# EDGAR Filing Document

**Accession Number:** 0001031296
**File Stem:** 0001031296-23-000007
**Filing Date:** 2023-2
**Character Count:** 50745
**Document Hash:** fcad4e6f6e953d80c85995f8e2303aa5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001031296-23-000007.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001031296-23-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20230202

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRSTENERGY CORP
- **CENTRAL INDEX KEY:** 0001031296
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 341843785
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-21011
- **FILM NUMBER:** 23582920

**BUSINESS ADDRESS:**
- **STREET 1:** 76 SOUTH MAIN ST
- **CITY:** AKRON
- **STATE:** OH
- **ZIP:** 44308-1890
- **BUSINESS PHONE:** 330-761-7837

**MAIL ADDRESS:**
- **STREET 1:** 76 SOUTH MAIN ST
- **CITY:** AKRON
- **STATE:** OH
- **ZIP:** 44308-1890

?xml version="1.0" ? fe-20230202

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D. C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): February 2, 2023**![fe-20230202_g1.jpg](fe-20230202_g1.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Registrant; State of Incorporation;** | **Registrant; State of Incorporation;** | **Registrant; State of Incorporation;** | **Registrant; State of Incorporation;** | |
| **Commission**<br>**File Number** | **Address; and Telephone Number** | **Address; and Telephone Number** | **Address; and Telephone Number** | **Address; and Telephone Number** | **I.R.S. Employer**<br>**Identification No.** |
| **333-21011** | **FIRSTENERGY CORP** | **FIRSTENERGY CORP** | **FIRSTENERGY CORP** | **FIRSTENERGY CORP** | **34-1843785** |
| | **(An** | **Ohio** | **Corporation)** | **Corporation)** | |
| | **76 South Main Street** | **76 South Main Street** | **76 South Main Street** | **76 South Main Street** | |
|  | **Akron** | **Akron** | **OH** | **44308** |  |
|  | **Telephone** | **Telephone** | **(800)** | **736-3402** |  |

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**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.10 par value per share | FE | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01 &nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.**

On February 2, 2023, FirstEnergy Corp. ("FirstEnergy"), along with FirstEnergy Transmission, LLC, a majority-owned subsidiary of FirstEnergy that primarily owns controlling equity interests of certain of FirstEnergy's transmission assets ("FET"), entered into a Purchase and Sale Agreement (the "Purchase Agreement") with North American Transmission Company II L.P. ("Investor"), FirstEnergy's existing joint venture partner in FET and a controlled investment vehicle entity of Brookfield Infrastructure Partners, an experienced investor in U.S. infrastructure ("Brookfield"), Brookfield Super-Core Infrastructure Partners L.P., Brookfield Super-Core Infrastructure Partners (NUS) L.P. and Brookfield Super-Core Infrastructure Partners (ER) SCSp, as guarantors of Investor's obligations and liabilities thereunder, and, for the limited purposes described therein, North American Transmission FinCo L.P., pursuant to which FirstEnergy agreed to sell to Investor at the closing (the "Closing"), and Investor agreed to purchase from FirstEnergy, an incremental 30% equity interest in FET for a purchase price of $3.5 billion. As a result of the consummation of the transactions, Investor's interest in FET will increase from 19.9% to 49.9%, while FirstEnergy will retain the remaining 50.1% ownership interests of FET.

The purchase price will be payable in part by the issuance by Investor or one of its affiliates to FirstEnergy on the date of Closing of a promissory note having a principal amount equal to the lesser of $1.75 billion minus equity financing funded to Investor or its affiliates from certain of its co-investors at or immediately prior to such time, and any lesser amount as may be determined by Investor. The remainder of the purchase price will be payable in cash at the Closing. Brookfield Corporation has guaranteed the full amount of the promissory note.

The consummation of the transactions contemplated by the Purchase Agreement is subject to the satisfaction of certain customary conditions described in the Purchase Agreement, including receipt of authorization by the Federal Energy Regulatory Commission and certain state utility commissions of the transactions contemplated by the Purchase Agreement and completion of review by the Committee on Foreign Investments in the United States of the sale of the membership interests.

