FirstEnergy is a regulated electric utility serving customers across several Mid-Atlantic and Midwest states, generating and delivering electricity under rates approved by state utility regulators. As a regulated utility, its earnings are tied to a rate of return approved by regulators on the capital it invests in its electric grid and transmission infrastructure, providing predictable earnings in exchange for accepting limits on customer rates. The company has faced significant regulatory and legal scrutiny in past years related to political influence activities in Ohio, an episode that led to executive changes, financial penalties and enhanced compliance oversight. FirstEnergy's growth strategy centers on grid modernization and transmission infrastructure investment across its multi-state service territory, the primary lever regulated utilities use to grow earnings over time.