FE · 10-Q · 2026Q1 · Full report

Regulated Rate Base (JCP&L)

FIRSTENERGY CORP · 2026-04-28 · Importance 43 · Surprise 6

JCP&L, a wholly owned FirstEnergy subsidiary, provides regulated transmission and distribution services in northern, western and east central New Jersey and represented $5.1 billion in rate base as of December 31, 2025. JCP&L is regulated by the New Jersey Board of Public Utilities (NJBPU) and by FERC for certain transmission matters. The size of JCP&L’s rate base represents a significant regulated asset base that underpins future allowed return and rate recovery and can meaningfully affect FirstEnergy’s capital allocation and regulated earnings. Continued regulatory oversight and rate proceedings at NJBPU and FERC will determine recovery of investments and capital costs associated with this base.

Key facts

• JCP&L distributes electricity to approximately 1.2 million customers in New Jersey across its distribution footprint.