owns nuclear generating facilities
OEOhio Edison Company, an Ohio electric utility operating subsidiary
Ohio CompaniesCEI, OE and TE
PATHPotomac-Appalachian Transmission Highline, LLC, a joint venture between FE and a subsidiary of AEP
PEThe Potomac Edison Company, a Maryland and West Virginia electric utility operating subsidiary
PennPennsylvania Power Company, a Pennsylvania electric utility operating subsidiary of OE
Pennsylvania CompaniesME, PN, Penn and WP
PNPennsylvania Electric Company, a Pennsylvania electric utility operating subsidiary
Signal PeakSignal Peak Energy, LLC, an indirect subsidiary of Global Holding that owns mining operations near Roundup, Montana
TEThe Toledo Edison Company, an Ohio electric utility operating subsidiary
TrAILTrans-Allegheny Interstate Line Company, a subsidiary of FET, which owns and operates transmission facilities
Transmission CompaniesATSI, MAIT and TrAIL
UtilitiesOE, CEI, TE, Penn, JCP&L, ME, PN, MP, PE and WP
WPWest Penn Power Company, a Pennsylvania electric utility operating subsidiary
 












ii


The following abbreviations and acronyms are used to identify frequently used terms in this report:
ACEAffordable Clean EnergyFacebook®Facebook is a registered trademark of Facebook, Inc.
ADITAccumulated Deferred Income TaxesFASBFinancial Accounting Standards Board
AEPAmerican Electric Power Company, Inc.FERCFederal Energy Regulatory Commission
AFSAvailable-for-saleFES BankruptcyFES Debtors’ voluntary petitions for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code with the Bankruptcy Court
AFUDCAllowance for Funds Used During ConstructionFitchFitch Ratings Service
AMTAlternative Minimum TaxFPAFederal Power Act
AOCIAccumulated Other Comprehensive IncomeFTRFinancial Transmission Right
AROAsset Retirement ObligationGAAPAccounting Principles Generally Accepted in the United States of America
ARPAlternative Revenue ProgramGHGGreenhouse Gases
ASCAccounting Standard CodificationIIPInfrastructure Investment Program
ASUAccounting Standards UpdatekWKilowatt
Bankruptcy CourtU.S. Bankruptcy Court in the Northern District of Ohio in AkronLIBORLondon Inter-Bank Offered Rate
BGSBasic Generation ServiceLOCLetter of Credit
CAAClean Air ActLTIIPsLong-Term Infrastructure Improvement Plans
CARES ActCoronavirus Aid, Relief and Economic Security Act of 2020
MDPSCMaryland Public Service Commission
CCRCoal Combustion ResidualsMGPManufactured Gas Plants
CERCLAComprehensive Environmental Response, Compensation, and Liability Act of 1980MISOMidcontinent Independent System Operator, Inc.
CFRCode of Federal RegulationsmmBTUOne Million British Thermal Units
CO2
Carbon DioxideMoody’sMoody’s Investors Service, Inc.
COVID-19Coronavirus disease 2019MWMegawatt
CPPEPA’s Clean Power PlanMWHMegawatt-hour
CSAPRCross-State Air Pollution RuleNAAQSNational Ambient Air Quality Standards
CTAConsolidated Tax AdjustmentNDTNuclear Decommissioning Trust
CWAClean Water ActNERCNorth American Electric Reliability Corporation
D.C. CircuitUnited States Court of Appeals for the District of Columbia CircuitNJBPUNew Jersey Board of Public Utilities
DCRDelivery Capital RecoveryNOINotice of Inquiry
DMRDistribution Modernization RiderNOLNet Operating Loss
DSICDistribution System Improvement ChargeNOxNitrogen Oxide
DSPDefault Service PlanNPDESNational Pollutant Discharge Elimination
System
E&PEarnings and ProfitsNRCNuclear Regulatory Commission
EDCElectric Distribution CompanyNUGNon-Utility Generation
EDISElectric Distribution Investment SurchargeNYPSCNew York State Public Service Commission
EE&CEnergy Efficiency and ConservationOCAOffice of Consumer Advocate
EGSElectric Generation SupplierOCCOhio Consumers’ Counsel
EGUElectric Generation UnitsOPEBOther Post-Employment Benefits
EH Energy Harbor Corp.OPICOther Paid-in Capital
EmPOWER MarylandEmPOWER Maryland Energy Efficiency ActOVECOhio Valley Electric Corporation
ENECExpanded Net Energy CostPA DEPPennsylvania Department of Environmental Protection
EPAUnited States Environmental Protection AgencyPJMPJM Interconnection, LLC
EPSEarnings per SharePJM TariffPJM Open Access Transmission Tariff
EROElectric Reliability OrganizationPOLRProvider of Last Resort
ESP IVElectric Security Plan IVPORPurchase of Receivables
iii


