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Firstenergy Corp (FE) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Firstenergy Corp

CIK: 1031296 Ticker: FE

Exhibit 99.1
FirstEnergy Corp.
For Release: February 16, 2021
76 South Main Street
Akron, Ohio 44308
www.firstenergycorp.com    
News Media Contact:Investor Contact:
Jennifer YoungIrene Prezelj
(216) 337-8789(330) 384-3859


FirstEnergy Taking Decisive Actions to Move the Company Forward

Company will not seek to resume collection of lost distribution revenue authorized under current rate plan as part of proactive efforts to resolve regulatory uncertainty in Ohio

Builds on additional actions being taken by the Board and management
to address challenges and rebuild trust

Fourth quarter and full year 2020 earnings per share to reflect charge associated
with decision not to seek collection of lost distribution revenue


Akron, Ohio – FirstEnergy Corp. (NYSE: FE) today announced it is taking proactive steps to resolve a range of regulatory proceedings affecting its Ohio utilities by pursuing holistic and transparent discussions with key stakeholders. As a first step, the company will not seek recovery of lost distribution revenue from residential and commercial customers authorized under its current Electric Security Plan (ESP) through May 31, 2024.

FirstEnergy believes that pursuing an open and comprehensive dialogue with the Public Utilities Commission of Ohio (PUCO) and other key parties will benefit the company as it seeks to resolve a number of PUCO-led proceedings currently underway in a collaborative manner that balances the interests of all stakeholders. Today’s decision builds upon a partial settlement with the Ohio Attorney General to end the collection of decoupling revenues permitted by Ohio House Bill 6.

“We are taking a number of decisive actions to put our company on the right path forward,” said Steven E. Strah, president and acting chief executive officer. “Our commitment to engaging constructively with our Ohio regulators and the decision to forego lost distribution


The following information was filed by Firstenergy Corp (FE) on Tuesday, February 16, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Firstenergy Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Common Stockholders' Equity (Firstenergy Corp.)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Income (Loss) (Parenthetical)
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income - Reclassifications (Details)
Accumulated Other Comprehensive Income- Components Of Aoci (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Narrative (Details)
Capitalization
Capitalization (Tables)
Capitalization - Long-Term Debt And Other Long-Term Obligations (Details)
Capitalization - Narrative (Details)
Capitalization - Preferred And Preference Stock (Details)
Capitalization - Sinking Fund Requirements (Details)
Commitments, Guarantees And Contingencies
Commitments, Guarantees And Contingencies (Tables)
Commitments, Guarantees And Contingencies - Clean Air Act And Climate Change (Details)
Commitments, Guarantees And Contingencies - Clean Water Act, Regulation Of Waste Disposal And Other Legal Proceedings (Details)
Commitments, Guarantees And Contingencies - Nuclear Insurance, Commitments And Collateral (Details)
Commitments, Guarantees And Contingencies - Schedule Of Guarantor Obligations (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Major Classes Of Cash Flow Items From Discontinued Operations (Details)
Discontinued Operations - Narrative (Details)
Discontinued Operations - Summarized Results Of Discontinued Operations (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Carrying Amounts Of Long-Term Debt (Details)
Fair Value Measurements - Investments Held In Trusts (Details)
Fair Value Measurements - Level 3 Quantitative Information (Details)
Fair Value Measurements - Level 3 Rollforward (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Proceeds From The Sale Of Investments (Details)
Fair Value Measurements - Recurring Assets And Liabilities (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Leases
Leases (Tables)
Leases - Assets And Liabilities, Lessee (Details)
Leases - Components Of Lease Expense (Details)
Leases - Maturity Of Operating And Finance Lease Liabilities (Details)
Leases -Narrative (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Policies)
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Accounts Receivable (Details)
Organization And Basis Of Presentation - Narrative (Details)
Organization And Basis Of Presentation - Property, Plant And Equipment Balances (Details)
Organization And Basis Of Presentation - Receivables From Customers (Details)
Organization And Basis Of Presentation - Reconciliation Of Basic And Diluted Earnings Per Share (Details)
Organization And Basis Of Presentation - Regulatory Assets On The Balance Sheet (Details)
Organization And Basis Of Presentation - Summary Of Changes In Goodwill (Details)
Pension And Other Post-Employment Benefits
Pension And Other Post-Employment Benefits (Tables)
Pension And Other Post-Employment Benefits - Assumptions Used To Determine Net Periodic Benefit Cost (Details)
Pension And Other Post-Employment Benefits - Components Of Net Periodic Benefit Costs (Details)
Pension And Other Post-Employment Benefits - Estimated Future Benefit Payments (Details)
Pension And Other Post-Employment Benefits - Narrative (Details)
Pension And Other Post-Employment Benefits - Obligations And Funded Status (Details)
Pension And Other Post-Employment Benefits - Pension Investments Measured At Fair Value (Details)
Pension And Other Post-Employment Benefits - Target Asset Allocations For Pension And Opeb Portfolio (Details)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Distribution Rate Orders (Details)
Regulatory Matters - Maryland And New Jersey (Details)
Regulatory Matters - Ohio (Details)
Regulatory Matters - Pennsylvania And West Virginia (Details)
Regulatory Matters - Reliability And Ferc Matters (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Segment Information - Narrative (Details)
Short-Term Borrowings And Bank Lines Of Credit
Short-Term Borrowings And Bank Lines Of Credit - Narrative (Details)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables)
Stock-Based Compensation Plans - Narrative (Details)
Stock-Based Compensation Plans - Schedule Of Nonvested Restricted Stock Units Activity (Details)
Stock-Based Compensation Plans - Schedule Of Stock Option Activity (Details)
Stock-Based Compensation Plans - Schedule Of Stock-Based Compensation Expense (Details)
Taxes
Taxes (Details)
Taxes (Tables)
Taxes - Accumulated Deferred Income Taxes (Details)
Taxes - Changes In Unrecognized Tax Benefits (Details)
Taxes - Details Of General Taxes (Details)
Taxes - Narrative (Details)
Taxes - Pre-Tax Net Operating Loss Expiration Period (Details)
Taxes - Provision For Income Taxes (Details)
Taxes - Reconciliation Of Federal Income Tax Expense (Details)
Transactions With Affiliated Companies
Ticker: FE
CIK: 1031296
Form Type: 10-K Annual Report
Accession Number: 0001031296-21-000020
Submitted to the SEC: Thu Feb 18 2021 6:50:45 AM EST
Accepted by the SEC: Thu Feb 18 2021
Period: Thursday, December 31, 2020
Industry: Electric Services

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