The Purchase Agreement contains customary representations and warranties by FirstEnergy, FET and Investor. Pursuant to the Purchase Agreement, each of the parties has agreed to customary covenants, including, among others, the following: (i) each of the parties has agreed to use reasonable best efforts to do all things necessary to satisfy the conditions to the Closing and to consummate the transactions contemplated by the Purchase Agreement in the most expeditious manner possible; and (ii) FirstEnergy will use commercially reasonable efforts to conduct the business of FET and its subsidiaries in the ordinary course of business consistent with past practices. In addition, FirstEnergy has agreed to make the necessary filings with the applicable regulatory authorities for a planned consolidation of its Pennsylvania subsidiaries, and subsequent to the receipt of the necessary regulatory approvals, cause those equity interests of Mid-Atlantic Interstate Transmission, LLC ("MAIT") not already owned by FET to be contributed to FET substantially concurrently with, but immediately following, the consummation of the sale of the incremental 30% interest in FET to Investor. The MAIT equity interests will be contributed to FET in exchange for the issuance by FET to FirstEnergy of 100% of a new class of equity interests which will provide for all income earned by FET on account of such contributed MAIT equity interests to be distributed out to FET as the holder of such new class of FET equity interests but such class of FET equity interests will not otherwise have a right to receive distributions from or make additional contributions to FET.

Pursuant to the Purchase Agreement, each of FirstEnergy and Investor has agreed that it shall take, or shall cause certain of its affiliates to take, any and all actions required to obtain all required regulatory approvals required to consummate the transactions up to a Parent Burdensome Condition (as defined in the Purchase Agreement), in the case of FirstEnergy, an Investor Burdensome Condition (as defined in the Purchase Agreement), in the case of Investor, or, an FET Burdensome Condition (as defined in the Purchase Agreement), in the case of either party.

The Purchase Agreement may be terminated: (i) by mutual consent of the parties; (ii) by either Investor or FirstEnergy if the Closing has not occurred within ten months of the date of the Purchase Agreement (subject to an extension of an additional ten months if the only conditions to Closing that remain to be satisfied are receipt of required regulatory approvals); (iii) by either party, as the case may be, prior to the Closing upon certain material breaches or failures to perform any of the representations, warranties, covenants or agreements by the other party; or (iv) by either party prior to the Closing in the event of a final and non-appealable law or order restraining, enjoining or otherwise prohibiting the Closing in any competent jurisdiction.

Pursuant to the terms of the Purchase Agreement, in connection with the Closing, Investor, FirstEnergy and FET will enter into a Fourth Amended and Restated Limited Liability Company Operating Agreement of FET (the "Fourth LLC Agreement"), which operating agreement will amend and restate in its entirety the Third Amended and Restated LLC Agreement of FET (the "Third LLC Agreement"). Under the terms of the Third LLC Agreement, Investor has the right to appoint one director to the board of directors of FET and for certain major actions to be taken, the consent, vote or approval of the Investor is required, in each case, for so long as Investor maintains certain requisite ownership percentages. Under the terms of the Fourth LLC Agreement, Investor will maintain all of its existing approval rights over certain actions of FET and, in addition, for so long as Investor maintains at least a 30.0% ownership interest in FET, Investor will have the right to appoint two out of the five members of the FET board (with the remaining directors being appointed by FirstEnergy) and certain additional actions will require the consent, vote or approval of Investor before such actions can be taken by FET, including, among other things, certain acquisitions or dispositions in excess of certain dollar threshold, establishing or amending the annual budget, incurring cost overruns on certain capital expenditure projects during any fiscal year in excess of a certain percentage overage of the budgeted amounts or

