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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
FirstEnergy
FirstEnergy (FE) investor relations material
FirstEnergy Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor presentation summary6 Nov, 2026
Key messages
Reaffirmed 2026 Core EPS guidance of $2.62–$2.82, at or slightly above the midpoint; 2026–2030 Core EPS CAGR expected near the top of the 6–8% range.
Expect to add ~$2B of investment to the 2026–2030 plan for Maidsville, with 35% funded by equity; seeking DOE approval for low-cost financing.
Issued an initial RFP for 3 GW of CCGT turbines and equipment; exploring bridge power and temporary behind-the-meter solutions, with an update expected in early 2027.
Expect transmission investments to increase at least 25% versus the current $19B plan, supporting reliability, resilience and customer growth.
Long-term financial plan
2026–2030 base plan totals $36B, with 10.4% rate base CAGR; 75% of projected investment is in formula-rate recovery.
Maidsville is expected to add incremental West Virginia rate base growth from 2029 onward; plan update expected shortly after the facility order.
Plan to fund up to 35% of incremental investments with equity or equity-like content while maintaining financial discipline and balance sheet strength.
A comprehensive 2027–2031 plan update is expected in February 2027, reflecting at least 25% higher transmission investment.
West Virginia generation opportunities
Expect a 4Q26 CPCN approval for the Maidsville CCGT facility; turbine reservation agreement signed with 2030 delivery, and other major contracts are being finalized.
Negotiations are advancing with a data center customer as the plant’s long-term off-taker; the agreement is expected to include benefits for existing West Virginia customers, pricing and risk mitigation.
Contracted and pipeline demand rose ~6x to ~6 GW since the start of 2026; discussions are advancing for 3 GW of potential load.
Additional generation updates, including bridge power and temporary behind-the-meter options, are expected in early 2027.
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Latest events from FirstEnergy
- A $26B grid plan targets 9% rate-base growth and supports 6%-8% long-term EPS growth.FE
Q4 2023 - Revenue grew, but a major transmission-sale tax charge cut net income to $439M.FEQ4 2022
- Recession and one-time charges cut earnings as retail growth and a major merger framed the outlook.FEQ4 2009
- Record generation and higher EPS met recession, pension, and Ohio regulatory headwinds.FEQ4 2008
- FY12 earnings fell amid weak power markets, storm costs, and pension volatility.FEQ4 2012
- Impairments pulled FY10 earnings down, while record cash flow supported merger, investment and debt-reduction plans.FEQ4 2010
- Merger gains lifted earnings, while coal retirements and compliance risks cloud the outlook.FEQ4 2011
- Weak power markets cut earnings; regulated growth and balance-sheet repair became the priority.FEQ4 2013
- FY06 earnings surged on stronger generation margins, with major capital and regulatory risks ahead.FEQ4 2006
Next FirstEnergy earnings date
Q4 202612 Feb, 2027
FirstEnergy
Next FirstEnergy earnings date
Q4 202612 Feb, 2027
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Frequently asked questions
Energy First
FirstEnergy is an American company energy company that primarily engages in the generation, transmission, and distribution of electricity. First Energy serves over six million customers across the Midwest and Mid-Atlantic regions, including Ohio, Pennsylvania, West Virginia, New Jersey, Maryland, and New York. The company operates a vast network of power plants and electricity distribution systems and also provides a host of related services for its customers. The company is headquartered in Akron, Ohio, and its shares are listed on the NYSE.
An Important Merger
FirstEnergy was formed in 1997 through the merger of Ohio Edison Company and Interior Energy Corporation. Ohio Edison had been a longstanding player in the Ohio electric utility industry, while Centerior was formed in the mid-80s through the merger of two electrical companies. Following its formation, FirstEnergy embarked on a phase of rapid expansion through acquisitions and investments in diversified energy generation sources. Some other companies operating in the same industry include Duke Energy, Exelon, and AEP.
Generating Electricity
The company's generation portfolio includes a mix of coal, nuclear, and renewable energy sources. Its nuclear assets, particularly in Ohio and Pennsylvania, have been important pieces in its power generation business, although they have also presented challenges, such as regulatory and safety issues.
In recent years, FirstEnergy has shown an increasing interest in renewable energy, incorporating wind and solar projects into its portfolio. This shift is in line with industry-wide trends towards more sustainable and environmentally friendly energy sources. Despite this gradual shift, energy sources like coal and nuclear continue to play a substantial role in FirstEnergy's power generation mix.
The Transmission of Electricity
This segment of the company involves the high-voltage transmission of electric power from generation facilities to distribution networks, which then deliver electricity to end users. FirstEnergy’s transmission network is extensive, featuring a vast array of transmission lines and substations. Through its transmission business, FirstEnergy plays a pivotal role in ensuring the stable and continuous supply of electricity to both residential and commercial customers in its service areas.