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8-K - 8-K - FIRSTENERGY CORP | a8-kq12018earningsrelease.htm |
EX-99.2 - EXHIBIT 99.2 - FIRSTENERGY CORP | ex992fe-03312018.htm |
EX-99.1 - EXHIBIT 99.1 - FIRSTENERGY CORP | ex991fe-03312018.htm |
1Q 2018 Earnings Call
Charles E. Jones, President and CEO
Steven E. Strah, SVP and CFO
Exhibit 99.3
Forward-Looking Statements
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Such
statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations
regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,” "forecast," "target," "will,"
"intend," “believe,” "project," “estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may
cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which
may include the following: the ability to successfully execute an exit of commodity-based generation that minimizes cash outflows and associated liabilities, including, without limitation, the losses,
guarantees, claims and other obligations of FirstEnergy Corp., together with its consolidated subsidiaries (FirstEnergy) as such relate to the entities previously consolidated into FirstEnergy,
including FirstEnergy Solutions Corp.(FES), its subsidiaries and FirstEnergy Nuclear Operating Company (FENOC), which have recently filed for bankruptcy protection; the potential for litigation and
demands for payment against FirstEnergy by FES and FENOC or certain of their creditors; the risks associated with the bankruptcy cases of FES, its subsidiaries and FENOC, including, but not
limited to, third-party motions in the cases that could adversely affect FirstEnergy, its liquidity or results of operations; the ability to experience growth in the Regulated Distribution and Regulated
Transmission segments and the effectiveness of our strategy to operate as a fully regulated business; the accomplishment of our regulatory and operational goals in connection with our
transmission and distribution investment plans, including, but not limited to, our planned transition to forward-looking formula rates; changes in assumptions regarding economic conditions within our
territories, assessment of the reliability of our transmission and distribution system, or the availability of capital or other resources supporting identified transmission and distribution investment
opportunities; the ability to accomplish or realize anticipated benefits from strategic and financial goals, including, but not limited to, the ability to grow earnings in our regulated businesses, continue
to reduce costs and to successfully execute our financial plans designed to improve our credit metrics and strengthen our balance sheet; the risks and uncertainties associated with litigation,
arbitration, mediation and like proceedings; the uncertainties associated with the deactivation of our remaining commodity-based generating units, including the impact on vendor commitments, and
as it relates to the reliability of the transmission grid, the timing thereof; costs being higher than anticipated and the success of our policies to control costs; the uncertainty of the timing and amounts
of the capital expenditures that may arise in connection with any litigation, including New Source Review litigation, or potential regulatory initiatives or rulemakings; changes in customers' demand
for power, including, but not limited to, changes resulting from the implementation of state and federal energy efficiency and peak demand reduction mandates; economic and weather conditions
affecting future sales, margins and operations, such as significant weather events, and all associated regulatory events or actions; changes in national and regional economic conditions affecting
FirstEnergy and/or our major industrial and commercial customers, and other counterparties with which we do business; the impact of labor disruptions by our unionized workforce; the risks
associated with cyber-attacks and other disruptions to our information technology system that may compromise our generation, transmission and/or distribution services and data security breaches
of sensitive data, intellectual property and proprietary or personally identifiable information regarding our business, employees, shareholders, customers, suppliers, business partners and other
individuals in our data centers and on our networks; the impact of the regulatory process and resulting outcomes on the matters at the federal level and in the various states in which we do
business, including, but not limited to, matters related to rates; the impact of the federal regulatory process on Federal Energy Regulatory Commission (FERC) regulated entities and transactions, in
particular FERC regulation of PJM Interconnection, L.L.C. (PJM) wholesale energy and capacity markets and cost-of-service rates, as well as FERC’s compliance and enforcement activity,
including compliance and enforcement activity related to North American Electric Reliability Corporation’s mandatory reliability standards; the uncertainties of various cost recovery and cost
allocation issues resulting from American Transmission Systems, Incorporated's realignment into PJM; the ability to comply with applicable state and federal reliability standards and energy
efficiency and peak demand reduction mandates; other legislative and regulatory changes, including the federal administration's required review and potential revision of environmental
requirements, including, but not limited to, the effects of the United States Environmental Protection Agency's Clean Power Plan, Coal Combustion Residuals, Cross-State Air Pollution Rule and
Mercury and Air Toxics Standards programs, including our estimated costs of compliance, Clean Water Act (CWA) waste water effluent limitations for power plants, and CWA 316(b) water intake
regulation; changing market conditions that could affect the measurement of certain liabilities and the value of assets held in our pension trusts and other trust funds, and cause us and/or our
subsidiaries to make additional contributions sooner, or in amounts that are larger, than currently anticipated; the impact of changes to significant accounting policies; the impact of any changes in
tax laws or regulations, including the Tax Cuts and Jobs Act, adopted December 22, 2017, or adverse tax audit results or rulings; the ability to access the public securities and other capital and
credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us and our subsidiaries; further actions that may be
taken by credit rating agencies that could negatively affect us and/or our subsidiaries’ access to financing, increase the costs thereof, letters of credit and other financial guarantees, and the impact
of these events on the financial condition and liquidity of FirstEnergy Corp. and/or its subsidiaries; issues concerning the stability of domestic and foreign financial institutions and counterparties with
which we do business; and the risks and other factors discussed from time to time in our United States Securities and Exchange Commission (SEC) filings, and other similar factors. Dividends
declared from time to time on FirstEnergy Corp.'s common stock, and thereby on FirstEnergy Corp.'s preferred stock, during any period may in the aggregate vary from prior periods due to
circumstances considered by FirstEnergy Corp.'s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to
revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and
should be read together with, the risk factors included in our filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time,
and it is not possible for management to predict all such factors, nor assess the impact of any such factor on our business or the extent to which any factor, or combination of factors, may cause
results to differ materially from those contained in any forward-looking statements. We expressly disclaim any obligation to update or revise, except as required by law, any forward-looking
statements contained herein as a result of new information, future events or otherwise.
