FirstEnergy Corp. (NYSE: FE) announced that its three Ohio electric companies plan to file their first Three-Year Rate Plan with the Public Utilities Commission of Ohio by May 22, 2026. The Illuminating Company, Ohio Edison and Toledo Edison will submit the forward-looking plan under new Ohio legislation that allows utilities to set distribution rates based on future investments rather than past costs.

The plan includes an average of $800 million annually for infrastructure upgrades including poles, wires, equipment and technology improvements. An additional $83 million annually will fund tree trimming programs near power lines, which the company identifies as a primary cause of outages for Ohio customers.

Rate increases under the plan vary by utility. Ohio Edison customers using 1,000 kilowatt-hours monthly would see average annual increases of 2.2%, or approximately $4.26 per month each year. The Illuminating Company customers would face 2.6% annual increases, or $5.15 monthly. Toledo Edison customers would see 2.8% annual increases, or $5.30 monthly.

FirstEnergy states that if approved, the residential bill growth rate through 2030 would be lower than the 10-year average U.S. inflation rate of 3.3%. The rate changes affect only the distribution portion of customer bills and exclude electricity supply costs set by third-party suppliers.

"Our TYRP is about careful and balanced planning," said Torrence Hinton, President of FirstEnergy Ohio. "We're focused on upgrading the electric system customers rely on every day, and we know affordability matters."

The plan also includes continued assistance programs for low-income customers and energy efficiency programs for income-eligible customers. FirstEnergy serves six million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York.