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FirstEnergy 8-K Report, Regulation FD Disclosure (Jun 1, 2026)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed June 1, 2026
Period End
June 1, 2026
Security
FE
In the record · 2016–202610-K1310-Q338-K179

FE filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 179 current reports (8-K) between 2016 and 2026.

  1. Impairment8-K · Jan ’17Jan ’17
  2. Leadership change8-K · Feb ’19Feb ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Leadership change8-K · Jun ’25Jun ’25

01—Abstract

Summary

Summary of the 8-K filed June 1, 2026. Cited figures are marked; the original filing is the authoritative source.

FirstEnergy's June 1, 2026 Form 8-K furnishes its Spring Investor Update (Exhibit 99.1), which reaffirms 2026 Core EPS guidance of $2.62a-$2.82 per share (midpoint implying 8.8% growth over the original 2025 guidance midpoint) and reaffirms a long-term Core EPS CAGR near the top end of 6-8% for 2026-2030.

The company also reaffirmed its $36Bb five-year investment plan, which drives a targeted ~10% rate base CAGR, with ~75% of projected investments in formula-rate recovery that reduces regulatory lag. Management targets a total shareholder return opportunity of roughly 12%, a dividend growth policy tied to a 60%-70% payout ratio of Core EPS, ~14% FFO/Debt, and continued BBB/Baa2 credit profile. The update highlights several regulatory filings and growth initiatives.

In West Virginia, Mon Power and Potomac Edison-WV filed a base rate case on May 15, 2026 requesting a $188Mc increase, but the WV PSC ordered movement toward an alternative Inflation and Investment Adjustment of $76M in two phases, with a hearing set for July 9. In Ohio, OE, CEI and TE filed a three-year rate plan on May 22, 2026, seeking $254M/$59M/$80M in revenue increases for July 2027-June 2030 and ~$2.5B of capital investment. The company also reports a 32% increase in contracted data center demand to 4.3 GW (up to 5.6 GW by 2035 including the new contracts), and a proposed 1,270 MW gas and solar generation build (Maidsville Energy Center, $2.7B) with CPCN approval expected in 2H 2026, which the company says is incremental to plan.

For investors, the key takeaways are reaffirmed guidance and multi-year targets alongside a growing set of regulatory outcomes still pending. Several items, including the WV alternative rate approach, the Ohio rate plan, and the Maidsville CPCN, carry timing and approval risk, and the Maidsville investment is explicitly not embedded in the plan. The filing also carries standard forward-looking statement caveats, including ongoing government investigation and DPA-related exposure, and the company notes its Core EPS excludes special items that it cannot reconcile to GAAP without unreasonable effort.

02—Key points

Key Highlights

  1. Reaffirmed 2026 Core EPS guidance of $2.62-$2.82 per share, with midpoint representing 8.8% growth over the original 2025 guidance midpoint.
  2. Reaffirmed long-term Core EPS CAGR near the top end of 6-8% for 2026-2030, plus a $36B five-year investment plan and ~10% rate base CAGR.
  3. Data center contracted demand rose 32% since 1Q26 to 4.3 GW, with pipeline and potential additions implying up to 5.6 GW contracted and up to 19.1 GW total pipeline by 2035.
  4. West Virginia: MP and PE-WV filed a $188M base rate case on May 15, 2026, and pivoted toward an alternative $76M Inflation and Investment Adjustment, with hearing set for July 9 and increases effective August 1, 2026 and June 1, 2027.
  5. Ohio: OE, CEI and TE filed a three-year rate plan on May 22, 2026 for July 2027-June 2030, seeking $254M/$59M/$80M in revenue increases and ~$2.5B of capital investment, with final order due within 360 days.
  6. Maidsville Energy Center (1,270 MW gas CCGT and solar, ~$2.7B) awaits CPCN and DOE loan approval expected in 2H 2026; the company states this is incremental to the current plan.
  7. Company targets ~14% FFO/Debt, maintains BBB/Baa2 credit profile goals, and funds growth with operating cash flow, debt and modest equity.

03—Questions

Frequently Asked Questions

  1. Did FirstEnergy change its 2026 earnings guidance in this update?

    No. FirstEnergy reaffirmed 2026 Core EPS guidance of $2.62-$2.82 per share and its long-term Core EPS CAGR target near the top end of 6-8% for 2026-2030.

  2. What is the status of the West Virginia rate request?

    MP and PE-WV originally filed a traditional base rate case seeking $188M, but the WV PSC ordered them to proceed with an alternative Inflation and Investment Adjustment of $76M in two phases. A hearing is scheduled for July 9, and the companies agreed not to file another base rate case until April 2028.

  3. How significant is the data center opportunity?

    Contracted data center demand reached 4.3 GW as of 1Q26 and has risen 32% to roughly 5.6 GW by 2035 with additional contracts near completion, plus a pipeline of about 13.5 GW. The company notes roughly $250M of transmission network upgrades per 1 GW of data center demand.

  4. Is the Maidsville gas plant included in the current capital plan?

    No. The company describes the 1,270 MW Maidsville Energy Center (about $2.7B) as incremental opportunity not embedded in the $36B plan, to be added upon WV PSC approval, which is expected in the second half of 2026.

  5. What are the main risks to these outlooks?

    Key risks include regulatory outcomes in WV and Ohio, CPCN and DOE loan approval timing, potential liabilities from government investigations and the DPA, weather and storm costs, capital market access and credit ratings, pension market volatility, and changes to tax or environmental laws. The company also notes Core EPS excludes special items that it cannot reconcile to GAAP without unreasonable effort.

04—Continue

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