2
Non-GAAP Financial Matters
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
This presentation contains references to non-GAAP financial measures including, among others, Operating earnings (loss). In addition, Operating earnings (loss) per share
and Operating earnings (loss) per share by segment are also non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a
company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the
most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (GAAP). Operating earnings
(loss), Operating earnings (loss) per share and Operating earnings (loss) per share by segment are not calculated in accordance with GAAP to the extent they exclude the
impact of “special items.” Special items represent charges incurred or benefits realized that management believes are not indicative of, or may obscure trends useful in
evaluating the company’s ongoing core activities and results of operations or otherwise warrant separate classification. Special items also reflect the adjustment to include the
full impact of share dilution from the $2.5 billion equity issuance in January 2018. Special items are not necessarily non-recurring. The Company’s management cannot
estimate on a forward-looking basis the impact of these items in the context of Operating earnings (loss) per share growth projections because these items, which could be
significant, are difficult to predict and may be highly variable. Consequently, the Company is unable to reconcile Operating earnings (loss) per share growth projections to a
GAAP measure without unreasonable effort.
Operating earnings (loss) per share is calculated by dividing Operating earnings (loss), which excludes special items as discussed above, for the periods presented by 538
million shares, which reflects the full impact of share dilution from the equity issuance in January 2018. Operating earnings (loss) per share by segment is calculated by
dividing segment Operating earnings (loss), which excludes special items as discussed above, for the periods presented by 538 million shares. As of the first quarter 2018,
Regulated operating (non-GAAP) earnings (loss), Regulated operating earnings (loss) per share, and Regulated operating earnings (loss) per share by segment, which were
non-GAAP financial measures used in the guidance provided in February 2018, are now referred to as Operating earnings (loss), Operating earnings (loss) per share, and
Operating earnings (loss) per share by segment, respectively.
Management uses non-GAAP financial measures such as Operating earnings (loss) and Operating earnings (loss) per share to evaluate the company’s performance and
manage its operations and frequently references these non-GAAP financial measures in its decision-making, using them to facilitate historical and ongoing performance
comparisons. Additionally, management uses Operating earnings (loss) per share by segment to further evaluate the company’s performance by segment and references this
non-GAAP financial measure in its decision-making. Management believes that the non-GAAP financial measures of Operating earnings (loss), Operating earnings (loss) per
share and Operating earnings (loss) per share by segment provide consistent and comparable measures of performance of its businesses on an ongoing basis. Management
also believes that such measures are useful to shareholders and other interested parties to understand performance trends and evaluate the company against its peer group
by presenting period-over-period operating results without the effect of certain charges or benefits that may not be consistent or comparable across periods or across the
company’s peer group. All of these non-GAAP financial measures are intended to complement, and are not considered as alternatives to, the most directly comparable GAAP
financial measures. Also, the non-GAAP financial measures may not be comparable to similarly titled measures used by other entities.
Pursuant to the requirements of Regulation G, FirstEnergy has provided quantitative reconciliations within this presentation of the non-GAAP financial measures to the most
directly comparable GAAP financial measures. Refer to appendix slides 12-15.
Deconsolidation
As a result of the bankruptcy filings, FirstEnergy Solutions (FES), its subsidiaries and FirstEnergy Nuclear Operating Company (FENOC) were deconsolidated from
FirstEnergy’s consolidated financial statements as of March 31, 2018. Additionally, the operating results of FES and FENOC, as well as Bay Shore Power Company and a
portion of AE Supply, LLC that were subject to completed or pending asset sales, collectively representing substantially all of FirstEnergy’s operations that comprised the
Competitive Energy Services (CES) reportable operating segment, will be presented as discontinued operations in Corporate/Other. The remaining business activities that
previously comprised the CES reportable operating segment were not material, and as such, have been combined into Corporate/Other for reporting purposes. The external
segment reporting is consistent with the internal financial reports used by FE's Chief Executive Officer (its chief operating decision maker) to regularly assess performance of
the business and allocate resources. Disclosures for FE's reportable operating segments for 2017, including non-GAAP financial measures, have been revised to conform to
the current presentation.
3
Financial Highlights
■ Reported 1Q 2018 GAAP earnings of $2.55 per basic share and Operating (non-GAAP)
earnings* of $0.67 per share
– Reporting earnings for the first time that represent FE as a fully regulated company
– GAAP earnings benefited from a $1.2B after-tax gain associated with the deconsolidation of FES, its
subsidiaries and FENOC
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
1Q 2018 Financial Results
■ On March 31, 2018, FES and FENOC Boards of Directors approved a Chapter 11 bankruptcy filing
■ Filings do not include FE, its regulated subsidiaries, or Allegheny Energy Supply
– On March 28, 2018, FES announced that it intends to sell or deactivate two nuclear power plants in Ohio and one
in Pennsylvania during the next three years
– We understand the importance of these plants to the regional economy and recognize that more than 5 million of
our utility customers are still exposed to uncertainty of competitive markets
FES/FENOC Chapter 11 Filing
* Refer to the appendix (slides 12-14) for reconciliation between GAAP and Operating (non-GAAP) earnings
We will continue to advocate for regulatory or legislative solutions that recognize the attributes of
baseload generation and to ensure our customers continue to have a stable, reliable power supply
4
Agreement-in-Principle
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 5
■ On April 23, 2018, FE announced an agreement-in-principle with ad hoc groups of key FES
creditors representing (1) a majority of all outstanding secured and unsecured funded debt at
FES and its subsidiaries and (2) a majority of Bruce Mansfield certificate holders
■ Agreement affirms $1.7B of previously disclosed guarantees and assurances, including:
– Unfunded Pension / OPEB / Other Employee Benefits (non-cash)
– Surety Bond Support (utilized)
– Rail Settlements (paid)
– Energy Contracts and Other Guarantees and Assurances (paid)
– $500M Secured Credit Facility (drawn)
■ In addition, other major terms effective at emergence include:
– Full release of all claims against FE and related parties
– $225M cash payment from FE net, including $88M reversal of the NOL prefiling purchase
– Up to $628M tax certificate note due December 31, 2022, which represents FE’s estimated value of the
worthless stock deduction and designed to trade at the par value of the note when issued
– Transfer of Pleasants Power Station to FES for the benefit of creditors (book value as of March 31, 2018 of $67M)
– A right of FE to share in recoveries after an agreed-upon threshold is met
Agreement is a significant step toward FES ultimately emerging from bankruptcy
The agreement is subject to approval by the FE, FES and its subsidiaries, FENOC and AE Supply boards of directors, the execution of definitive agreements, the approval of the
Bankruptcy Court and certain other conditions.
