Category: 3. Business

AKRON, Ohio, Dec. 19, 2025 — FirstEnergy Corp.’s Ohio electric companies – Ohio Edison, Toledo Edison and The Illuminating Company – have reached an agreement with parties to settle multiple Public Utilities Commission of Ohio (PUCO) matters and provide $275 million to FirstEnergy’s Ohio customers.

The settlement resolves four PUCO proceedings – the Corporate Separation, Rider DMR and Rider DCR matters that were the subjects of the PUCO’s Nov. 19 orders and the pending Political and Charitable Spending review. The PUCO’s Nov. 19 orders directed the companies to pay $250 million, with $64 million going to the state general fund. If approved by the PUCO, the settlement will direct all $250 million to all customers and add $25 million exclusively for residential customers.

Torrence Hinton, FirstEnergy President, Ohio: “We appreciate the dedication and collaboration shown by all parties and are grateful for the collective effort that led to an agreement that provides even more dollars to our Ohio customers. With these matters reaching resolution, we’re moving ahead with a clear focus on operating with transparency, delivering reliable service and investing in Ohio communities.”

Key Settlement Details 

Settlement provisions include:

• $250 million in restitution and refunds, credited to customer bills in 2026
• $25 million in additional restitution exclusively to residential customers, including $20 million for low-income bill payment assistance, weatherization and energy efficiency programs

Parties to the settlement include The Office of the Ohio Consumers’ Counsel (OCC), Ohio Manufacturers’ Association Energy Group (OMAEG), Ohio Energy Group (OEG), Northeast Ohio Public Energy Council (NOPEC), Northwest Ohio Aggregation Coalition (NOAC), Ohio Partners for Affordable Energy (OPAE), Citizens Utility Board of Ohio (CUB Ohio), Interstate Gas Supply, LLC (IGS), Retail Energy Supply Association (RESA), NRG/Direct Energy Services, LLC and Direct Energy Business, LLC, Ohio Environmental Council (OEC), Ohio Cable Telecommunications Association (OCTA) and FirstEnergy’s Ohio utilities.

Focused on the Future

Between 2025 and 2029, FirstEnergy plans to invest $14 billion in Ohio’s transmission and distribution infrastructure, workforce and facilities – critical improvements that enhance reliability, support economic growth and prepare for future energy needs. The company looks forward to working constructively with the PUCO and other stakeholders to meet the needs of customers and communities across Ohio.

FirstEnergy (NYSE: FE) is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation’s largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company’s transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on X @FirstEnergyCorp or online at firstenergycorp.com.

Forward-Looking Statements: This Letter includes forward-looking statements based on information currently available to management and unless the context requires otherwise, references to “we,” “us,” “our” and “FirstEnergy” refers to FirstEnergy Corp. and its subsidiaries. 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 potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 and settlements with the U.S. Attorney’s Office for the Southern District of Ohio and the Securities and Exchange Commission (“SEC”); the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio’s 133rd General Assembly (“HB 6”) and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters, which may result in increased storm restoration expenses or material liability and negatively affect future operating results; the potential liabilities and increased costs arising from regulatory actions or outcomes in response to severe weather conditions and other natural disasters; legislative and regulatory developments, and executive orders, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, climate change, and equity and inclusion; 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, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions, and the loss of FirstEnergy Corp.’s status as a well-known seasoned issuer; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors’, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, strengthening our balance sheet and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations and may also cause it to make contributions to its pension sooner or in amounts that are larger than currently anticipated; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, our generation resource planning in West Virginia, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy coal combustion residual rules that were finalized during 2024, and the Environmental Protection Agency’s reconsideration of such rule; changes to environmental laws and regulations, including, but not limited to, federal and state rules related to climate change, and potential changes to such laws and regulations as a result of the U.S. presidential administration; changes in customers’ demand for power, including, but not limited to, economic conditions, the impact of climate change, and emerging technology including artificial intelligence, particularly with respect to electrification, energy storage and distributed sources of generation; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; the potential of noncompliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, the One Big Beautiful Bill Act of 2025, as signed into law on July 4, 2025, or adverse tax audit results or rulings and potential changes to such laws and regulations; the ability to meet our publicly-disclosed goals relating to climate-related matters, opportunities, improvements, and efficiencies, including FirstEnergy’s Greenhouse gas reduction goals’ and the risks and other factors discussed from time to time in FirstEnergy Corp.’s SEC filings. Dividends declared from time to time on FirstEnergy Corp.’s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by the FirstEnergy Corp. Board 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 FirstEnergy Corp.’s Form 10-K, Form 10-Q and in other 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 FirstEnergy Corp.’s 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. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise.

CONTACT: News Media Contact: Jennifer Young, 330-761-4362; Investor Contact: Karen Sagot, 330-761-4286

RAHWAY, N.J.–(BUSINESS WIRE)–
Merck (NYSE: MRK), known as MSD outside of the United States and Canada, today announced a historic agreement with the Trump administration to ensure its prescription medicines are both accessible and affordable for Americans. This agreement enables Merck to continue its long-standing commitment to develop and deliver life-changing medicines and vaccines, and ensure Americans have access to those innovations at lower costs.

“As an American company, Merck is proud to work with the Trump administration to further secure our country’s position as a world leader in biopharmaceutical innovation. Today’s agreement marks a pivotal step in ensuring Americans can access medicines they need at lower costs,” said Robert M. Davis, chairman and chief executive officer, Merck. “For too long, global pricing imbalances have shifted the financial burden of groundbreaking research and development onto the U.S. health care system and ultimately, American patients. Merck remains committed to expanding access and improving affordability across the system.”