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incurring cost overruns on the aggregate capital expenditure budget of FET's subsidiaries during any fiscal year in excess of a certain percentage overage of the aggregated budgeted amount, material decisions relating to litigation where either the potential liability exposure is in excess of a certain threshold dollar amount or such proceeding would reasonably be expected to have an adverse effect on Investor or FET, making certain material regulatory filings, incurring or refinancing indebtedness by FET or its subsidiaries, which, in the case of its subsidiaries, would reasonably be expected to cause such subsidiary to deviate from its targeted capital structure, entering into joint ventures, appointing or replacing any member of its transmission leadership team, amending the accounting policies of FET or its subsidiaries (but only if FirstEnergy is no longer the majority owner of FET), taking any action that would reasonably be expected to cause a default or breach of any material contract of FET or any of its subsidiaries, creating certain material liens (excluding certain permitted liens), or causing any reorganization of FET or any of its subsidiaries. The Fourth LLC Agreement also includes provisions relating to the resolution of disputes and to address deadlocks.

**Item 7.01 &nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On February 2, 2023, FirstEnergy issued a press release announcing, among other matters, the entry into the Purchase Agreement. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

On February 2, 2023, FirstEnergy also issued an investor presentation which, among other matters, describes certain terms of the Purchase Agreement, summarizes the potential benefits of a successful consummation of the related transactions, and discloses that, as a result of the entry into the Purchase Agreement, FirstEnergy expects to recognize a non-cash charge to GAAP earnings in 2022 of approximately $750 million associated with the deferred tax gain on the 19.9% sale in FET that closed in 2022. A copy of the investor presentation is attached as Exhibit 99.2 hereto and incorporated herein by reference.

The information set forth in and incorporated by reference into this Item 7.01 of this Current Report on Form 8-K is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of FirstEnergy's filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The furnishing of this Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.

**Item 9.01 &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

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| | |
|:---|:---|
| (d) Exhibits |  |
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release issued by FirstEnergy Corp., dated February 2, 2023](ex991-pressreleasexfetanno.htm)</u> |
| 99.2 | <u>[Investor Presentation, dated February](exhibit992-investorprese.htm)[2](exhibit992-investorprese.htm)[, 2023](exhibit992-investorprese.htm)</u> |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

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**Forward-Looking Statements**: This Form 8-K includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the completion of the transactions contemplated by the Purchase Agreement on the anticipated terms and timing or at all, including the receipt of regulatory approvals; the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into on July 21, 2021 with the U.S. Attorney's Office for the Southern District of Ohio; the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio's 133rd General Assembly ("HB 6") and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation, and similar proceedings, particularly regarding HB 6 related matters, including risks associated with obtaining dismissal of the derivative shareholder lawsuits; changes in national and regional economic conditions, including recession, inflationary pressure, supply chain disruptions, higher energy costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; weather conditions, such as temperature variations and severe weather conditions, or other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity, cybersecurity, and climate change; the ability to accomplish or realize anticipated benefits from our FE Forward initiative and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing our transmission and distribution investment plans, greenhouse gas reduction goals, controlling costs, improving our credit metrics, growing earnings and strengthening our balance sheet; the changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; the risks associated with cyber-attacks and other disruptions to our, or our vendors', information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; actions that may be taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; changes in customers' demand for power, including, but not limited to, economic conditions, the impact of climate change, or energy efficiency and peak demand reduction mandates; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; changes to environmental laws and regulations, including, but not limited to, those related to climate change; labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings; and the risks and other factors discussed from time to time in our Securities and Exchange Commission ("SEC") filings. Dividends declared from time to time on FirstEnergy Corp.'s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.'s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.'s filings with the SEC, including, but not limited to, the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.'s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

February 2, 2023

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| | |
|:---|:---|
| | FIRSTENERGY CORP. |
| | Registrant |
| By: | /s/ Jason J. Lisowski |
|  | Jason J. Lisowski<br>Vice President, Controller and<br>Chief Accounting Officer |

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## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| **FirstEnergy Corp.** | **For Release:** February 2, 2023 |
| 76 South Main Street |  |
| Akron, Ohio 44308 |  |
| <u>www.firstenergycorp.com</u>&nbsp;&nbsp;&nbsp;&nbsp; |  |
| **News Media Contact:** | **Investor Relations Contact:** |
| Tricia Ingraham | Irene Prezelj |
| (330) 384-5247 | (330) 384-3859 |

