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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured on Recurring Basis | The following table sets forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy:
| June 30, 2025 |  | December 31, 2024
FirstEnergy | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | (In millions)
Derivative assets FTRs(1) | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | 7 |
Equity securities | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Debt securities(2) | — |  |  | 276 |  |  | — |  |  | 276 |  |  | — |  |  | 276 |  |  | — |  |  | 276 |
Cash, cash equivalents and restricted cash(3) | 614 |  |  | — |  |  | — |  |  | 614 |  |  | 154 |  |  | — |  |  | — |  |  | 154 |
Other(4) | — |  |  | 52 |  |  | — |  |  | 52 |  |  | — |  |  | 45 |  |  | — |  |  | 45 |
Total assets | $ | 616 |  |  | $ | 328 |  |  | $ | 8 |  |  | $ | 952 |  |  | $ | 156 |  |  | $ | 321 |  |  | $ | 7 |  |  | $ | 484 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities FTRs(1) | $ | — |  |  | $ | — |  |  | $ | (7) |  |  | $ | (7) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | (7) |  |  | $ | (7) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net assets | $ | 616 |  |  | $ | 328 |  |  | $ | 1 |  |  | $ | 945 |  |  | $ | 156 |  |  | $ | 321 |  |  | $ | 7 |  |  | $ | 484 |
(1) Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings. (2) Related to JCP&L’s investments held in the spent nuclear fuel disposal trusts, see below. (2) Restricted cash of $45 million and $43 million as of June 30, 2025, and December 31, 2024, respectively, primarily relates to cash collected from MP, PE and the Ohio Companies’ customers that is specifically used to service debt of their respective securitization or funding companies. (4) Primarily consists of short-term investments, of which $9 million and $6 million as of June 30, 2025, and December 31, 2024, respectively, are held by JCP&L.
Schedule of Amortized Cost Basis, Unrealized Gains and Losses and Fair Values of Investments in Available-for-sale Securities | The following table summarizes the amortized cost basis, unrealized gains, unrealized losses and fair values of investments held in spent nuclear fuel disposal trusts as of June 30, 2025, and December 31, 2024:
|  | June 30, 2025(1) |  | December 31, 2024(2)
|  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  | (In millions)
Debt securities |  | $ | 299 |  |  | $ | — |  |  | $ | (23) |  |  | $ | 276 |  |  | $ | 299 |  |  | $ | — |  |  | $ | (23) |  |  | $ | 276 |
(1) Excludes short-term cash investments of $9 million as of June 30, 2025. (2) Excludes short-term cash investments of $6 million as of December 31, 2024.
Schedule of Proceeds from the Sale of Investments in Available-for-sale Debt Securities | Proceeds from the sale of investments in AFS debt securities, realized gains and losses on those sales and interest and dividend income for the three and six months ended June 30, 2025 and 2024, were as follows for the Registrants:
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In millions)
Sale proceeds |  | $ | 3 |  |  | 4 |  |  | $ | 30 |  |  | $ | 17 |
Realized gains |  | — |  |  | — |  |  | — |  |  | — |
Realized losses |  | (1) |  |  | (1) |  |  | (3) |  |  | (2) |
Interest and dividend income |  | 3 |  |  | 3 |  |  | 6 |  |  | 6 |
Schedule of Fair Value and Related Carrying Amounts of Long-term Debt | The following table provides the approximate fair value and related carrying amounts of long-term debt, which excludes finance lease obligations and net unamortized debt issuance costs, unamortized fair value adjustments, premiums and discounts as of June 30, 2025, and December 31, 2024:
FirstEnergy |  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Carrying value |  | $ | 25,564 |  |  | $ | 23,594 |
Fair value |  | $ | 24,494 |  |  | $ | 22,128 |
JCP&L |  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Carrying value |  | $ | 2,350 |  |  | 2,350 |
Fair value |  | $ | 2,316 |  |  | 2,284 |
Schedule of Long-term Debt Redemption and Issuance | FirstEnergy had the following issuances and redemptions during the six months ended June 30, 2025 (JCP&L had no issuances or redemptions):
Company | Type | Redemption / Issuance Date | Interest Rate | Maturity | Amount (In millions) | Description
Redemptions
FE | Unsecured Notes | March, 2025 | 2.05% | 2025 | $300 | FE redeemed unsecured notes that became due.
TrAIL | Unsecured Notes | May, 2025 | 3.76% | 2025 | $75 | TrAIL redeemed unsecured notes that became due.
TrAIL | Unsecured Notes | June, 2025 | 3.85% | 2025 | $550 | TrAIL redeemed unsecured notes that became due.
FE | Unsecured Convertible Notes | June, 2025 | 4.00% | 2026 | $1,206 | FE repurchased approximately $1,206 million of the principal amount of its 2026 Convertible Notes for $1,225 million, including a premium of approximately $19 million.
Issuances
TrAIL | Senior Unsecured | April, 2025 | 5.00% | 2031 | $600 | Proceeds were used to redeem senior notes that came due in 2025, to refinance existing debt, for working capital and for other general corporate purposes.
ATSI | Senior Unsecured | May, 2025 | 5.00% | 2030 | $225 | Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
OE | Senior Unsecured | May, 2025 | 4.95% | 2029 | $300 | Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
MAIT | Senior Unsecured | June, 2025 | 5.00% | 2031 | $200 | Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
PE | FMBs | June, 2025 | 5.00% | 2030 | $200 | Proceeds were used to refinance existing debt, to finance capital expenditures, for working capital, and for other general corporate purposes.
TE | Senior Secured Notes | June, 2025 | 5.18% | 2030 | $100 | Proceeds were used to refinance existing debt, to finance capital expenditures and for other general corporate purposes.
FE | Unsecured Convertible Notes | June, 2025 | 3.63% | 2029 | $1,350 | Proceeds were used to refinance existing debt, to repurchase a portion of its 2026 Convertible Notes, and for other general corporate purposes.
FE | Unsecured Convertible Notes | June, 2025 | 3.88% | 2031 | $1,150 | Proceeds were used to refinance existing debt, to repurchase a portion of its 2026 Convertible Notes, and for other general corporate purposes.

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