U.S. regulated electric grid
FirstEnergy
FirstEnergy earns regulated revenue from electric distribution, transmission and selected generation operations in the U.S. Mid-Atlantic region. It spends on purchased power and grid connections for large customers, while Brookfield owns a minority interest in its transmission subsidiary.
Business categories Regulated Utilities & Grid Operators · Power & Grid · primary
FE Updated Sep 24, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, FirstEnergy is directly linked to 4 companies (2 supply, 1 revenue, 1 investment relationships) and reaches 9 companies within two hops; the links are backed by 8 dated sources, 3 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · FY2025 total revenue of $15.09 billion (SEC Form 10-K, 2026-02-18)
- Segments · Distribution · Integrated · Stand-Alone Transmission
Revenue from
- Aligned Data Centers NEO PropCo LLC High confidence· capacity 155 MVA · planned · Proposed data-center load requested by Aligned for electric service
FirstEnergy affiliates ATSI and Ohio Edison are building retail delivery points and a substation to serve Aligned's Sandusky data center. Customer-specific tariff revenue and construction-cost allocation were not disclosed.Confirms EN American Transmission Systems and Ohio Edison Published Apr 27, 2026: Sandusky South Substation and 138 kV Transmission Line Connections Project Letter of Notification - First Solar High confidence· capacity 9.4 MVA · project need · Incremental load at First Solar's existing facility
FirstEnergy affiliates ATSI and Toledo Edison extended a transmission tap to serve added load at First Solar's facility and a second First Solar substation. Customer-specific tariff revenue was not disclosed.Confirms EN American Transmission Systems and Toledo Edison Published Nov 8, 2017: Chrysler-Dowling 138 kV Transmission Line Tap Final Span Installation to New First Solar Substation Project
Pays to
- NextEra Energy High confidence· capacity 73.8 MW · 2025-09-01/2025-11-30 · Combined load allocation of the two non-residential blocks won by NextEra
NextEra Energy Marketing won all offered blocks in FirstEnergy subsidiary Potomac Edison's Maryland Type II non-residential standard-offer solicitation.Confirms EN The Potomac Edison Company Published Jun 2, 2025: Potomac Edison Maryland SOS Bid Results from June 2, 2025, Type II Non-Residential - Constellation Energy High confidence· capacity 52.2 MW · 2026-06-01/2027-05-31 · Constellation's winning twelve-month residential load allocation
FirstEnergy subsidiary Potomac Edison procured Maryland residential standard-offer power through a competitive solicitation, with Constellation Energy among the winning suppliers.Confirms EN The Potomac Edison Company Published Jun 2, 2025: Potomac Edison Maryland SOS Bid Results from June 2, 2025, Residential
Investors
- Brookfield Asset Management Ltd. High confidence· Amount $3.5B · transaction closed 2024-03-25 · Consideration paid by Brookfield for an additional 30% interest in FET
Brookfield increased its interest in FirstEnergy Transmission to 49.9% through an additional stake purchase. FirstEnergy retained 50.1% and continues to consolidate the business.Confirms KO Investing.com Korea Published Mar 26, 2024: FirstEnergy Sells 30% FET Stake to Brookfield for $3.5 BillionConfirms EN FirstEnergy Published Mar 25, 2024: FirstEnergy Closes on $3.5 Billion FirstEnergy Transmission, LLC 30% Interest SaleConfirms EN Utility Dive Published Feb 7, 2023: FirstEnergy's $3.5B Deal with Brookfield Highlights Value of FERC-Regulated Transmission: Analysts
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| NextEra Energy | lead2 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| First Solar | lead1 | -11.9 | +71.9 | +15 | +2.3 | +48.2 | -21.7 |
| FirstEnergy | node | +41.8 | +4.8 | -8.9 | +13.2 | +17.3 | +3.5 |
| NextEra Energy | benef1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| Brookfield Asset Management Ltd. | benef1 | · | · | +45.6 | +39.7 | -0.2 | -9.7 |
| Constellation Energy | benef1 | · | · | +37.2 | +92.7 | +58.8 | -15.3 |
| GE Vernova | benef2 | · | · | · | · | +99 | +54 |
| Quanta Services | benef2 | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +48 |
| Williams Companies | benef2 | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +25.2 |
| Duke Energy Corporation | benef2 | +19.1 | +2 | -1.6 | +15.6 | +12.7 | +5.3 |
| Cameco | benef2 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | -3.7 |
| First Solar | benef2 | -11.9 | +71.9 | +15 | +2.3 | +48.2 | -21.7 |
YTD as of 2026-10-09 · source: Yahoo Finance
FirstEnergy operates across U.S. regulated electric grid. It is +7.6% in 2026. The stock (+7.6%) and its supply side (avg -4.4%) are moving in step. Among connected nodes the furthest ahead is NextEra Energy (+6.2%) and the furthest behind is Constellation Energy (-15%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on purchased power and grid connections for large customers, while Brookfield owns a minority interest in its transmission subsidiary.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple