<SEC-DOCUMENT>0001387131-21-005324.txt : 20210505
<SEC-HEADER>0001387131-21-005324.hdr.sgml : 20210505
<ACCEPTANCE-DATETIME>20210505060143
ACCESSION NUMBER:		0001387131-21-005324
CONFORMED SUBMISSION TYPE:	PX14A6N
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210505
DATE AS OF CHANGE:		20210505
EFFECTIVENESS DATE:		20210505

SUBJECT COMPANY:	

	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:		PX14A6N
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-165640
		FILM NUMBER:		21890995

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Majority Action, LLC
		CENTRAL INDEX KEY:			0001738314
		IRS NUMBER:				825260248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6N

	BUSINESS ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		2022152895

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6N
<SEQUENCE>1
<FILENAME>fe-px14a6n_041921.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NAME OF REGISTRANT: FirstEnergy Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NAME OF PERSON RELYING ON EXEMPTION: Majority Action</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ADDRESS OF PERSON RELYING ON EXEMPTION: PO Box 4831, Silver Spring,
MD 20914</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0;"><IMG SRC="mja-img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B>FirstEnergy Corporation [NYSE:FE]: Due to the Company&rsquo;s
Failure to Set Adequate Net-Zero by 2050 Targets, Fully Realign Investment Plans to Limit Global Warming to 1.5&deg;C, and Ensure
Alignment of Policy Influence Activities:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>Vote AGAINST Board Chairman Donald T. Misheff (Item 1.5).</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The physical and financial risks posed by climate change to
long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</I></B><I> Therefore, the actions of companies
that fail to align to limiting warming to <FONT STYLE="font-size: 10.5pt">1.5&deg;C</FONT> pose risks to the financial system as
a whole, and to investors&rsquo; entire portfolios, in addition to specific risks to those companies. See <B>Appendix A</B> for
more information regarding Majority Action&rsquo;s Proxy Voting for a 1.5<FONT STYLE="font-size: 10.5pt">&deg;C</FONT> World initiative
and the transformation required in key industries.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>FirstEnergy Corporation </B>(&ldquo;FE&rdquo;) is the parent
company for regulated electric utilities and transmission companies operating in Maryland, New Jersey, Ohio, Pennsylvania and West
Virginia.<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT>
As of 2018, coal accounted for 51% of FirstEnergy&rsquo;s electric generation capacity.<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT>
Since a restructuring following the bankruptcy of one of its subsidiaries,<FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT>
FirstEnergy&rsquo;s electric generation capacity is now 86% coal.<FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT>
It is among the 167 target companies named by Climate Action 100+ as one of the largest global emitters and &ldquo;key to driving
the global net-zero emissions transition.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The largest publicly-traded electric utilities remain among the
largest sources of carbon emissions in the U.S. economy,<FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT>
and their capital investments in electric power infrastructure have the potential to lock in emissions for decades to come. <B>Failure
to set adequate decarbonization targets in line with <FONT STYLE="font-size: 10.5pt">1.5&deg;C</FONT> pathways, and align companies&rsquo;
business plans and policy influence to those targets is a failure of strategy and corporate governance, for which long-term investors
should hold directors accountable.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Failure to set adequate net-zero targets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9EAD3">
    <TD STYLE="width: 91%; border: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net-zero commitment by no later than 2050 for power production</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; text-align: center"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 12pt"><B>&check;</B></FONT></TD></TR>
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net-zero commitment clearly includes all relevant emissions sources and has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR STYLE="background-color: #FFF2CC">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robust interim targets of at least 80% by 2030 or at least 3% per year on a straight-line basis between 2019-2030</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&ndash;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">FirstEnergy&rsquo;s &ldquo;Strategic Plan&rdquo; on the firm&rsquo;s
website contains a &ldquo;pledge to achieve carbon neutrality by 2050.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT>
The company&rsquo;s plan covers only plants owned by the company, despite the fact that purchased power accounted for 38% of emissions
associated with FirstEnergy electric sales, as of 2018.<FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT>