PPAPurchase Power AgreementSECUnited States Securities and Exchange Commission
PPBParts per BillionSEETSignificantly Excessive Earnings Test
PPUCPennsylvania Public Utility CommissionSIPState Implementation Plan(s) Under the Clean Air Act
PUCOPublic Utilities Commission of OhioSNCRSelective Non-Catalytic Reduction
PURPAPublic Utility Regulatory Policies Act of 1978
SO2
Sulfur Dioxide
RCRAResource Conservation and Recovery ActSOSStandard Offer Service
Regulation FDRegulation Fair Disclosure promulgated by the SECSRECSolar Renewable Energy Credit
RFC
ReliabilityFirst Corporation
SSOStandard Service Offer
RFPRequest for ProposalTax ActTax Cuts and Jobs Act adopted December 22, 2017
RGGIRegional Greenhouse Gas InitiativeTMI-2Three Mile Island Unit 2
ROEReturn on EquityTwitter®Twitter is a registered trademark of Twitter, Inc.
RTORegional Transmission OrganizationUCCOfficial committee of unsecured creditors appointed in connection with the FES Bankruptcy
S&PStandard & Poor’s Ratings ServiceVIEVariable Interest Entity
SBCSocietal Benefits ChargeVMSVegetation Management Surcharge
SCOHSupreme Court of OhioVSCCVirginia State Corporation Commission
SCRSelective Catalytic ReductionWVPSCPublic Service Commission of West Virginia
S.D. Ohio Southern District of OhioZECZero Emissions Certificate
iv


PART I. FINANCIAL INFORMATION

ITEM I.   Financial Statements

FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

For the Three Months Ended June 30,For the Six Months
Ended June 30,
(In millions, except per share amounts)2020201920202019
REVENUES:
Distribution services and retail generation $2,030  $1,931  $4,154  $4,240  
Transmission380  367  777  719  
Other112  218  300  440  
Total revenues(1)
2,522  2,516  5,231  5,399  
OPERATING EXPENSES:
Fuel77  129  175  260  
Purchased power613  611  1,307  1,392  
Other operating expenses730  606  1,479  1,385  
Provision for depreciation321  309  638  606  
Amortization of regulatory assets, net13  37  65  42  
General taxes253  239  520  500  
Total operating expenses2,007  1,931  4,184  4,185  
OPERATING INCOME515  585  1,047  1,214  
OTHER INCOME (EXPENSE):
Miscellaneous income, net103  80  203  134  
Pension and OPEB mark-to-market adjustment (Note 5)    (423)   
Interest expense(263) (259) (526) (512) 
Capitalized financing costs18  16  36  34  
Total other expense(142) (163) (710) (344) 
INCOME BEFORE INCOME TAXES
373  422  337  870  
INCOME TAXES66  81  6  174  
INCOME FROM CONTINUING OPERATIONS307  341  331  696  
Discontinued operations (Note 3)(2)
2  (29) 52  (64) 
NET INCOME $309  $312  $383  $632  
INCOME ALLOCATED TO PREFERRED STOCKHOLDERS (Note 4)  4    9  
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$309  $308  $383  $623  
EARNINGS PER SHARE OF COMMON STOCK (Note 4):
Basic - Continuing Operations$0.57  $0.63  $0.61  $1.29  
Basic - Discontinued Operations  (0.05) 0.10  (0.12) 
Basic - Net Income Attributable to Common Stockholders$0.57  $0.58  $0.71  $1.17  
Diluted - Continuing Operations$0.57  $0.63  $0.61  $1.29  
Diluted - Discontinued Operations  (0.05) 0.10  (0.12) 
Diluted - Net Income Attributable to Common Stockholders$0.57  $0.58  $0.71  $1.17  
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic542  532  541  531  
Diluted543  533  543  533  
(1) Includes excise and gross receipts tax collections of $84 million and $81 million during the three months ended June 30, 2020 and 2019, respectively, and $176 million and $183 million during the six months ended June 30, 2020 and 2019, respectively.