---

**FirstEnergy Announces $3.5 Billion Equity Capital Agreement to Further Enhance Financial Position and Support Sustainable, Long-Term Growth** 

Brookfield Super-Core Infrastructure Partners to acquire additional 30% ownership interest in FirstEnergy Transmission, LLC (FET); FirstEnergy to remain majority owner and sole operator

Attractive valuation and efficient form of financing support accelerated balance sheet improvements; nearly $1 billion increase in 5-year capital plan focused on smart grid and clean energy transition

Akron, Ohio – FirstEnergy Corp. (NYSE: FE) today announced it has entered into a definitive agreement to sell an additional 30% ownership interest in its FirstEnergy Transmission, LLC (FET) business to Brookfield Super-Core Infrastructure Partners (Brookfield). Upon closing of the transaction, proceeds from the $3.5 billion all-cash deal will further strengthen FirstEnergy's financial position and support its goal to be a premier utility with sustainable, long-term growth as it enables the clean energy transition.

FET is the holding company for three of FirstEnergy's FERC-regulated transmission utility subsidiaries: American Transmission Systems, Incorporated (ATSI); Mid-Atlantic Interstate Transmission, LLC (MAIT); and Trans-Allegheny Interstate Line Company (TrAILCo) – which comprise one of the largest transmission systems in PJM. FirstEnergy also owns transmission assets in New Jersey, Pennsylvania, West Virginia and Maryland that are not part of FET.

In May 2022, FirstEnergy completed the sale of a 19.9% non-controlling interest in FET to Brookfield. Upon closing of the transaction announced today, FirstEnergy will remain the majority owner of FET, and FirstEnergy's workforce will continue to operate the business. FirstEnergy will retain nearly 70% of its overall regulated transmission portfolio.

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"We are pleased to expand our partnership with Brookfield, one of the world's largest and most respected infrastructure investors," said John W. Somerhalder, FirstEnergy's board chair, interim president and chief executive officer. "This agreement efficiently raises capital at an attractive valuation and speaks to the strength and potential of our regulated growth strategies. It positions FirstEnergy to drive value for shareholders as we further optimize our financial position and plan for additional smart grid and clean energy investments in our regulated transmission and distribution businesses."

During 2022, FirstEnergy reduced holding company debt by $2.5 billion, or more than 30% compared to year-end 2021. Proceeds from this second transaction with Brookfield will be used to accelerate improvements in the company's credit profile as it targets a funds-from-operations to debt ratio of 14-15%, consistent with strong investment-grade companies.

Additionally, FirstEnergy today announced it has increased its 2021-2025 long-term growth plan to nearly $18 billion, an increase of approximately $1 billion from the $17 billion target established in 2021. Later this year, the company plans to provide an updated long-term growth forecast, which will include additional investments to support a more resilient and modern grid and the transition to a low-carbon future. FirstEnergy plans to provide full year 2023 guidance and other financial updates when it releases fourth quarter and full year 2022 earnings on February 13.

"This additional investment in FirstEnergy Transmission demonstrates our commitment to building strong partnerships with premier infrastructure asset owners and operators, like FirstEnergy, that share our focus on long-term value creation," said Eduardo Salgado, Managing Partner in Brookfield's Infrastructure Group and head of Brookfield Super-Core Infrastructure Partners (BSIP). "This is a very attractive opportunity that firmly aligns with BSIP's strategy of investing in high quality, resilient businesses that combine growth and defensive characteristics to generate stable cash flows across market cycles."

The transaction is expected to close by early 2024, subject to customary closing conditions, including receiving applicable regulatory approvals and clearances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. P. Morgan Securities LLC is serving as lead financial advisor and Citigroup Global Markets is serving as financial advisor to FirstEnergy for this transaction. Moelis & Company LLC is serving as financial advisor and provided a fairness opinion to the FirstEnergy Board of Directors. Jones Day is serving as legal advisor to FirstEnergy. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Brookfield.

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FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on Twitter @FirstEnergyCorp or online at www.firstenergycorp.com.