FirstEnergy&rsquo;s Strategic Plan says only that, &ldquo;to achieve carbon neutrality, we will execute our fleet electrification
plans, replace aging transmission equipment, and implement operational flexibilities at our generating plants.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT>
The company has an interim target of only 30% reduction from power production by 2030, from a 2019 baseline, equivalent to only
2.7% per year between 2019 and 2030.<FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Capital allocation and investment plans not aligned with 1.5&deg;C
pathways</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="width: 91%; border: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Firm plan to phase out coal by 2030</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
<TR STYLE="background-color: #D9EAD3">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited expansion of gas generation capacity</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; text-align: center"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 12pt"><B>&check;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">According to the Sierra Club, FirstEnergy has no plan to phase out
any coal by 2030, and has a forecast 19.7 million MWh in coal generation remaining in 2030 based on the typical usage of those
assets.<FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT>
The company says it will &ldquo;thoughtfully transition away from our regulated coal generation fleet by 2050.&rdquo;<FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT>
According to Climate Action 100+, FirstEnergy does not meet the criteria for capital allocation alignment.<FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT>
The company has no reported gas expansion.<FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Misalignment of policy influence activities with net-zero commitment
and 1.5&deg;C pathways</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #F4CCCC">
    <TD STYLE="width: 91%; border: black 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alignment of policy influence activities with net-zero target and limiting warming to 1.5&deg;C</FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">FirstEnergy is the target of multiple bribery investigations related
to payments which supported a campaign to enact and defend state legislation which included subsidies for two 1950s-era coal plants
and rollbacks to Ohio&rsquo;s energy efficiency and renewable energy standards.<FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT>
It was a major undisclosed donor to a trade group, the Utility Air Regulatory Group (UARG), which coordinated utility litigation
against toxic pollution controls.<FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT>
UARG was the subject of a 2019 congressional investigation related to the rollback of Clean Air Act regulations.<FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT>
According to Climate Action 100+, FirstEnergy does not meet most of the criteria for climate policy engagement alignment.<FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Conclusion: FirstEnergy has failed to set adequate net-zero targets,
align its capital investments with limiting warming to 1.5&deg;C, or ensure its policy influence activities would support doing
so. Therefore, we recommend that shareholders vote AGAINST Board Chairman Donald T. Misheff (Item 1.5) on May 18, 2021.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Appendix A: Proxy Voting for a 1.5&deg;C World</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The world is currently on track to disastrous levels of warming,
driving massive harm and threatening the lives and livelihoods of millions.</B> Corporate leaders in the industries responsible
for this crisis have failed to take up the leadership required to change course.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&ldquo;Climate risk&rdquo; is a systemic, escalating, and irreversible
crisis&ndash;&ndash;for which corporate boards urgently need to take responsibility.</B> The UN Intergovernmental Panel on Climate
Change (IPCC) in 2018 made clear that in order to have at least a 50% chance of limiting warming to <FONT STYLE="font-size: 10.5pt; background-color: white">1.5&deg;C</FONT>
and avoiding the most catastrophic effects of the climate crisis, we must bring global, economy-wide carbon emissions down to net-zero
by 2050 at the latest.<FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT>
That means that corporate directors must ensure that companies set ambitious decarbonization targets in line with <FONT STYLE="font-size: 10.5pt; background-color: white">1.5&deg;C</FONT>
pathways, and align companies&rsquo; business plans, executive pay, and policy influence to those targets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The physical and financial risks posed by climate change to long-term
investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B> Therefore, the actions of companies that directly
or indirectly impact climate outcomes pose risks to the financial system as a whole, and to investors&rsquo; entire portfolios.