Guidance and Business Updates
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
* Per share amounts are based on the number of shares outstanding assuming full impact of dilution from the $2.5 billion equity issuance in January 2018 (538M fully diluted shares). Refer to the appendix (slide 15) for reconciliation
between GAAP and Operating (non-GAAP) earnings.
■ Raised our 2018 GAAP earnings forecast to $3.61 - $3.91 per basic share and affirmed 2018 operating
(non-GAAP) earnings guidance range of $2.25 to $2.55 per share*
■ Affirmed our long-term operating (non-GAAP) EPS CAGR** projection of 6 to 8 percent through 2021
■ Introduced 2Q 2018 GAAP forecast of ($0.06) - $0.04 per basic share and operating (non-GAAP)
earnings guidance range of $0.47 to $0.57 per share*
Guidance Updates
Better positioned to capture the opportunities for customer-focused growth in our distribution and
transmission businesses, and produce stable, long-term value to shareholders
6
Note: Operating (non-GAAP) earnings guidance was referred to in our February 2018 investor materials as Regulated Operating (non-GAAP) earnings guidance
■ Continue to implement Energizing the Future; on track to invest $1.1B this year
■ In February, FERC approved our settlement agreement for JCP&L’s transmission rates
– Settlement rates were effective January 1, 2018 and are retroactive to June 1, 2017
– Offers the opportunity to file for forward-looking formula rates to be effective in 2020
■ MAIT settlement remains pending at FERC and we expect a ruling in 2Q 2018
Transmission Updates
** The Company’s management team cannot estimate on a forward-looking basis the impact of special items in the context of Operating earnings (loss) per share growth projections because special items, which could be significant, are
difficult to predict and may be highly variable. Consequently, the Company is unable to reconcile Operating earnings (loss) per share growth projections to a GAAP measure without unreasonable effort.
Business Updates
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
■ During March, several Nor'easters caused extensive damage to the eastern portion of our system
– A total of 1.2M FE utility customers experienced outages, with JCP&L and Met-Ed service territories hardest hit
– Working with utility commissions in New Jersey and Pennsylvania to review preparation and response to outages
– In total, our utilities spent more than $355M on restoration efforts during 1Q 2018
– $250M in New Jersey and $80M Pennsylvania
– Approximately $230M of total was O&M, with all but $10M deferred for future recovery
Storm Impacts
7
■ In Ohio, application for a Distribution Platform Modernization plan remains pending at the PUCO
■ In JCP&L, plan to file by mid-2018 an Infrastructure Investment Program
■ In Maryland, anticipate a rate case filing during the second half of 2018
Distribution Updates
Presentation of Results
■ Substantially all operations that previously comprised our CES segment are now
presented as discontinued operations in our Corporate/Other segment for 2018 and 2017
– Excluded from Operating (non-GAAP) earnings as a special item
■ Resulted from the deconsolidation of FES and FENOC, the completed sale of AE Supply’s
gas plants and the pending asset purchase agreements for the sale of the Bath County
and Bay Shore plants
■ Remaining competitive business activities, which primarily includes AE Supply’s
Pleasants Power Station, are included in Corporate/Other for reporting purposes
■ All operating results and projections are presented on a fully diluted basis (538M shares)
– Includes the full conversion of preferred shares and assumes additional shares relating to employee
benefit and other plans
– Excludes impact of preferred dividends
■ Reconciliations for these items, along with other detailed information about the quarter,
are available in our Consolidated Report to the Financial Community
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 8
1Q 2018 Earnings Results
Quarter-over-Quarter (Basic EPS / Operating EPS*)
■ Reported 1Q 2018 GAAP earnings of $2.55 per basic share
– Results include a $1.2B gain from the deconsolidation of FES, its subsidiaries and FENOC
■ Reported 1Q 2018 Operating (non-GAAP) earnings* of $0.67 per share
– Reflects only the continuing operations of our Regulated and Corporate / Other segments
■ Regulated Distribution +$0.15 / +$0.15
– Favorable results primarily as a result of colder weather, the impact of new rates in Pennsylvania effective late January
2017, as well as Ohio DCR
– Total distribution deliveries increased ~5% in 1Q 2018; Heating-degree-days 17% above 1Q 2017, and normal for the quarter
– Positive trend continues in the industrial class; ~3% growth primarily driven by shale gas and steel
– Special items – include regulatory charges and impact of full dilution to 538M shares
■ Regulated Transmission: +$0.01 / +$0.02
– Favorable results primarily from higher revenues at JCP&L and higher rate base at MAIT and ATSI
– Special item – includes impact of full dilution to 538M shares
■ Corporate / Other: $1.93 / ($0.02)
– Unfavorable results primarily from higher interest expense and lower tax shield, partially offset by higher commodity
margin at Pleasants
– Special items – include mark-to-market adjustments, exit of competitive generation and impact of full dilution to 538M
shares
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
1Q 2018 vs. 1Q 2017 EPS Variance Basic EPS Operating EPS*
Regulated Distribution +$0.15 +$0.15
Regulated Transmission +$0.01 +$0.02
Corporate / Other +$1.93 ($0.02)
FE Consolidated +$2.09 +$0.15
* Refer to the appendix (slides 12-14) for reconciliation between GAAP and Operating (non-GAAP) earnings
Per share amounts for the special items and earnings drivers above and throughout this report are based on the after-tax effect of each item divided by the number of shares outstanding for the period
assuming full impact of dilution from the $2.5 billion equity issuance in January 2018 (538M fully diluted shares). The current and deferred income tax effect was calculated by applying the subsidiaries'
statutory tax rate to the pre-tax amount. The income tax rates range from 21% to 29%.
