FirstEnergy Corp. has raised its 2026 capital‑expenditure target to $6 billion, up from the $5.5 billion planned for 2025. The increase is a key component of the company’s $28 billion Energize365 program, which is designed to modernize the grid, improve reliability, and accommodate the projected 15 GW of additional peak load by 2035—primarily driven by the rapid growth of data‑center demand.
The $6 billion figure represents a 9% jump from the 2025 allocation and follows a trend of accelerating investment: $4.3 billion was spent in 2024, a 15% rise over the $3.7 billion invested in 2023. The company’s capital‑expenditure trajectory underscores its commitment to scaling infrastructure in line with long‑term demand forecasts.
For 2026, FirstEnergy plans to allocate roughly $3 billion to transmission upgrades and about $1.1 billion to grid‑modernization projects, with the remainder supporting distribution improvements. The focus on transmission is driven by the need to deliver power to new data‑center sites, which require high‑capacity, reliable supply. The company’s strategy is to let developers of data‑center facilities contribute incremental investment, thereby sharing the cost burden of the necessary grid enhancements.
FirstEnergy’s 2026 core‑earnings guidance of $2.62 to $2.82 per share—an increase of 7.5% over the 2025 midpoint—aligns with analyst expectations and signals confidence in the company’s ability to generate returns while investing heavily in infrastructure. The guidance reflects the company’s belief that the expanded transmission network will support higher revenue growth and maintain margin stability despite the capital outlay.
Management has emphasized that the Energize365 program positions FirstEnergy to capture the growing data‑center market while ensuring grid reliability for all customers. CEO Brian Tierney highlighted the strategic advantage of the company’s transmission system within the PJM region and expressed confidence that the planned investments will secure long‑term growth and protect existing customers from potential supply constraints.
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