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29	29	* On February 2, 2023, FE along with FET (FirstEnergy Transmission, LLC, the parent company of ATSI, MAIT and TrAIL) entered in FET P&SA II with Brookfield and Brookfield Guarantors where the latter agreed to purchase an additional 30% equity of FET for a purchase price of $3.5 billion, of which $1.75 billion will be in the form of promissory note issuance and the rest is cash.
30	30	* On December 13, 2021, FE privately issued to BIP Securities II-B L.P., an affiliate of Blackstone Infrastructure Partners L.P., 25,588,535 shares of FE’s common stock, par value $0.10 per share, at a price of $39.08 per share, representing an investment of $1.0 billion.
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	32	+= Financial Performance Highlights =
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	34	+== Q1 2023 Highlights ==
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32	32	= Business Overview =
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34	34	FE and its subsidiaries are principally involved in the transmission, distribution, and generation of electricity. The subsidiaries of the company can be divided as regulated utility operating subsidiaries and regulated transmission operating subsidiaries.
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74	74	The Regulated Transmission segment provides transmission infrastructure owned and operated by the Transmission Companies and certain of FirstEnergy's utilities (JCP&L, MP, PE and WP) to transmit electricity from generation sources to distribution facilities. The segment's revenues are primarily derived from forward-looking formula rates. Under forward-looking formula rates, the revenue requirement is updated annually based on a projected rate base and projected costs, which is subject to an annual true-up based on actual rate base and costs. The segment's results also reflect the net transmission expenses related to the delivery of electricity on FirstEnergy's transmission facilities.
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77	77	= Company History{{footnote}}https://firstenergycorp.com/about/company_history.html{{/footnote}} =
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79	79	FirstEnergy Corp. was formed in 1997 through the merger of Ohio Edison Company and Centerior Energy Corporation. Through this merger, FirstEnergy became the holding company for Ohio Edison and its Pennsylvania Power Company subsidiary, as well as The Cleveland Electric Illuminating Company and The Toledo Edison Company.
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85	85	In 2011, FirstEnergy expanded its customer base and service territory by completing a merger with Allegheny Energy, a Greensburg, Pennsylvania-based company that served 1.6 million customers in Pennsylvania, West Virginia, Maryland and Virginia.
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87		-FirstEnergy announced its plan to move away from commodity-exposed generation and transform into a fully regulated transmission and distribution utility in 2016. The final milestone in this successful separation took place on February 27, 2020.
	97	+FirstEnergy announced its plan to move away from commodity-exposed generation and transform into a fully regulated transmission and distribution utility in 2016. The final milestone in this successful separation took place on February 27, 2020.
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