9
Tax Reform Updates
■ Guidance for 2018 does not include any benefit from tax reform
– On January 1, 2018, began deferring these amounts as a regulatory liability until we work through the regulatory
process in each jurisdiction
■ This is a complex issue that will be addressed uniquely in each regulatory jurisdiction
– In Ohio, proactively lowered the DMR and DCR rates to reflect the impact of tax reform
– In Pennsylvania, companies filed comments presenting arguments that single-issue ratemaking was not
appropriate and provided support of implementing a reconcilable rider
– PPUC issued an order making all rates, including rider rates, temporary as of March 15, 2018, for six months
– In New Jersey, JCP&L implemented an interim rate reduction on April 1, 2018, to reflect impact on current taxes,
consistent with BPU’s order
– In West Virginia, Mon Power and Potomac Edison will file testimony by May 30, 2018, proposing treatment for
tax reform related savings
– In Maryland, Potomac Edison plans to file a rate case in the third quarter of 2018
– At our FERC-regulated transmission businesses:
– Stated Rate Companies: FERC issued a Show Cause Order directing 48 transmission utilities, including Mon
Power, West Penn and Potomac Edison, to propose revisions to those rates effective March 21, 2018
– JCP&L was not included on the list of stated rate transmission utilities
– Formula Rate Companies: ATSI, MAIT, TrAIL and PATH will adjust rates as part of the normal annual update/true-
up process
– Continue to work with regulatory commissions in each of our jurisdictions to determine the appropriate approach
for customers
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 10
Appendix
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 11
Earnings (Loss) Per Share – 1Q 2018 and 1Q 2017
Reconciliation of GAAP to Operating (Non-GAAP) Earnings
(In millions, except per share amounts)
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
Per share amounts for the special items and earnings drivers above and throughout this report are based on the after-tax effect of each item divided by the number of shares outstanding for the period assuming full impact of dilution from
the $2.5 billion equity issuance in January 2018 (538M fully diluted shares). The current and deferred income tax effect was calculated by applying the subsidiaries' statutory tax rate to the pre-tax amount. The income tax rates range from
21% to 29% and 35% to 38% in the first quarter of 2018 and 2017, respectively. See slide 14 for details regarding special items.
12
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 13
Earnings (Loss) Per Share – 1Q 2017 vs. Previously Reported 1Q 2017
Reconciliation of GAAP to Operating (Non-GAAP) Earnings
(In millions, except per share amounts)
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
FE Corp. Income Statements – 1Q 2018 and 1Q 2017
Consolidated GAAP and Special Items
(In millions, except per share amounts)
14
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
Earnings (Loss) Per Share – Forecast for 2018
Reconciliation of GAAP to Operating (Non-GAAP) Earnings
(In millions, except per share amounts)
15
Federal – Tax Reform
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
Past Activities Future Activities
OH
• Effective January 1, 2018: Ohio Companies established a regulatory liability for the estimated reduction in federal income tax
resulting from the Tax Act
• January 10, 2018: PUCO opened a case to consider the impacts of the Tax Act and determine the appropriate course of action to
pass benefits on to customers
• February 15, 2018: Filed comments explaining that customers will save nearly $40 million annually as a result of updating tariff
riders, including DMR and DCR, for the tax rate changes and that the Ohio Companies’ base distribution rates are not impacted by
the Tax Act changes because they are frozen through May 2024
• March 7, 2018: Reply comments were filed by the Ohio Companies and other parties
• No current procedural
schedule
PA
• Effective January 1, 2018: Pennsylvania Companies established a regulatory liability for the estimated reduction in federal income
tax resulting from the Tax Act
• February 12, 2018: PPUC initiated a proceeding to determine the effects of the Tax Act on the tax liability of utilities and the
feasibility of reflecting such impacts in rates charged to customers
• March 9, 2018: Submitted their calculation of the net annual effect of the Tax Act on income tax expense and rate base to be
$37 million for ME, $40 million for PN, $9 million for Penn, and $30 million for WP. The Pennsylvania Companies also filed
comments proposing that rates be adjusted to reflect the tax rate changes prospectively from the date of a final PPUC order via a
reconcilable rider, with the amount that would otherwise accrue between January 1, 2018 and the date of a final order being used
to invest in the Pennsylvania Companies’ infrastructure.
