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- **Revenue and Capital Growth**: Core earnings up 15% YoY, with $5.5 billion 2025 capital plan (30% transmission increase). PJM transmission projects could add $1 billion in CapEx.
- **Data Center Expansion**: Peak load to rise 50% by 2035, driven by 15 GW of data center demand. Contracted demand up 30% since Q4 2024.
- **West Virginia Generation**: 1.2 GW natural gas project ($2.5 billion) on track for 2031, with RFP for build-own-transfer. Regulatory approval filing expected Q1 2026.
- **Affordability and ROE**: Customer bills 19% below in-state peers. ROE improved to 10.1%, up 70 bps YoY. PJM capacity auction reforms advocated to reduce generation cost pass-through.


**【CEO Summary Section】**
- **Revenue Growth and Capital Investment**: Reported third-quarter GAAP earnings of $0.76 per share, up from $0.73 in Q3 2024. Year-to-date core earnings of $2.02 per share, a 15% increase. Announced a 10% increase in 2025 capital investment plan to $5.5 billion, with 30% growth in transmission CapEx.
- **Data Center Demand**: Projected system peak load to rise by 15 GW (50%) by 2035, driven by data center interconnection requests. Long-term pipeline demand nearly doubled since Q4 2024, with contracted demand up 30%.
- **Regulatory Initiatives**: Filed a West Virginia IRP proposing 1.2 GW of natural gas generation by 2031 and 70 MW of solar. Seeking regulatory approval for transmission upgrades through PJM's open window process, with $4 billion awarded over recent years.
- **Affordability Focus**: Customer bills remain below in-state peers, with a focus on mitigating generation cost increases through new dispatchable generation and regulatory advocacy.

**【CFO Financial Commentary】**
- **Financial Performance**: Third-quarter core earnings of $0.83 per share, up 9% YoY. Year-to-date core earnings of $2.02 per share, driven by Pennsylvania base rates and transmission rate base growth (11%).
- **Capital Allocation**: Through Q3, deployed $4 billion in capital (30% YoY increase), with $1.9 billion in transmission CapEx. 2025 cash from operations at $2.6 billion, up $700 million YoY. Completed $6 billion in debt financing at 4.4% average coupon.
- **Financial Discipline**: O&M expenses under plan, with strong cost control. ROE improved to 10.1% on a trailing 12-month basis, up 70 bps from 2024.

**【Q&A Highlights】**
- **Transmission Growth**: CEO expects transmission rate base to double by 2030, with 18% CAGR. PJM open window projects could add $1 billion in transmission CapEx. 30% of 2026-2030 CapEx allocated to reliability upgrades.
- **West Virginia Generation**: 1.2 GW natural gas project ($2.5 billion) expected to file for regulatory approval in Q1 2026. Build-own-transfer RFP issued, with potential for self-build. CWIP recovery during construction, with earnings impact post-2031.
- **Customer Bill Management**: Advocating for PJM capacity auction reforms to reduce generation cost pass-through. Ohio rate case expected in November, with multiyear rate plan filing to follow.
- **Data Center Interconnection**: Contracted demand supported by volumetric commitments and developer credit, minimizing impact on existing customers. Industrial load growth expected to accelerate in Q4 2025 and 2026.


FirstEnergy Corp. (FE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FE

FE fundamentals

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