Additional information about the transaction can be found on our Investor Information website, https://investors.firstenergycorp.com/investor-materials/webcasts-and-presentations/.

**Forward-Looking Statements**: This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the completion of the transactions contemplated by the Purchase Agreement on the anticipated terms and timing or at all, including the receipt of regulatory approvals; the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into on July 21, 2021 with the U.S. Attorney's Office for the Southern District of Ohio; the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio's 133rd General Assembly ("HB 6") and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation, and similar proceedings, particularly regarding HB 6 related matters, including risks associated with obtaining dismissal of the derivative shareholder lawsuits; changes in national and regional economic conditions, including recession, inflationary pressure, supply chain disruptions, higher energy costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; weather conditions, such as temperature variations and severe weather conditions, or other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity, cybersecurity, and climate change; the ability to accomplish or realize anticipated benefits from our FE Forward initiative and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing our transmission and distribution investment plans, greenhouse gas reduction goals, controlling costs, improving our credit metrics, growing earnings and strengthening our balance sheet; the changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; the risks associated with cyber-attacks and other disruptions to our, or our vendors', information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; actions that may be taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; changes in customers' demand for power, including, but not limited to, economic conditions, the impact of climate change, or energy efficiency and peak demand reduction mandates; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; changes to environmental laws and regulations, including, but not limited to, those related to climate change; labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings; and the risks and other factors discussed from time to time in our Securities and Exchange Commission ("SEC") filings. Dividends declared from time to time on FirstEnergy Corp.'s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.'s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.'s filings with the SEC, including, but not limited to, the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.'s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by

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law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.

(020223) <br>

## Exhibit 99.2

![](exhibit992-investorprese001.jpg)

FET 30% Ownership Interest Transaction $3.5B Equity capital raise to further enhance financial position and support sustainable, long-term growth February 2, 2023

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![](exhibit992-investorprese002.jpg)

$3.5B FET 30% Ownership Interest Sale: Transaction Overview ■ Highly attractive and efficient equity financing, reflecting strong long-term growth-oriented business – Expanded partnership with Brookfield, one of the world's largest infrastructure investors – Represents ~39x LTM P/E valuation\* (or > 27x 2025F earnings); values FET at ~$12B equity value and consistent with 19.9% FET sale – Significant premium to FE's public equity valuation; equivalent to issuing common equity at $93 per share (based on LTM P/E\*) ■ $1.75B due at closing and a $1.75B vendor takeback note due within 18 months – Targeting 1Q 2024 closing, subject to regulatory approvals – Aligns with increasing capital investment program ■ Transaction strengthens balance sheet in a shareholder-friendly manner – Targeting 14 - 15% FFO/Debt, supporting BBB credit rating at FE Corp. – Plan to remain flexible in order to optimize deployment of proceeds at time of close with priority on balance sheet – Proceeds may be used for debt paydown, to support incremental investments, or other options to increase shareholder value ■ Transaction supports higher investments and rate base growth through 2025 and beyond – Increasing 2021-2025 investment plan by nearly $1B to ~$18B (from ~$17B) – 2025 investment plan of $4.1B, a ~40% increase vs. 2021 FET 30% Ownership Interest Transaction Brookfield Super-Core Infrastructure Partners to acquire incremental 30% equity interest in FirstEnergy Transmission, LLC (FET) for $3.5B Transaction supports incremental investments within current planning period and beyond 2 \* LTM September 30, 2022 (closed May 2022) Published February 2, 2023

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![](exhibit992-investorprese003.jpg)