• March 15, 2018: PPUC issued an order making all rates, including rider rates, temporary as of that date. Temporary rates will be in
place for a trial period of six months, which may be extended for an additional six months
• No current procedural
schedule
NJ
• Effective January 1, 2018: JCP&L established a regulatory liability for the estimated reduction in federal income tax resulting from
the Tax Act
• January 31, 2018: NJBPU instituted a proceeding to examine the impacts of the Tax Act on the rates and charges of New Jersey
utilities
• March 2, 2018: JCP&L proposed to:
• Reduce base rates by $28.6M on April 1st to reflect the change in federal income tax expense and annualized rate reduction of $28.6M
effective April 1, 2018 on an interim basis subject to final BPU review
• Defer the impacts of the Tax Act during the pendency of the BPU proceeding creating a regulatory liability to be addressed in the next base
rate case
• Create Rider Tax Act to include the amortization of the excess deferred tax liabilities effective July 1, 2018
• March 26, 2018: NJBPU approved JCP&L’s rate reduction effective April 1, 2018, on an interim basis subject to refund, pending the
outcome of this proceeding
• April 23, 2018: Technical
Conference
• May 8, 2018: Additional
Discovery Responses
• May 21, 2018:
Comments Due
• May 29, 2018: Reply
Comments Due
• June 1 & 4, 2018:
Settlement Conferences
16
Federal – Tax Reform
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 17
Past Activities Future Activities
WV
• Effective January 1, 2018: MP and PE established a regulatory liability for the estimated reduction in federal income tax resulting
from the Tax Act
• January 3, 2018: WVPSC initiated a proceeding to investigate the effects of the Tax Act on the revenue requirements of utilities
• January 26, 2018: WVPSC issued an order clarifying that regulatory accounting should be implemented as of January 1, 2018,
including the recording of any regulatory liabilities resulting from the Tax Act
• May 30, 2018: Utilities
testimony due
• July 2, 2018: Interested
parties response
• July 13, 2018: Utilities
reply
MD
• Effective January 1, 2018: PE established a regulatory liability for the estimated reduction in federal income tax resulting from
the Tax Act
• January 12, 2018: the MDPSC instituted a proceeding to examine the impacts of the Tax Act on the rates and charges of
Maryland utilities
• February 15, 2018: submitted a report to the MDPSC estimating that the Tax Act impacts would be ~$7- $8M annually for PE’s
customers
• Expect to file a base rate case in the third quarter of 2018 where the benefits from the effects of the Tax Act will be realized by
customers through a lower rate increase than would otherwise be necessary
• 3Q 2018: Base rate case
filing expected
FERC
• March 15, 2018: FERC issued Section 206 show cause orders directing FirstEnergy’s Allegheny transmission affiliates Mon
Power, West Penn Power, and Potomac Edison and 45 other public utilities to propose revisions to their respective stated
transmission rates to reflect the change in the federal corporate income tax rate, and describe the methodology used for making
those revisions; or show cause why they should not be required to do so. A refund effective date of March 21, 2018 was
established by FERC.
• For companies with forward-looking formula rates the federal rate will automatically be lowered in connection with the
normal annual update / true-up process
• May 14, 2018:
Responses due
Pennsylvania – Regulatory Update
■ Distribution System Improvement Charge Rider (DSIC Rider)
– Rider was set to zero when new rates were implemented on January 27, 2017
– Expected to restart when costs exceeded the amount recovered in base rates
– If reported ROE exceeds the benchmark of 9.55%, a utility is not permitted to restart
the rider
– DSIC Rider for Penn Power and West Penn Power was restarted effective April 1,
2018
– Met-Ed and Penelec costs have exceeded the amounts recovered in base rates,
however could not restart DSIC Rider
– ROEs as reported to PPUC on April 2, 2018 for the period ended December 31, 2017
exceeded the 9.55% benchmark
– Met-Ed: 11.7%
– Penelec: 10.9%
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 18
New Jersey – Regulatory Update
■ Consolidated Tax Adjustment (CTA)
– In 2014, the New Jersey Board of Public Utilities (BPU) issued an order (Docket No. EO12121072), revising
its policy for calculating the CTA:
– The time period for the calculation of the savings would look back five years from the beginning of the
test year;
– The savings allocation method would allow 75% of the calculated savings to be retained by the company and 25%
of the calculated savings to be allocated to customers; and
– Transmission assets of the utility would not be included in the calculation of the CTA
– On September 18, 2017, the Superior Court of NJ Appellate Division issued an opinion reversing the BPU’s
2014 order
– The Court opinion does not have any immediate impact on JCP&L and its existing rates
– On October 20, 2017, the BPU directed its staff to begin a formal rulemaking process to modify its CTA
methodology
– On December 19, 2017, the BPU acted to publish a draft rule to modify its CTA methodology
– On February 6, 2018, the rule was last published in the New Jersey Register
– On March 20, 2018 and April 6, 2018, the New Jersey Utilities Association (NJUA) and JCP&L, respectively
filed comments
– Both offer support for the elements of the BPU’s proposed rule, which revisions represent significant progress over
the BPU’s historical methodology
– The NJUA and JCP&L encourage the BPU to reconsider its position on imposing a CTA and to go further to
completely eliminate the CTA
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 19
MAIT and JCP&L Transmission – Regulatory Update
■ On October 13, 2017, MAIT and certain parties filed a settlement agreement with FERC;
agreement is pending approval at FERC
– Provides for certain changes to MAIT's formula rate template and protocols
– Sets ROE to 10.3% through period ending December 31, 2021, and thereafter to stay in effect unless
changed pursuant to section 205 or 206 of the Federal Power Act (FPA)
– Sets the recovery amount for certain regulatory assets
– Establishes that MAIT's capital structure will not exceed 60% equity through the period ending
December 31, 2021, and thereafter equity to remain capped at 60% unless changed pursuant to
