Summary of Results of Operations — 2022 Compared with 2021 Financial results for FirstEnergy’s business segments for the years ended December 31, 2022 and 2021, were as follows: 2022 Financial Results Regulated Distribution Regulated Transmission Corporate/Other and Reconciling Adjustments FirstEnergy Consolidated (In millions) Revenues: Electric $ 10,596 $ 1,863 $ (159) $ 12,300 Other 205 5 (51) 159 Total Revenues 10,801 1,868 (210) 12,459 Operating Expenses: Fuel 730 — — 730 Purchased power 3,843 — 20 3,863 Other operating expenses 3,404 616 (203) 3,817 Provision for depreciation 967 335 73 1,375 Deferral of regulatory assets, net (362) (3) — (365) General taxes 831 255 43 1,129 Total Operating Expenses 9,413 1,203 (67) 10,549 Operating Income (Loss) 1,388 665 (143) 1,910 Other Income (Expense): Debt redemption costs — — (171) (171) Equity method investment earnings — — 168 168 Miscellaneous income, net 361 36 18 415 Pension and OPEB mark-to-market adjustment (50) (15) 137 72 Interest expense (526) (230) (283) (1,039) Capitalized financing costs 35 48 1 84 Total Other Expense (180) (161) (130) (471) Income (Loss) Before Income Taxes (Benefits) 1,208 504 (273) 1,439 Income taxes (benefits) 251 110 639 1,000 Net Income (Loss) $ 957 $ 394 $ (912) $ 439 Income attributable to noncontrolling interest — 33 — 33 Earnings (Loss) Attributable to FE $ 957 $ 361 $ (912) $ 406 35
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