$3.5B FET 30% Ownership Interest Sale: Key Terms Term Description Investor ■ Brookfield Super-Core Infrastructure Partners (Brookfield) Purchase Price & Implied Valuation ■ $3.5B equity purchase for a 30% ownership interest in FirstEnergy Transmission, LLC (FET) ̶ $1.75B due at closing and an 18-month $1.75B vendor takeback note with 5.75% coupon ̶ Vendor note fully guaranteed by Brookfield Corporation and could include two 6-month extensions under limited circumstances ̶ After close, Brookfield will own 49.9% of FET Governance ■ Brookfield will receive certain governance rights commensurate with its 49.9% interest; including 2 of 5 FET board seats Required Approvals ■ Transaction is subject to FERC, PA PUC, and VA SCC approvals Timeline ■ Targeting transaction close by 1Q 2024; subject to regulatory approvals Tax Considerations ■ FE to use NOLs and tax credits to offset majority of taxable gain (~$7B), resulting in expected total cash taxes of ~$50M on transaction ̶ Expect to be future federal cash taxpayer at ~$200M annually ̶ Expect to recognize ~$750M non-cash tax charge to GAAP earnings in 2022 due to triggering the deferred tax gain on the 19.9% sale completed in 2022 Use of Proceeds ■ Strengthen the balance sheet and position company to drive enhanced, sustainable long-term earnings growth FET 30% Ownership Interest Transaction3 Published February 2, 2023

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Targeting 14-15% FFO/Debt and solid BBB credit ratings ■ With closing of this transaction, FE will have raised ~$7B of highly efficient strategic capital with two leading infrastructure investors: Brookfield Super-Core Infrastructure Partners and Blackstone Infrastructure Partners ■ Proceeds strengthen balance sheet and position FE to drive enhanced, sustainable long-term earnings growth FET 30% Ownership Interest Transaction + Interest expense (~$2.5B FE Corp. debt paydowns in 2022) + Rates & investments - O&M: Accounting policy changes and accelerated work + Debt paydown, incremental investments, or other options + Rates and investments + Absence of 2022 non-recurring payments\* - Federal cash taxes Transactions High-level FFO & Debt Impacts $2.4B 19.9% FET sale + $1B common equity $3.5B 30% FET sale \* Includes ~$200M of non-recurring disbursements/refunds in 2022 that are not anticipated in the future (i.e. OH rate refund, PA Tax refund, investigation and other related costs). Absent these items, 2022F FFO/Debt would be 11.6%. 4 +/- Adjustments reflecting proportional accounting per Moody's methodology\*\*\* Moody's View \*\*\* Moody's methodology adjusts cash flow and debt amounts to reflect ownership percentage sold. Strategic transactions provide strong foundation for growth and support higher relative valuation FFO: $2.5B Debt: $26.6B ~9.5% 3-4% FFO/Debt Improvement Non-recurring 2022 items Federal cash taxes (Current est. of ~$200M/yr) $3.5B proceeds & organic growth ~ +3-4% ~ +1% ~ (1%) +1.5% ~11%\* FFO: $2.5B\*\* Debt: $22.8B 2022F FFO: $3-3.2B Debt: $21-22B 14-15% \*\* Based on Moody's CFO pre-working capital (WC) calculation, which includes adjustments for changes in WC and proportional accounting on the 19.9% FET sale (closed May 2022). Published February 2, 2023

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27% 39% 34% FE - Utility-Owned Transmission FE - FET Ownership Brookfield - FET Ownership FE continues to own significant transmission assets post-transaction $3B $4.5B $4B 37% 63% Regulated Transmission (RT) Segment Regulated Distribution (RD) Segment $31B 2025F FE Rate Base $19.2B Pro Forma RT Segment Ownership Summary ■ Pro Forma FE owns nearly 70% of Regulated Transmission segment ■ FE will retain 50.1% ownership of FET with Brookfield to own 49.9% of FET – FirstEnergy Transmission, LLC (FET) is the parent company of ATSI, TrAIL, and MAIT\* ■ FE will continue to own 100% of the remaining utility-owned transmission assets, which includes JCP&L and WP/MP/PE $11.5B 2025F RT Rate Base FET 30% Ownership Interest Transaction 2025F FE Corp. Rate Base Summary $11.5B FE nearly 70% share 5 \* Transactions exclude non-controlling equity interest in MAIT, which includes a fixed investment of $0.5B in Rate BasePublished February 2, 2023