section 205 or 206 of the FPA
■ On February 20, 2018, FERC approved the JCP&L transmission rate settlement without
condition
– Black-box stated annual revenue requirements for NITS and JCP&L’s “Schedule 12” projects that are
not included in JCP&L’s NITS revenue requirement
– Rate moratorium through December 31, 2019
– The difference between the rates charged for June 1, 2017 to December 31, 2017 and the approved
rates will be returned to customers, with interest, in the remaining months of 2018
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 20
Distribution ROEs
OH: Significantly Excessive Earnings Test filed with 12/31/16 ROE
NJ: Base rate case update filed with 6/30/16 ROE
PA: PA PUC Bureau of the Technical Utility Services Report filed with 12/31/17 ROE
WV: Quarterly reports filed with 12/31/17 ROE
MD: Quarterly reports filed with 12/31/17 ROE
10.2%
3.4%
4.4%
2.1%
8.2%
11.7% 10.9%
9.1% 9.1% 9.1%
6.8%
10.5% 10.5% 10.5%
9.6%
11.9%
0%
3%
6%
9%
12%
15%
OE CEI TE JC PP ME PN WPP MP PE-WV PE-MD
Earned ROE Allowed ROE
Stipulated Revenue Requirement
2016 SEET Threshold: 14.8%
Most Recent Public Filings:
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 21
Significantly Excessive Earnings Test (SEET)
square4 PUCO is required to evaluate the earnings of each electric
utility’s approved ESP to determine whether the plan produces
significantly excessive earnings
square4 Calculated pursuant to Ohio statute
square4 Modified analysis of FERC Form 1 data; adjustments include:
square4 Associated company revenues and expenses
square4 Special, non-recurring, extraordinary items
square4 Distribution Modernization Rider (DMR) revenue per PUCO
Order
square4 Filing requirement: Annual (May)
Ohio
2009 Distribution Base Rate Freeze 20242016 2019
Approved rates effective
($137M annual revenue increase)
May 31, 2024:
Distribution base rate
freeze ends; Companies
directed to file new case
SEET Filing Summary
Company Net Income Average Equity ROE
OE $114M $1,116M 10.2%
CEI $42M $1,243M 3.4%
TE $25M $560M 4.4%
ESP’s I-III October 2016:ESP IV Approved
February 2019:
2-year Rider DMR
extension filing deadline
Riders that Recover Incremental Capital
Spend Between Rate Cases Include
square4 Delivery Capital Recovery (DCR)
square4 Recovers return on and of incremental
investment since last rate case and
associated taxes
square4 Annual revenue caps
square4 Approved through May 31, 2024
square4 Advanced Metering Infrastructure / Modern
Grid (AMI)
square4 Recovers costs associated with approved grid
modernization investments, including return
on and of investment, and associated
expenses and taxes
square4 Will recover costs associated with Distribution
Platform Modernization Plan filing
square4 Approved through May 31, 2024
square4 Government Directives Recovery (GDR)
square4 Placeholder for recovery of costs associated
with new government mandates
square4 Approved through May 31, 2024
Source: SEET filed with Year-End 2016 ROE
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 22
Quarterly Earnings Reports
square4 FERC Form 1 with adjustments/considerations including:
square4 Eliminate impact of Generation and Transmission
square4 Eliminate all non-operating expenses
square4 Make certain normalizations for regulatory purposes (i.e. pension expense, OPEB
expense, interest on customer deposits)
square4 Recalculate state and federal taxes based on normalized operating income with
adjustments
square4 Adjust federal deferred income taxes to include only those associated with property
square4 Filing Requirement: Quarterly (except during a pending rate case)
Riders that Recover Incremental Capital Spend
Between Rate Cases Include
square4 Distribution System Improvement Charge (DSIC) Rider
square4 Recovers costs of incremental investment for eligible property in accordance
with PPUC approved Long Term Infrastructure Improvement Plan (LTIIP)
between rate cases
square4 Limited to 5% of Company distribution revenues
square4 Set to zero if Company ROE exceeds PPUC allowed ROE (changes
periodically)
square4 LTIIP is approved through 2020
square4 Smart Meter Technologies Charge Riders
square4 Act 129 is a state mandated program to install smart meters throughout
Pennsylvania
square4 All costs required to operate the smart meters not recovered through base
rates are recovered in this rider
square4 Deployment continues through 2020
Pennsylvania
2015 2017 2019
January 27, 2017:
Approved rates effective
($291M annual revenue increase)
January 27, 2019:
Earliest date for base
rate case filing
Last Approved Rate Case Statistics(1)
Company YE 2017 Rate Base
Filed
Debt / Equity Allowed ROE
PN $1,614M 47.4% / 52.6%
SettledME $1,386M 48.8% / 51.2%PP $413M 49.9% / 50.1%
WPP $1,364M 49.7% / 50.3%
Quarterly Earnings Reports Summary
Company Rate Base Debt / Equity ROE
PN $1,607M 47.9% / 52.1% 10.93%
ME $1,412M 47.7% / 52.3% 11.67%
PP $421M 46.2% / 53.8% 8.19%
WPP $1,346M 47.2% / 52.8% 9.12%
May 3, 2015:
Approved rates effective
($293M annual revenue increase)
Source: Quarterly Earnings Report for twelve months ended December 31, 2017 (1) Reflects filed rate base and debt/equity; final settlements/Orders
do not specify rate base or capital structure
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 23
New Jersey
2015 2017 2018 Future
January 1, 2017:
Approved rates effective
($80M annual revenue
increase)
Rate case must be filed no
later than 5 years after
approval of IIP
Riders that Recover Incremental Capital Spend Between
Rate Cases Include
square4 Non-Utility Generation (Rider NGC)
square4 Among other things, recovers operating expenses,
depreciation expense, interest expense and a return on
investment for Yards Creek pumped-storage facility
square4 Infrastructure Investment Program (IIP) – 2018 filing
square4 Rate filings no more frequently than every 6 months for
no less than 10% of overall expenditures and recovered
through a separate clause (rider)
square4 Eligible projects must be incremental to base capex and
related to safety, reliability, and/or resiliency and other
projects deemed appropriate by the BPU
Regulatory Earnings Reports
square4 Current requirement: None
square4 IIP Required Earnings Test Earnings Test -
Required with each rate filing. ROE based on the
actual net income of the utility for the most recent
12-month period divided by the average common
equity balance for the corresponding period. ROE
will be compared to the allowed ROE from a
utility’s last base rate case.