In order to manage this systemic portfolio risk, investors must move beyond disclosure and company-specific climate risk management
frameworks, and focus on holding accountable the relatively small number of large companies whose actions are a significant driver
of climate change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>When directors fail to transform corporate business practices
in line with 1.5&deg;C pathways, responsible investors must use their most powerful tool &ndash;&ndash; their proxy voting power&ndash;&ndash;to
vote against directors</B>. Bold and unprecedented action by investors is a prerequisite to averting further global economic and
financial catastrophe. While past shareholder efforts at standard setting, disclosure and engagement have laid important groundwork,
company commitments won have been far too incremental, far too hard fought, and collectively insufficient to the scale of the crisis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In particular, <B>major asset managers like BlackRock and Vanguard,
who hold outsized voting power at the majority of S&amp;P 500 companies, </B>must use their power to oppose directors on boards
that have failed to take up this leadership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Action this year is critical, and momentum is growing to oust
the directors who are ill-equipped to lead companies to rapid decarbonization.</B> In 2020, a coalition successfully pushed for
Lee Raymond, the chief architect of ExxonMobil&rsquo;s climate denial strategy, to lose his position leading the JPMorgan Chase
board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Business-as-usual proxy voting will not suffice to address the
seriousness of the crisis at hand. </B>We urge investors to vote against these directors at companies failing to implement plans
consistent with limiting global warming to 1.5&ordm;C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Four Key Sectors Are Critical To Curbing the Climate Crisis </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The electric power, finance, transportation, and oil and gas sectors
must all make dramatic transformations to curb the worst of catastrophic climate change and protect long-term investors. Substantial
votes against board members at these companies could help realign business and investment plans to the goals of the Paris Agreement,
hold companies accountable for dark money used to influence critical climate policies, and align executive compensation to key
decarbonization goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">While each industry and company will need to chart its own path
in pursuing decarbonization consistent with limiting warming to 1.5&ordm;C, setting a target to reach net-zero emissions by no
later than 2050 is a critical first step. In the absence of such a target, investors can have no confidence that the company will
be able to transform its business consistent with limiting warming to 1.5&ordm;C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Voting Guide: Electricity generation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Electric power production is responsible for nearly one-third of
energy-related carbon emissions in the United States.<FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT>
The largest publicly-traded electric utilities remain among the largest sources of carbon emissions in the U.S. economy, and their
capital investments in fossil fuel-based electric power infrastructure have the potential to lock in greenhouse gas emissions for
decades to come. In addition to curbing a direct source of emissions, the decarbonization of electricity production also enables
the decarbonization of other sectors such as transportation and buildings as those sectors electrify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Target setting</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">According to the IPCC, decarbonization of the power sector globally
by no later than 2050 is a robust feature of all modeled pathways aligned with limiting warming to 1.5&deg;C.<FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT>
A review of these pathways by the Carbon Disclosure Project, on behalf of the Science-based Targets Initiative (SBTI), found that
sector emissions must fall between 70-92% between 2020 and 2035, and approach zero by 2040-2045. SBTI does not currently allow
for negative emissions, for example from carbon dioxide removal technologies, in assessing science-based targets.<FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investors have made clear that utilities and their boards must make
commitments to reduce their emissions to net-zero no later than 2050. In assessing the credibility and robustness of net-zero targets,
investors should consider whether a target includes all relevant Scope 1, 2, and 3 emissions company-wide. For utilities, this
includes emissions not only from electricity directly generated by assets they own, but also emissions from purchased and resold
power, and for combined gas-electric utilities, emissions from customer use of fossil gas. Investors should also take into account
whether the utility has plans to eliminate the upstream methane emissions from gas used in power production or by its customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Net-zero commitments should also incorporate interim targets and
