FirstEnergy Corp. (FE)

Research evidence excerpt

FirstEnergy Corp. (FE)

Equity Research

29 July 2026 | 8:05PM EDT

FirstEnergy Corp. (FE): Regulatory derisking in 2H26 to support data

center upside and earnings growth visibility; Buy

We update our estimates for FirstEnergy (FE, Buy) following 2Q results. While we see Carly Davenport

+1(212)357-1914 |

select outstanding regulatory items in the near-term presenting an overhang on the carly.davenport@gs.com

Goldman Sachs & Co. LLC

stock, we believe FE is well positioned to derisk its regulatory calendar in over the

Beatriz Abreu, CFA

NTM and see upside opportunities from the data center momentum (with its total +1(212)357-0455 |

pipeline now ~25 GW) and further generation build out in West Virginia. We also beatriz.abreu@gs.comGoldman Sachs & Co. LLC

expect transmission investment opportunities to provide upside to its current Jaya Patel

consolidated 10% rate base growth guidance from accelerating data center demand +1(212)357-9901Goldman Sachs & Co.| jaya.patel@gs.comLLC

and the 2026 PJM open window with proposals due in late September. With shares Ananya Jaison

trading at a 4% P/E discount to our coverage (ex. CA) in 2027, we believe regulatory +1(332)245-7625 | ananya.jaison@gs.com

uncertainty is priced in at these levels, and see upside as we get clarity on some the Goldman Sachs India SPL

key upcoming catalysts, including the CPCN approvals for the Maidsville Energy

Center, expected in 2H. Our updated estimates result in a $55 price target (up from

$54 prior), implying 15% total return.

Key Takeaways

Data center demand momentum underpinned by ~6.4 GW of contracted load

supports potential transmission investment and earnings growth visibility. FE

contracted an incremental ~2.1 GW in the quarter bringing its total contracted