FirstEnergy (FE) Investor presentation summary

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.