milestones that prioritize accelerated emissions reduction between now and 2030 rather than delaying the hard task of emissions
reduction until after that date. Finally, robust net-zero targets should not rely on substantial use of offsets, negative emissions,
or technologies that are not yet developed or commercialized to avoid short term greenhouse gas emissions reductions. Any use of
such offsets or negative emissions should be clearly disclosed to allow investors to assess the quality and credibility of utilities&rsquo;
plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Key data sources:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), Disclosure Indicators 1-4<FONT STYLE="font-size: 10pt"><SUP>23</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Science-Based Targets Initiative<FONT STYLE="font-size: 10pt"><SUP>24</SUP></FONT>
(SBTI), Companies list<FONT STYLE="font-size: 10pt"><SUP>25</SUP></FONT>
and Sector Guidance<FONT STYLE="font-size: 10pt"><SUP>26</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Carbon Disclosure Project<FONT STYLE="font-size: 10pt"><SUP>27</SUP></FONT>
(CDP), search company survey responses<FONT STYLE="font-size: 10pt"><SUP>28</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Capital allocation and investment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investors must have confidence that utilities are making the near-term
shifts in capital allocation and investment necessary to decarbonize in alignment with a 1.5&deg;C future. According to multiple
studies, U.S. power producers must phase out the use of coal generation by 2030 in order to stay on track to limit warming to 1.5&deg;C.<FONT STYLE="font-size: 10pt"><SUP>29</SUP></FONT>
Further research indicates that the cost to operate 74% of existing coal generation capacity exceeds the cost to replace it with
wind and solar generation. By 2025, 86% of the coal generation capacity will be cheaper to replace than operate. For regulated
utilities, shareholders will bear these costs if utilities are unable to convince regulators to pass on those costs to consumers,
creating substantial stranded asset risk for investors.<FONT STYLE="font-size: 10pt"><SUP>30</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">With respect to gas generation, substantial expansion of capacity
without carbon capture and storage (CCS) is not compatible with limiting warming to 1.5&deg;C. According to the IPCC, in pathways
that result in limited to no overshoot and limit the use of carbon removal technologies, fossil gas as a share of primary energy
sources must fall 20-25% by 2030.<FONT STYLE="font-size: 10pt"><SUP>31</SUP></FONT>
One study by researchers at UC Berkeley found that the U.S. electricity grid could reach 90% clean energy nationally with no need
for any additional fossil gas generation plants by 2035.<FONT STYLE="font-size: 10pt"><SUP>32</SUP></FONT>
According to Deloitte, existing gas generation capacity, &ldquo;accounts for most of the undepreciated value of US fossil fuel
capacity,&rdquo; making it the largest source of potential stranded asset risk to utilities and their investors.<FONT STYLE="font-size: 10pt"><SUP>33</SUP></FONT>
Any future for gas generation beyond 2050 will only be possible with CCS, a technology that does not fully abate emissions, does
not account for upstream methane emissions, and is currently cost-prohibitive.<FONT STYLE="font-size: 10pt"><SUP>34</SUP></FONT>
Investors should consider whether utilities are proposing substantial expansion of gas generation in assessing the alignment of
capital allocation plans with limiting warming to 1.5&deg;C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Key data sources:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), Disclosure Indicator 6<FONT STYLE="font-size: 10pt"><SUP>35</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Carbon Tracker<FONT STYLE="font-size: 10pt"><SUP>36</SUP></FONT>,
Company Profiles: Utilities<FONT STYLE="font-size: 10pt"><SUP>37</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Sierra Club, Dirty Truth report<FONT STYLE="font-size: 10pt"><SUP>38</SUP></FONT>
and Data Dashboard<FONT STYLE="font-size: 10pt"><SUP>39</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Policy influence</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Utilities must fully align their policy influence activities, including
political spending and lobbying, with the policy settings required to accelerate sector-wide emissions reduction on a timeline
necessary to limit warming to 1.5&deg;C. Utilities must provide full disclosure of all political and lobbying spending to allow
investors to assess this alignment. Finally, utilities must ensure the alignment of the policy influence activities of any trade
associations or similar entities of which they are members or to which they contribute, or cease membership of such organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Key data sources:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Climate Action 100+ (CA100+), Disclosure Indicator 7<FONT STYLE="font-size: 10pt"><SUP>40</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Influence Map<FONT STYLE="font-size: 10pt"><SUP>41</SUP></FONT>,
