FirstEnergy to invest $26 billion in utility system, drops carbon reduction goal amid increased spending plans.

FirstEnergy plans to spend $26 billion on its regulated utility system over the next five years, a 44% increase from its previous five-year investment plan. The company expects its ratebase to grow by 9% per year over the period, up from about 6% a year. About 75% of the planned spending will be recovered through state and federal formula rates, which are recouped outside of rate cases. Last year, FirstEnergy made a significant investment in its balance sheet, including selling 30% of FirstEnergy Transmission to Brookfield Super-Core Infrastructure Partners for $3.5 billion. Meanwhile, the company has dropped its plan to cut its carbon dioxide emissions by 30% below 2019 levels by 2030, which was dependent on emissions from its coal-fired power plants in West Virginia.