FirstEnergy Corp. (NYSE: FE) announced today that it has reached a settlement agreement with the U.S. Securities and Exchange Commission (SEC) to resolve its previously disclosed investigation.
“We are pleased to have reached a resolution with the SEC as we continue to turn a new chapter,” said Brian X. Tierney, President and Chief Executive Officer of FirstEnergy. “Our focus today is investing in our regulated electric companies to improve the customer experience and support the energy transition.”
The settlement requires FirstEnergy to pay a civil penalty of $100 million. The company’s second-quarter earnings materials indicated that it had reserved $100 million in anticipation of this agreement with the SEC. A copy of the settlement order will be available in FirstEnergy’s Current Report on Form 8-K, which will be filed shortly on the Investors section of its corporate website.
FirstEnergy emphasizes its commitment to integrity, safety, reliability, and operational excellence. Its electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. The company’s transmission subsidiaries operate approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions.
Forward-looking statements within this release are based on current information available to management and are subject to certain risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements.
For further inquiries:
– News Media Contact: Jennifer Young at (330) 761-4362 or jyoung@firstenergycorp.com
– Investor Relations Contact: Gina Caskey at (330) 761-4185 or caskeyg@firstenergycorp.com
