FirstEnergy Returns to Its Regulated Past; Increasing Fair Value Estimate to $40
We are increasing our fair value estimate to $40 from $35 per share, as it has now been over one year since FirstEnergy announced its planned separation from FirstEnergy Solutions, or FES, and no major new claims or guarantees have become public. Thus, we have a high level of confidence that FirstEnergy can separate itself from FES in 2018.However, returning to its regulated past will likely require a big move: Allowing FES to fall into bankruptcy. We estimate this could cost shareholders $1.7 ...
FirstEnergy is a public utility holding company. The company and its subsidiaries are principally involved in the transmission, distribution and generation of electricity. The company's reportable operating segments are comprised of: Regulated Distribution, which distributes electricity through the company's utility operating companies and also controls regulated electric generation capacity located primarily in West Virginia, Virginia and New Jersey; and Regulated Transmission, which provides transmission infrastructure owned and operated by the transmission companies and certain of the company's utilities to transmit electricity from generation sources to distribution facilities.
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