April 1, 2015:
Approved rates effective
($34M annual
revenue decrease)
Last Approved Rate Case Statistics
Company Rate Base AllowedDebt / Equity Allowed ROE
JCP&L $2,217M 55% / 45% 9.6%
IIP Plan to be
filed XQ18
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 24
Quarterly Earnings Reports
square4 Vertically integrated state; earnings reports reflect
distribution, generation and transmission
square4 Modified regulatory analysis of FERC Form 1 data
with adjustments including:
square4 Pension and OPEB normalization
square4 Removes impact of securitized pollution control facilities
square4 Eliminate non-jurisdictional costs
square4 Filing Requirement: Quarterly (except during a
pending rate case)
West Virginia
2015 Future
No current plans for a
future rate case
Riders that Recover Incremental Spend Between Rate
Cases Include
square4 Vegetation Management
square4 Surcharge recovery of costs for systematic and regular
treatment and control of vegetation along T&D lines
square4 Recovers all O&M and capital placed in-service as of the
surcharge effective date (Feb 25, 2015)
square4 O&M recovered in the year incurred; capital recovery
consists of a pre-tax rate of return of 8.19% plus depreciation
square4 Next filing for surcharge reconciliation and vegetation
management program review scheduled for Sep 1, 2019 for
surcharge rates effective Jan 1, 2020
February 25, 2015:
Approved rates effective
($63M annual revenue increase $15M
base rate increase + $48M Veg Mgmt)
Last Approved Rate Case Statistics(1)
Company Rate Base AllowedDebt / Equity Allowed ROE
MP $2,476M 53.5% / 46.5% SettledPE-WV
Quarterly Earnings Report Summary
Company Rate Base Debt / Equity ROE
MP $2,326M 51.9% / 48.1% 9.1%
PE-WV $359M 48.2% / 51.8% 9.1%
Source: Quarterly Report for twelve months ended December 31, 2017(1) Reflects assumed rate base and debt/equity; final settlements/Orders do
not specifically include rate base or capital structure
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 25
Maryland
1993 2018
Rate case to be
filed 3Q18
Riders that Recover Incremental Spend Between
Rate Cases Include
square4 EmPower Surcharge
square4 Surcharge recovery of Company-sponsored energy
efficiency and conservation programs
square4 Costs consist of O&M but recovered subject to a 5-year
amortization
square4 Lost distribution revenues are not permitted for recovery
through the EmPower Surcharge
square4 Surcharge reconciled annually with rates changing each
January 1st
Quarterly Earnings Report
square4 Report reflects distribution operations only
square4 Modified regulatory analysis of FERC Form 1 data with
adjustments including:
square4 Eliminate impact of generation and transmission
square4 Pension and OPEB normalization
square4 Eliminate non-jurisdictional costs
square4 Filing Requirement: Quarterly (except during a pending
rate case)
February 25, 1993
Approved rates effective
($15M annual revenue increase)
Last Approved Rate Case Statistics
Company Rate BaseG+T+D
Allowed
Debt / Equity Allowed ROE
PE-MD $581M 48% / 52% 11.9%
Quarterly Earnings Report Summary
Company Rate BaseD Only Debt / Equity ROE
PE-MD $451M 48% / 52% 6.8%
Source: Quarterly Report for twelve months ended December 31, 2017
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 26
FE Tomorrow Overview
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
Transition Services
Objective: Implement and manage transition services
throughout the transition period
Current shared services agreement in place through
December 31, 2018
Engaged in discussions with FES and FENOC regarding
transition services, timing and operating plans
Execute agreement with FES and FENOC to maintain
business continuity
• Terms & Conditions
• Schedule of Services including scope & duration
Shared Services
Objective: Identify the appropriate levels of support for
the regulated business and develop the organizational
structure
Ensure appropriate cost structure and align service
organization to efficiently support regulated operations
Create opportunities for employees and retain key
talent
Ensure functions and cost structures support 6% - 8%
operating earnings CAGR target
March 2018 12 – 24 Months
Re-align shared service
structure to reflect to-be
model
Transition services agreement
enacted based on FES and
FENOC operating plans and exit
from bankruptcy
FE
Tomorrow
Define transition requirements,
organizational structure
Timeline
■ FE Tomorrow will define FirstEnergy’s future organization to support the regulated
growth strategy
27
Available Liquidity
($M)
Financial – Liquidity
FET FEU FE Corp. FEConsolidated
Revolving Credit Facility $ 1,000 $ 4,000 $ 5,000
Short-Term Borrowings – – (1,200) (1,200)
Letters of Credit (LOC) – – (10) (10)
Total Utilization – $ (1,210) $ (1,210)
Available Credit Capacity $ 1,000 $ 2,790 $ 3,790
Cash & Cash Equivalents 84 32 132 248
Available Liquidity $ 1,084 $ 2,954 $ 4,038
As of March 31, 2018
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call 28
FE Obligations
Resulting from FES / FENOC Chapter 11 Filing
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
Pension / OPEB /
Other Benefits
Surety Bond
Support
Rail Settlements Secured Credit
Facility
Energy Contracts &
Other Guarantees /
Assurances
($M)
On March 9, 2018,
FES borrowed the
full amountOn April 6, 2018,
FE paid the
remaining
$72 million
On March 31, 2018,
FE recorded
obligations for the
guarantees /
assurances
On March 31, 2018,
FE recorded
obligations for
FES/FENOC benefits
As of March 31, 2018,
full amount pledged,
but currently not
called
29
Financial – Potential Collateral Requirements
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
(1) Surety Bonds are not tied to a credit rating. Surety Bonds’ impact assumes maximum contractual obligations (typical obligations require 30 days to cure). FE Corp. provides
$200 million credit support for FG surety bonds, which includes the surety bonds for the benefit of the Pennsylvania Department of Environmental Protection with respect to
Little Blue Run ($169 million) and to the Hatfield’s Ferry Disposal Site ($31 million).
