FirstEnergy is a regulated electric utility serving over 6 million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. The company primarily owns and operates transmission and distribution infrastructure — the wires that deliver electricity from generators to homes and businesses — rather than generating power itself. The exception is West Virginia, where FirstEnergy operates as a fully integrated utility with roughly 3,610 MW of regulated generation (mostly coal and pumped-storage hydro). Customers are captive, as electric distribution is a regulated monopoly in each of FirstEnergy's service territories. FirstEnergy earns a regulated return on its invested capital (rate base), with regulators setting allowed ROEs generally in the 9.5%–10.5% range. Rate base expansion is the primary earnings growth driver: more capital invested at a stable ROE translates directly to more earnings. A key feature of FirstEnergy's model is that roughly 75% of its investments fall under formula rate programs, which update annually and minimize regulatory lag. FirstEnergy operates three segments: Distribution (Ohio and Pennsylvania), Integrated (New Jersey, West Virginia, and Maryland, plus regulated generation), and Stand-Alone Transmission, which is owned through FirstEnergy Transmission, a subsidiary in which Brookfield holds a 49.9% stake. Growth is driven by a $36B five-year capital plan (2026–2030), with $19B earmarked for transmission, targeting 10% rate base CAGR. Data center load growth and aging transmission infrastructure are the primary investment catalysts.