List of companies and influencers<FONT STYLE="font-size: 10pt"><SUP>42</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Energy and Policy Institute<FONT STYLE="font-size: 10pt"><SUP>43</SUP></FONT>
(EPI)</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.energyandpolicy.org/firstenergy-service-company/</U></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.mjbradley.com/content/emissions-benchmarking-generation-charts</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.utilitydive.com/news/with-tax-liability-nuclear-refueling-issues-settled-firstenergy-solutions/573059/</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.firstenergycorp.com/about/generation_system.html</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.climateaction100.org/whos-involved/companies/</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://mjbradley.com/content/emissions-benchmarking-maps</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.firstenergycorp.com/content/dam/investor/files/FEstrategicplan.pdf</u></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
at 19.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.energyandpolicy.org/utilities-carbon-goal-biden-climate-plan/</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.firstenergycorp.com/content/dam/investor/files/FEstrategicplan.pdf</u></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
at 19.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.energyandpolicy.org/utilities-carbon-goal-biden-climate-plan/</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT>
<FONT STYLE="font-size: 10pt">See &ldquo;Parent company report card&rdquo; https://public.tableau.com/profile/john.romankiewicz#!/vizhome/Utilitydashboard/Parentdash;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>https://www.sierraclub.org/sites/www.sierraclub.org/files/blog/Final%20Greenwashing%20Report%20%281.22.2021%29.pdf</u></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.firstenergycorp.com/content/dam/investor/files/FEstrategicplan.pdf</u></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
at 19.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT>
<FONT STYLE="font-size: 10pt">https://www.climateaction100.org/company/firstenergy-corp/ at Indicator 6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT>
<FONT STYLE="font-size: 10pt">https://public.tableau.com/profile/john.romankiewicz#!/vizhome/Utilitydashboard/Parentdash</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.wksu.org/government-politics/2020-11-10/firstenergy-terminates-two-more-executives-as-hb6-repeal-languishes-in-legislature</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.politico.com/story/2019/02/20/epa-air-pollution-regulations-wehrum-1191258</u></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.politico.com/story/2019/02/20/epa-air-pollution-regulations-wehrum-1191258;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Matt Kasper, &ldquo;As utilities flee newly scandalous UARG, remaining
members make dishonest claims about its purpose,&rdquo; Energy and Policy Institute, August 23, 2019. <FONT STYLE="color: #1155CC"><u>https://www.energyandpolicy.org/utilities-flee-utility-air-regulatory-group-amid-scandal-and-investigations/</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://energycommerce.house.gov/newsroom/press-releases/ec-leaders-launch-investigation-of-secretive-front-group-uarg-and-its-ties</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT>
<FONT STYLE="font-size: 10pt">https://www.climateaction100.org/company/firstenergy-corp/ at Indicator 7</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT>
<FONT STYLE="font-size: 10pt">Intergovernmental Panel on Climate Change. Special Report on Global Warming of 1.5 Celsius, </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://www.ipcc.ch/sr15/</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT>
<FONT STYLE="font-size: 10pt">U.S. Energy Information Administration, &ldquo;What are U.S. energy-related carbon dioxide emissions
by source and sector?&rdquo; Updated May 26, 2020. Note: Emissions for the industrial, residential, commercial, and transportation
sectors exclude those from electric power to avoid double counting. </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://www.eia.gov/tools/faqs/faq.php?id=75&amp;t=11</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT>
<FONT STYLE="font-size: 10pt">Intergovernmental Panel on Climate Change. Special Report on Global Warming of 1.5 Celsius, Chapter
2, Section 2.3.2.1 </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://www.ipcc.ch/sr15/chapter/chapter-2/</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT>
<FONT STYLE="font-size: 10pt">Carbon Disclosure Project; Science-Based Targets Initiative, &ldquo;Setting 1.5&deg;C-Aligned Science-Based
