FE · 10-Q · 2026Q1 · Full report

Capital Resources and Liquidity

FIRSTENERGY CORP · 2026-04-28 · Importance 48 · Surprise 24

FirstEnergy states its businesses are capital intensive and expects existing liquidity sources to be sufficient to meet obligations but will rely on internal cash, short‑term borrowings and long‑term debt (including hybrid securities) and, subject to market conditions, limited equity issuance (~1% of market cap annually) to fund the Energize365 plan and other needs. As of March 31, 2026 FirstEnergy reported a net working capital deficit of approximately $2.8 billion (primarily current portion of long‑term debt, accounts payable and short‑term borrowings) and JCP&L had a working capital deficit of approximately $372 million; FirstEnergy had $1,305 million of outstanding short‑term borrowings as of March 31, 2026. FirstEnergy’s committed revolving credit facilities aggregate $5,900 million with available liquidity of $4,409 million as of April 27, 2026; the company had $238 million in outstanding letters of credit (of which $103 million are under the amended facilities). FirstEnergy also notes regulatory approvals that permit regulated subsidiaries to issue and/or refinance debt and that financing plans are subject to market conditions.

Key facts

• As of April 27, 2026, FirstEnergy’s available liquidity from external sources included $5,900 million of revolving credit facility commitments and $4,362 million of available liquidity under those facilities.
• As of April 27, 2026, FirstEnergy’s total available liquidity including cash and available revolvers was $4,409 million.
• Energize365 capital investments included in the current five-year plan are expected to be funded with a combination of organic cash flows and the issuance of debt, including hybrid securities.
• FirstEnergy may issue its common equity to fund capital expenditures in its 2026 through 2030 planning period averaging approximately 1% of its now current market capitalization in each year of the planning period, subject to market conditions and other factors.

Impact estimates