FirstEnergy Settles with SEC for $100 Million

By Bobby Samwell • Friday, September 13 07:59 • Permanent Link

FirstEnergy Corp. has recently announced a settlement agreement with the U.S. Securities and Exchange Commission (SEC) to resolve a previously disclosed investigation. The settlement requires FirstEnergy to pay a civil penalty of $100 million. This penalty was anticipated, as the company had set aside a reserve of the same amount in the second quarter of 2024 in anticipation of the agreement with the SEC.

FirstEnergy's focus moving forward is on investing in its regulated electric companies to enhance the customer experience and support the energy transition. The company operates one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. Additionally, its transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions.

The settlement order will be filed shortly and made available on the investors section of FirstEnergy's corporate website. These developments indicate the company's dedication to integrity, safety, reliability, and operational excellence as it continues to navigate this chapter and move forward. The market has reacted to these announcements by moving the company's shares -0.2% to a price of $44.06. Check out the company's full 8-K submission here.

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