FirstEnergy Corporation is a diversified energy company headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in the generation, transmission, and distribution of electricity, as well as energy management and ...
See More other energy-related services. Its ten electric utility operating companies comprise the United States' largest investor-owned utility, based on serving 6 million customers within a 65000sqmi area of Ohio, Pennsylvania, West Virginia, Virginia, Maryland, New Jersey and New York. Its generation subsidiaries control more than 23,000 megawatts of capacity, and its distribution lines span over 194,000 miles. In 2013, FirstEnergy ranked 181 on the Fortune 500 list of the largest public corporations in America.In November 2016, FirstEnergy made the decision to exit the competitive power business, and become a fully regulated company during the next 18 months. It was anticipated that some generating units would be sold, and some would be shut down.HistoryFirstEnergy was formed on November 7, 1997, when Ohio Edison acquired Centerior Energy and its subsidiaries for $1.6 billion in stock. The company was acquired with plans for a restructuring and layoffs to cut costs. That same month the Public Utilities Commission of Ohio (PUCO) initiated an investigation into the reliability of FirstEnergy's energy transmission in the context of possible plant shutdowns and prior problems with Centerior.In 2001, FirstEnergy merged with GPU, Inc., the owner of Jersey Central Power & Light Company, Pennsylvania Electric Company (Penelec), and Metropolitan Edison Company (Met-Ed).