($M)
Contractual Obligations for
Additional Credit
As of March 31, 2018
AES Regulated FE Corp Total
At Current Credit Rating $1 – – $1
Upon Further Downgrade – $46 – $46
Surety Bonds(1) $1 $109 $236 $346
Maximum Potential $2 $155 $236 $393
30
0
400
800
1,200
1,600
2,000
2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050 2052 2054 2056
Financial – Consolidated Long-Term Debt Maturities
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
FE Corp. FEU FET
Excludes securitization bonds
As of March 31, 2018
($M)
Weighted
Avg. Rate of
Maturing
Debt
6.44 5.93 7.25 6.79 7.38 3.667.56 7.09 5.54 5.82 4.06 4.05 4.70 4.08 4.23 3.85 3.38 5.40 5.07 4.62 3.87 3.96 4.24
AE Supply
31
Financial – Outstanding Debt by Legal Entity
Totals may not foot due to rounding
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
($M)
32
Short-term Debt 1,200$ -$ 27$
Long-term Debt 5,350 521 100
Debt Subtotal 6,550 521 127
- -
Discounts (16) (26) -
Unamortized Issuance Costs (30) - -
Total Balance Sheet Debt 6,504$ 495$ 127$
Short-term Debt -$ 2$ -$ 23$ 107$ 77$ 275$ -$ -$ 124$
Long-term Debt 650 1,250 350 152 850 1,125 1,700 1,324 500 725
Securitization Bonds 130 136 38 - - - 52 269 90 -
Debt Subtotal 780 1,388 388 175 957 1,202 2,027 1,593 590 849
Discounts (8) (3) - - (1) (1) (5) (1) - -
Unamortized Issuance Costs (2) (6) (2) (1) (3) (6) (6) (13) (4) (4)
Purchase Accounting - - - - - - - 9 3 -
Capital Leases 14 16 6 3 10 16 8 2 2 4
Total Balance Sheet Debt 783$ 1,395$ 392$ 176$ 963$ 1,211$ 2,024$ 1,590$ 591$ 849$
Short-term Debt -$ 82$ 32$ 208$ 2$
Long-term Debt 1,000 1,100 625 - -
Debt Subtotal 1,000 1,182 657 208 2
Discounts (2) (4) - - -
Unamortized Issuance Costs (7) (6) (3) - -
Total Balance Sheet Debt 992$ 1,172$ 654$ 208$ 2$
Penn
Power
Allegheny
Generating
Toledo
Edison
Allegheny
Energy Supply
AET PATHMAITTrAIL
West
Penn Power
Metropolitan
Edison
Pennsylvania
Electric
Jersey
Central
Mon
Power
Potomac
Edison
Transmission
At 3/31/2018
AE Supply
At 3/31/2018
Short-term Debt
Long-term Debt
Debt Subtotal
Discounts
Unamortized Issuance Costs
Total Balance Sheet Debt
Hold Co.
At 3/31/2018
Utilities
At 3/31/2018
FE
Hold Co.
Ohio
Edison
Cleveland
Electric
FET
Hold Co. ATSI
Note: Short-term debt includes affiliated company borrowings
Financial – Credit Ratings
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
(1) Ratings shown for AES reflect Moody’s “Corporate Family Rating” (CFR) which are employed for speculative grade issuers
On April 2, 2018, S&P Global Ratings affirmed FE Corp's ratings (BBB- issuer, BB+ unsecured, and BB preferred stock). The outlook remains 'stable’.
On April 13, 2018, S&P Global Ratings placed Allegheny Generating Co. on CreditWatch with positive implications pending AGC becoming a wholly-owned subsidiary of Mon Power.
33
Senior Secured Senior Unsecured Outlook
S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch S&P Moody's Fitch
FirstEnergy Corp. BBB- Baa3 BBB- - - - BB+ Baa3 BBB- stable stable stable
Allegheny Energy Supply B+ B1 B BB - BB BB- B1 BB- cr. watch negative stable
Allegheny Generating Co. B+ Baa3 B+ - - - BB- Baa3 BB cr. watch stable stable
American Transmission Systems Inc. BBB- Baa1 BBB - - - BBB- Baa1 BBB+ stable stable stable
Cleveland Electric Illuminating BBB- Baa3 BBB BBB+ Baa1 A- BBB- Baa3 BBB+ stable stable stable
FirstEnergy Transmission BBB- Baa2 BBB- - - - BB+ Baa2 BBB- stable stable stable
Jersey Central Power & Light BBB- Baa2 BBB- - - - BBB- Baa2 BBB stable positive stable
Metropolitan Edison BBB- A3 BBB - - - BBB- A3 BBB+ stable stable stable
Mid-Atlantic Interstate Transmission BBB- Baa1 BBB - - - BBB- Baa1 BBB stable stable stable
Monongahela Power BBB- Baa2 BBB- BBB+ A3 BBB+ - - - stable stable stable
Ohio Edison Co. BBB- Baa1 BBB BBB+ A2 A- BBB- Baa1 BBB+ stable stable stable
Pennsylvania Electric Co. BBB- Baa1 BBB - - - BBB- Baa1 BBB+ stable stable stable
Pennsylvania Power Co. BBB- Baa1 BBB - A2 A- - - - stable stable stable
Potomac Edison Co. BBB- Baa2 BBB- - - - - - - stable stable stable
Toledo Edison Co. BBB- Baa3 BBB BBB+ Baa1 A- - - - stable stable stable
Trans-Allegheny Interstate Line Co. BBB- A3 BBB - - - BBB- A3 BBB+ stable stable stable
West Penn Power Co. BBB- A3 BBB BBB+ A1 A- - - - stable stable stable
As of 4/23/2018
Corporate Credit Rating (S&P) /
Issuer Rating (Moody's) (1) / Issuer
Default (Fitch)
Financial – Credit Providers
April 23, 2018Quarterly Highlights – FE 1Q 2018 Earnings Call
$5,000Revolving Credit Facilities
$5,154TOTAL
154Vehicle Leases
($M) Bank of AmericaBank of New York Mellon
Bank of Nova Scotia
Barclays Bank
CIBC
Citibank
Citizens Bank
CoBank
Fifth Third Bank
First National Bank
Goldman Sachs
Huntington National Bank
Ind & Comm Bank of China
JP Morgan Chase
KeyBank
Mizuho
Morgan Stanley
PNC
Santander
Sumitomo Mitsui
TD Bank
Union Bank/Bank of Tokyo Mitsubishi
US Bank
Wells Fargo
24 financial institutions provide ~$5.2B aggregate credit commitment
As of March 31, 2018
34