FirstEnergy's first goal is to generate and deliver power, but its second goal is to stay profitable in a market undergoing deregulation. Its ten utilities provide electricity to 6 million customers in the Midwest and the Mid-Atlantic. The company's domestic power plants have a total generating capacity of more than 18,000 MW, most generated by coal-fired plants. Subsidiary FirstEnergy Solutions trades energy commodities in deregulated US markets. FirstEnergy's other nonregulated operations include electrical and mechanical contracting and energy planning and procurement.
The company operates and serves customers in Maryland, New Jersey, New York, Ohio, Pennsylvania, and West Virginia.
FirstEnergy has power regulated generation, transmission, and distribution operations. Through FirstEnergy Solutions it is also engaged in competitive generation and electricity sales. As part of its assets, FirstEnergy has 2,400 MW of renewable energy (primarily generated by wind farms) and 20,000 miles of high-voltage transmission lines.
The company's ten utilities serve 6 million customers and a combined population of 13.4 million.
FirstEnergy's revenues have been restated due to the sale of eleven hydroelectric power stations in Pennsylvania, Virginia, and West Virginia to subsidiaries of Harbor Hydro, a unit of LS Power. In 2013 the company’s revenues declined by 3% due to a reduction in the Jersey Central Power & Light non-utility generation rider and a decrease in the Metropolitan Edison and Pennsylvania Electric non-utility generation riders resulting from the expiration of certain non-utility generation contracts in 2012 and 2013. Competitive Energy Services also dropped decreased due to a decline in wholesale sales.
The company’s dropped by 49% in 2013 due to a decline in revenues and higher operating costs.
FirstEnergy's operating cash inflow increased to $2.66 billion in 2013 (from $2.32 billion in 2012) due to a change in assets and liabilities as a result of higher materials and supplies and accrued taxes.
As part of its ongoing efforts to help enhance service reliability, in 2014 Mon Power installed new automated switching equipment on a 47-mile, 69,000 volt transmission line serving nearly 6,000 customers in the Marlinton and Snowshoe Mountain Resort areas of Pocahontas County.
To raise cash to pay down debt, in 2014 FirstEnergy sold 11 hydroelectric power stations to Harbor Hydro for $395 million. The hydroelectric power stations have a total capacity of 527 MW (less than 3% of FirstEnergy's generation fleet output).
As states push to reduce carbon emissions, FirstEnergy has been expanding its renewable energy operations and reducing its fossil-fuel power plants. In 2013 the company announced plans to deactivate two coal-fired power plants in Pennsylvania, reducing its overall power generating capacity from more than 20,000 MW to more than 18,000 MW.