(2) Net of income tax expense of $1 million and $39 million for the three months ended June 30, 2020 and 2019, respectively, and $(35) million and $44 million for the six months ended June 30, 2020 and 2019, respectively.

The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.

1


FIRSTENERGY CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

For the Three Months Ended June 30,For the Six Months Ended June 30,
(In millions)2020201920202019
NET INCOME$309  $312  $383  $632  
OTHER COMPREHENSIVE INCOME (LOSS):  
Pension and OPEB prior service costs(4) (7) (27) (14) 
Amortized losses on derivative hedges1    1  1  
Other comprehensive loss(3) (7) (26) (13) 
Income tax benefits on other comprehensive loss
(1) (2) (6) (3) 
Other comprehensive loss, net of tax(2) (5) (20) (10) 
COMPREHENSIVE INCOME$307  $307  $363  $622  
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.


2


FIRSTENERGY CORP.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions, except share amounts)June 30,
2020
December 31,
2019
ASSETS  
CURRENT ASSETS:  
Cash and cash equivalents$116  $627  
Restricted cash49  52  
Receivables- 
Customers1,107  1,137  
Less — Allowance for uncollectible customer receivables87  46  
1,020  1,091  
Affiliated companies, net of allowance for uncollectible accounts of $1,063 in 2019
    
Other, net of allowance for uncollectible accounts of $26 in 2020 and $21 in 2019
212  203  
Materials and supplies, at average cost303  281  
Prepaid taxes and other286  157  
Current assets - discontinued operations  33  
 1,986  2,444  
PROPERTY, PLANT AND EQUIPMENT:  
In service42,794  41,767  
Less — Accumulated provision for depreciation11,818  11,427  
 30,976  30,340  
Construction work in progress1,432  1,310  
 32,408  31,650  
PROPERTY, PLANT AND EQUIPMENT, NET - HELD FOR SALE (NOTE 9)44    
INVESTMENTS:  
Nuclear fuel disposal trust278  270  
Other297  299  
Investments - held for sale (Note 10)882  882  
 1,457  1,451  
DEFERRED CHARGES AND OTHER ASSETS:  
Goodwill5,618  5,618  
Regulatory assets78  99  
Other812  1,039  
 6,508  6,756  
$42,403  $42,301  
LIABILITIES AND CAPITALIZATION  
CURRENT LIABILITIES:  
Currently payable long-term debt$81  $380  
Short-term borrowings115  1,000  
Accounts payable882  918  
Accounts payable - affiliated companies  87  
Accrued interest269  249  
Accrued taxes563  545  
Accrued compensation and benefits267  258  
Other367  1,425  
 2,544  4,862  
CAPITALIZATION:  
Stockholders’ equity-  
Common stock, $0.10 par value, authorized 700,000,000 shares - 542,110,386 and 540,652,222 shares outstanding as of June 30, 2020 and December 31, 2019, respectively
54  54  
Other paid-in capital10,673  10,868  
Accumulated other comprehensive income  20  
Accumulated deficit(3,584) (3,967)