Merck is working with the administration to reduce disparities in drug prices between the U.S. and other nations so American patients no longer shoulder a disproportionate share of the cost of innovation. Merck is voluntarily addressing all four components of the president’s July letter and taking steps that will help ensure Americans can benefit from lower prices and broader access to prescription medicines.

Information on Merck’s agreement with the Trump administration

Merck plans to provide key products through a direct-to-patient program at affordable prices for eligible patients in the U.S. This currently includes JANUVIA, JANUMET and JANUMET XR, and will be expanded in the future to include enlicitide decanoate following FDA approval.

JANUVIA, JANUMET and JANUMET XR will be available to eligible American patients at a cash price — approximately 70% off of the current list price — through a direct-to-patient program.

Enlicitide, a novel candidate to lower LDL cholesterol, was designed to deliver PCSK9 antibody-like efficacy in an easy-to-use daily pill. Although existing injectable PCSK9 inhibitors are effective, they remain widely underused. The cardiovascular (CV) epidemic is the leading cause of deaths in America with heart attacks and stroke contributing to most of the CV deaths — one person dies every 36 seconds from cardiovascular disease. If approved, we intend to make enlicitide broadly available as an affordable option for American patients to help address the CV epidemic.

Additionally, the company reached an understanding with the U.S. Department of Commerce to delay Section 232 tariffs for three years, enabling the company to make investments in the United States to reshore manufacturing for American patients.

Merck investments in American innovation

Merck has accelerated its commitment to U.S. innovation and manufacturing, building on its 15 manufacturing and R&D facilities and a strong workforce in the U.S. of more than 30,000. The company has invested over $12 billion in U.S. manufacturing since 2017 and $81 billion in U.S.-based R&D since 2018, supporting tens of thousands of American jobs. Over the next several years, Merck will invest more than $70 billion in capital and R&D spending, including at least $12 billion in capital expenditures, to drive long-term growth and strengthen the U.S. position as a global leader in biopharmaceutical innovation. This includes Merck’s recent announcements of manufacturing facilities in Virginia, Kansas and Delaware, which alone will create 1,200 full-time jobs and support 15,000 construction jobs.

About Merck

At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world — and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA

This news release of Merck & Co., Inc., Rahway, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Appendix

Generic product names are provided below.

• JANUMET (sitagliptin and metformin HCl)
• JANUMET XR (sitagliptin and metformin HCI extended-release)
• JANUVIA (sitagliptin)

Source: Merck & Co., Inc., Rahway, NJ, USA

The Vermont Department of Financial Regulation (DFR) is pleased to announce that it is resuming its grant program to support Vermont organizations providing financial services education. This grant program is authorized in 9 V.S.A. § 5601 and § 5616, using funds available in the Vermont Financial Services Education and Victim Restitution Special Fund (“Fund”). Grant applications will be accepted by email until 5 PM on Friday, January 30, 2026 at the address listed below. The Fund was established in 2019, and allows a portion of settlements arising out of DFR enforcement matters to be retained for the purposes of education and restitution.

“Consumer education around the products and services we regulate is a priority for DFR. Our outreach and education efforts enable Vermonters to better navigate financial decisions and protect themselves from scams and fraud,” said DFR Commissioner Kaj Samsom. “By partnering with community organizations that can reach Vermonters where they are, this program helps us expand our impact throughout the state.”

For the 2026 grant year, two types of awards are available:

• Standard one-year grants of up to $50,000 per applicant
• Micro-grants for targeted initiatives (e.g., innovative pilot efforts or one-time or short-duration events) of up to $5,000 per application.

Potential applicants must meet the application criteria below to be eligible for a grant. Grants will be awarded at the discretion of the Commissioner based on funds availability and their alignment with the priority criteria listed in the full application.  Grant applications are available online.

Direct any questions about the application or granting process to Mary Richter at dfr.financialgrant@vermont.gov.

Grant Awards and Timelines

• Grant Application Released: December 30, 2025
• Grant Deadline: January 30, 2026, no later than 5:00 PM EST
• Grant Awards: Spring 2026

Eligibility of Grantees

Applications for both standard grants and micro-grants must meet the following criteria to be eligible for a grant:

1. Applicant is a governmental or nonprofit organization, including public schools and public institutions of higher education.
2. Applicant is not licensed or otherwise regulated by the Department.
3. Applicant is determined by the grant management team to be eligible to receive grants pursuant to the Agency of Administration’s Pre-Award Eligibility Determination.
4. Applicant is determined by the grant management team to be low or moderate risk pursuant to the Agency of Administration’s Grantee Risk-Based Assessment; alternatively, applicant is determined to be high risk and the Commissioner concludes that it is nonetheless in the State’s best interest to award a grant to the applicant.
5. Proposed initiative is focused on increasing the financial awareness and knowledge of Vermonters, which may include informing the public about responsible use of financial products and services, as well as the prevention of scams and fraud.
6. Proposed initiative will be available to the broader Vermont public in the state, to the broader public in a specific geographic area of the state, or to a particular subset of the population that the applicant successfully demonstrates is historically disadvantaged or underserved in financial services education or access.
7. Application identifies performance targets for its initiative that are specific, measurable, attainable, relevant, and time-based and identifies how it will determine whether the performance targets are achieved.