FirstEnergy

Recent decisions show disciplined de‑risking and focus. FE sold 19.9% of FirstEnergy Transmission to Brookfield in 2022 and an additional 30% in 2024 for 3.5 billion dollars in total proceeds, improving leverage and funding grid growth. It exited the Signal Peak coal mining JV in 2025, reducing non‑core volatility.

The long‑term plan prioritizes regulated grid capex with attractive visibility. Share repurchases are not a priority; the dividend is being raised gradually to share benefits of growth.

Management is also pursuing a 1.2‑GW regulated combined‑cycle plant in West Virginia to meet future PJM capacity needs with an eye to minimizing customer bill impact via federal loan programs.

Overall, capital deployment is aligned with a higher‑quality, narrower risk profile, though the utility’s capex intensity keeps reported FCF negative and requires ongoing access to capital markets.