WASHINGTON (dpa-AFX) - FirstEnergy Corp. (FE), an electricity utility
company, announced on Thursday that its subsidiaries Penelec, Penn Power,
Keystone Appalachian Transmission Company, and Mid-Atlantic Interstate
Transmission, LLC have filed a settlement agreement with the Pennsylvania Public
Utility Commission or PaPUC to merge FirstEnergy's four Pennsylvania electric
distribution companies into a single operating company.

With this settlement, the company expects to deliver safe, reliable electricity
to more than two million customers in the state. It will also help the
consolidated entity to gain better access to capital at more favorable interest
rates to invest in projects.

Under the settlement terms, income-eligible customers would receive a total of
$650,000 in bill assistance over five years. Additionally, the settlement has
mechanisms to track cost savings realized through consolidated operations, that
would be returned to customers as part of future base rates.

If the settlement is approved, then the newly consolidated entity will operate
under the name FirstEnergy Pennsylvania Electric Company or FE PA. The
distribution companies will continue to do business under their existing local
brand names that are already familiar to customers.

Customers will continue to receive their electric bills from their familiar
electric company brands. The consolidation also would not change Universal
Service Programs, Pennsylvania Customer Assistance Programs for lower-income
customers, Energy Efficiency programs, and Default Service programs.

'The companies have requested PaPUC approval of their application no later than
December 2023 and are also awaiting commission approval in New York,'
FirstEnergy said in a statement.

Currently, shares of FirstEnergy are trading at $36.39, up 0.28% on the New York
Stock Exchange.



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