FirstEnergy Raises Dividend 5% and Unveils $36 Billion Five-Year Capital Plan
FirstEnergy declared quarterly dividends of $1.78 per share, a 5% increase, and reported 2025 GAAP EPS of $1.77 alongside core EPS of $2.55, up 7.6% year-over-year. It unveiled a $36 billion five-year capital plan targeting 10% rate base growth and top-end 6–8% EPS CAGR with all projects approved, awarded or contracted.
1. Strong 2025 Earnings and Dividend Hike
FirstEnergy delivered 2025 GAAP earnings of $1.77 per share and core EPS of $2.55, marking a 7.6% increase from 2024. The board approved a quarterly dividend of $1.78 per share, up 5%, reinforcing the company’s commitment to shareholder returns.
2. $36 Billion Five-Year Capital Plan
Management rolled out a $36 billion capital investment program for 2026–2030, nearly 30% above the prior plan, with $19 billion allocated to transmission projects. The program is fully awarded, approved or contracted and is expected to drive 10% rate base growth and support EPS CAGR near the top of the 6–8% target.
3. Proposal for Maidsville Combined-Cycle Plant
FirstEnergy filed for a 1.2 GW combined-cycle natural gas facility in Maidsville, West Virginia, with an estimated $2.5 billion cost. The company seeks a DOE low-interest loan for 50% of financing, plans cash recovery and equity funding for the remainder, and expects operation by 2031.
4. Reliability Improvements and Transmission Outlook
Distribution reliability improved 10% system-wide in 2025 following $5.6 billion of customer-focused capex, with notable gains in New Jersey and Pennsylvania. Since 2014, $17 billion has been invested in transmission, and a 13 GW data center pipeline underpins future grid modernization needs.