FirstEnergy Corp. (NYSE:FE) Q4 2022 Earnings Call Transcript

Anthony Crowdell: Just maybe two quick housekeeping questions. One is, I guess, following up on Sophie’s question. Just in 2023, what is your assumption for Signal Peak in pension earnings?

Jon Taylor: So, it represents about 15% of the total earnings of the $2.54 midpoint.

Anthony Crowdell: Great. And then I think on Steve’s question earlier, Steve was talking — you answered this question, I think the utility growth rates were maybe earnings will be ramping up as Signal Peak and pension earnings decline. Just how much of that additional capital that maybe is going into the utility is eligible for a rider refund eligible for rider recovery versus a rate filing.

Jon Taylor: Yes. So, I think if you look at our plan, we’re trying to ramp up our formula rate CapEx at about 75% overall 100% of the capital in the transmission business is formula rate, and I think we’re targeting 50% by the time we get out to ’25 in the distribution business. So a fairly significant amount of formula rate CapEx in the plan.

Anthony Crowdell: And just lastly, if I could jump on the CEO question, bandwagon. Just over the last three or four months, the Company has made some great strides in transitioning or transformation for the Company. Just thoughts, John, on — does the title move from interim to like full-time CEO?

John Somerhalder: I wasn’t expecting that question. My thoughts are we have strong interest. So my thoughts are that we’re focused on concluding that and transitioning me back to the Board as what my thoughts are.

Operator: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to Mr. Sommerholder for any final comments.

John Somerhalder: Thank you, and thank you all for joining us today. We very much appreciate your interest in and support of FirstEnergy. Thank you.

Operator: Thank you. This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.