FirstEnergy’s Ohio Utilities to Return Previously Collected Decoupling Revenues to Customers

March 31, 2021

This afternoon, we announced that our three Ohio utilities will collectively credit customers approximately $26 million in revenues that were previously collected through a decoupling mechanism authorized under Ohio law.

We believe that this is an important step in reducing the regulatory uncertainty affecting our Ohio utilities. This action follows a partial settlement announced in February with the Ohio Attorney General to stop the collection of decoupling revenues, and also consistent with the requirements proposed under Ohio House Bill 128. The decision will have no impact on our short-term incentive program this year.

As you know, FirstEnergy’s Board of Directors and management team have taken many decisive actions in recent months to position FirstEnergy for the future. Moving forward, the company remains committed to engaging in a holistic and transparent manner with key stakeholders.