Targets: Quick Start Guide for Electric Utilities,&rdquo; June 2020, pp. 6-8 </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://sciencebasedtargets.org/resources/legacy/2020/06/SBTi-Power-Sector-15C-guide-FINAL.pdf</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>23</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.climateaction100.org/whos-involved/companies/</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>24</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://sciencebasedtargets.org/</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>25</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://sciencebasedtargets.org/companies-taking-action</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>26</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://sciencebasedtargets.org/sectors</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>27</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.cdp.net/en</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>28</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.cdp.net/en/responses?utf8=%E2%9C%93&amp;queries%5Bname%5D=</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>29</SUP></FONT>
<FONT STYLE="font-size: 10pt">James, H. Williams, <I>et al, </I>&ldquo;Carbon-Neutral Pathways for the United States,&rdquo; AGU
Advances, January 14, 2021, </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://agupubs.onlinelibrary.wiley.com/doi/epdf/10.1029/2020AV000284</u></FONT><FONT STYLE="font-size: 10pt">;
Princeton Environmental Research, &ldquo;Big but affordable effort needed for America to reach net-zero emissions by 2-5-, Princeton
study shows,&rdquo; December 15, 2020, </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://environmenthalfcentury.princeton.edu/research/2020/big-affordable-effort-needed-america-reach-net-zero-emissions-2050-princeton-study</u></FONT><FONT STYLE="font-size: 10pt">;
Climate Analytics, &ldquo;Global and regional coal phase-out requirements of the Paris Agreement: Insights from the IPCC Special
Report on 1.5&deg;C,&rdquo; September 2019, p.15, </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://climateanalytics.org/media/report_coal_phase_out_2019.pdf</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>30</SUP></FONT>
<FONT STYLE="font-size: 10pt">Energy Innovation, &ldquo;The Coal Cost Crossover: Economic Viability of Existing Coal Compared to
New Local Wind and Solar Resources,&rdquo; March 2019 </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://energyinnovation.org/wp-content/uploads/2019/04/Coal-Cost-Crossover_Energy-Innovation_VCE_FINAL2.pdf</u></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>31</SUP></FONT>
<FONT STYLE="font-size: 10pt">Intergovernmental Panel on Climate Change, Special Report: Global Warming of 1.5&deg;C, Summary for
Policymakers, Figure SPM.3B: Characteristics of four illustrative model pathways, </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://www.ipcc.ch/sr15/chapter/spm/</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>32</SUP></FONT>
<FONT STYLE="font-size: 10pt">University of California Berkeley, Goldman School of Public Policy, &ldquo;2035 The Report: Plummeting
Solar, Wind, and Battery Costs Can Accelerate Our Clean Energy Future,&rdquo; June 9, 2020 </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>http://www.2035report.com/wp-content/uploads/2020/06/2035-Report.pdf?hsCtaTracking=8a85e9ea-4ed3-4ec0-b4c6-906934306ddb%7Cc68c2ac2-1db0-4d1c-82a1-65ef4daaf6c1</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>33</SUP></FONT>
<FONT STYLE="font-size: 10pt">Stanley Porter, <I>et al,</I> &ldquo;Utility decarbonization strategies: Renew, reshape, and refuel
to zero,&rdquo; September 21, 2020, </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>34</SUP></FONT>
<FONT STYLE="font-size: 10pt">Stanley Porter, <I>et al,</I> &ldquo;Utility decarbonization strategies: Renew, reshape, and refuel
to zero,&rdquo; September 21, 2020, see tex accompanying footnotes 20-22 </FONT><FONT STYLE="font-size: 10pt; color: #1155CC"><u>https://www2.deloitte.com/us/en/insights/industry/power-and-utilities/utility-decarbonization-strategies.html</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>35</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.climateaction100.org/whos-involved/companies/</u></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">?
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>36</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://carbontracker.org/</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>37</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://carbontracker.org/company-profiles/</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>38</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://coal.sierraclub.org/the-problem/dirty-truth-greenwashing-utilities</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>39</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://public.tableau.com/profile/john.romankiewicz#!/vizhome/Utilitydashboard/Story1</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>40</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.climateaction100.org/whos-involved/companies/</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>41</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://influencemap.org/index.html</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>42</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://influencemap.org/filter/List-of-Companies-and-Influencers#</u></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>43</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1155CC"><u>https://www.energyandpolicy.org/</u></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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##__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
