Report
Charles Fishman
EUR 147.86 For Business Accounts Only

FirstEnergy's Unregulated Unit Could File For Bankruptcy

We are reaffirming our $34 per share fair value estimate along with our no-moat and stable moat trend ratings after FirstEnergy reported strong third-quarter earnings and announced its competitive energy services, or CES, segment is under strategic review that could result in bankruptcy for the unit.
FirstEnergy will seek regulatory and/or legislative assistance for its unregulated generation units, which include three nuclear plants, to create regulated or regulated-like frameworks in Ohio, Pen...
Underlying
FirstEnergy Corp.

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Charles Fishman

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