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Transaction supports higher investments through 2025 & beyond FET 30% Ownership Interest Transaction $2.9B $3.2B $3.4B $3.9B $4.1B $8.8 $7.6 $0.3 RD RT Corp ~$17B 2021-2025 Original ~$17B Investment Plan $9.3 $7.8 $0.4 RD RT Corp 2021-2025 Revised ~$18B Investment Plan ~$18B 2021A 2022F 2023F 2024F 2025F Prior Revised 6 +$300M vs prior plan +$500M vs prior plan ■ Significantly increasing investments through the period resulting in 2025 investment plan of $4.1B, 40% higher than 2021 – Increases in 2024 & 2025 focused on improving reliability in PA and NJ ■ Increasing 2021-2025 Investment Plan by nearly $1B to ~$18B, resulting in incremental rate base growth – Avg. annual rate base growth of ~7% in 2024 and 2025 – 2025F rate base increase of nearly $1B to ~$31B ■ Expect continued increases beyond 2025 Published February 2, 2023

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Transaction enhances credit profile and supports our long-term strategy FET 30% Ownership Interest Transaction7 ■ Today's announcement reflects FirstEnergy's continued commitment to its transformation – Shareholder friendly equity raise – equivalent of raising common equity at $93 per share\* – Provides flexibility to pay down high-cost debt and/or debt avoidance given higher interest rate environment – Dilution from transaction more than offset by the after-tax impact of lower/avoided interest expense and allows for incremental capital investments ■ Over the last two years, FirstEnergy has taken a series of steps to improve its credit profile while increasing its capital investment plan – ~$7B of cost-effective equity raised at an equivalent share price of ~$87 per share\* – Annual capital investments increasing from $2.9B in 2021 to $4.1B in 2025 – a 40% increase – FFO/Debt increasing from 9.5% in 2021 to 14-15% This EPS-accretive transaction efficiently raises capital, further strengthens our financial position, and supports higher levels of future regulated investments \* Based on LTM September 30, 2022 Published February 2, 2023

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Investor Relations Contact Information For our e-mail distribution list, please contact: Linda M. Foster, Executive Assistant to Vice President fosterl@firstenergycorp.com 330.384.2509 Shareholder Inquires: Shareholder Services (American Stock Transfer & Trust Company, LLC) firstenergy@amstock.com 1.800.736.3402 Irene M. Prezelj VP, IR & Communications prezelji@firstenergycorp.com 330.384.3859 Gina E. Caskey Director, IR & Corporate Responsibility caskeyg@firstenergycorp.com 330.761.4185 Jake M. Mackin Manager, IR mackinj@firstenergycorp.com 330.384.4829 FET 30% Ownership Interest Transaction8 Published February 2, 2023

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Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the completion of the transactions contemplated by the Purchase Agreement on the anticipated terms and timing or at all, including the receipt of regulatory approvals; the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into on July 21, 2021 with the U.S. Attorney's Office for the Southern District of Ohio; the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio's 133rd General Assembly ("HB 6") and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation, and similar proceedings, particularly regarding HB 6 related matters, including risks associated with obtaining dismissal of the derivative shareholder lawsuits; changes in national and regional economic conditions, including recession, inflationary pressure, supply chain disruptions, higher energy costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; weather conditions, such as temperature variations and severe weather conditions, or other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, compliance and enforcement activity, cybersecurity, and climate change; the ability to accomplish or realize anticipated benefits from our FE Forward initiative and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing our transmission and distribution investment plans, greenhouse gas reduction goals, controlling costs, improving our credit metrics, growing earnings and strengthening our balance sheet; the changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; the risks associated with cyber-attacks and other disruptions to our, or our vendors', information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; actions that may be taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; changes in customers' demand for power, including, but not limited to, economic conditions, the impact of climate change, or energy efficiency and peak demand reduction mandates; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; changes to environmental laws and regulations, including, but not limited to, those related to climate change; labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings; and the risks and other factors discussed from time to time in our Securities and Exchange Commission ("SEC") filings. Dividends declared from time to time on FirstEnergy Corp.'s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.'s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.'s filings with the SEC, including, but not limited to, the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.'s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise. FET 30% Ownership Interest Transaction9 Published February 2, 2023

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