FirstEnergy Corp. - FE STOCK NEWS

JCP&L, a FirstEnergy Corp. (NYSE: FE) subsidiary, received approval from New Jersey BPU to expand its energy efficiency programs. The two-and-a-half-year initiative includes expanded residential, commercial, and industrial offerings such as whole home assessments, HVAC incentives, and building decarbonization support. The program introduces zero-interest financing for qualifying customers across all sectors. Residential customers using 777 kWh monthly will see a rate increase of $1.06 (0.8%) in the first year, rising to $4.03 (3%) by the final program year, while maintaining the lowest rates among New Jersey's regulated electric distributors.

FirstEnergy Corp. (NYSE: FE) Ohio electric companies have filed to withdraw their current Electric Security Plan (ESP) 5 with the Public Utilities Commission of Ohio (PUCO). If approved, they would revert to their previous ESP4 plan, which was effective through May 31, 2024. The change would restore about $6 million in annual, nonrecoverable spending for energy efficiency programs, economic development funding, and low-income assistance. The reversion is expected to reduce bills by approximately $2.00 for typical non-shopping residential customers using 750-kWh monthly. The companies plan to propose enhancements to the auction process to ensure competitive pricing and increase supplier participation.

FirstEnergy (NYSE: FE) reported Q3 2024 GAAP earnings from continuing operations of $419 million ($0.73 per share) on revenue of $3.7 billion, compared to $421 million ($0.74 per share) in Q3 2023. Operating earnings were $0.85 per share, within guidance. The company narrowed its 2024 operating earnings guidance to $2.61-$2.71 per share and increased its capital investment plan by $300 million to $4.6 billion. Total distribution deliveries increased 2.5% year-over-year, with residential usage down 1.4%, commercial unchanged, and industrial up 2.1%. The company maintains its 6-8% long-term annual operating earnings growth target.

FirstEnergy Corp. (NYSE: FE) has appointed Karen McClendon as Senior Vice President and Chief Human Resources Officer (CHRO), effective Nov. 11. McClendon brings over 30 years of HR experience and will lead the company's human capital strategy, overseeing talent management, benefits, compensation, and labor relations. She previously served as CHRO at Paychex, where she enhanced employee experience and transformed HR operations through technology-driven solutions. At FirstEnergy, she will report to CEO Brian Tierney and focus on building an inclusive workforce aligned with the company's goal of becoming a premier electric company.

FirstEnergy's Pennsylvania Electric Company (Penelec) has installed and energized a new transformer at a Bradford substation, enhancing service reliability for over 1,000 customers, including the University of Pittsburgh's Bradford campus. The 40,000-pound transformer replaced a faulty unit and features forced-air cooling fans for increased capacity. This installation is part of Energize365, a multi-year grid evolution program with planned investments of $26 billion between 2024-2028. Additionally, Penelec completed a forestry project in the Bradford area, removing approximately 1,400 hazardous trees and utilizing helicopter-mounted saws for efficient tree trimming along power lines.

FirstEnergy Pennsylvania Electric Company (NYSE: FE) is upgrading its power system in Allegheny County with 12 new remote-controlled reclosing devices along three neighborhood power lines, benefiting nearly 4,900 customers in Oakdale, North Fayette Township and Findlay Township. The devices will help prevent lengthy service interruptions by automatically isolating outages and transferring customers to nearby power lines while repairs are made. This upgrade is part of the company's $147 million Long Term Infrastructure Improvement Plan (LTIIP II) and falls under FirstEnergy's broader $26 billion Energize365 grid evolution program for 2024-2028.

FirstEnergy Pennsylvania Electric Company (FE PA), operating as Met-Ed, has upgraded its distribution system in southeast Monroe County to prevent service disruptions and accommodate growth. The project involved rebuilding 1.6 miles of a 34.5-kV power line along Marshalls Creek Road, benefiting about 1,300 customers in Marshalls Creek and Middle Smithfield Township. Upgrades included:

• Replacing wire with larger capacity conductors
• Installing 43 new utility poles and 110 crossarms
• Adding protective devices against lightning and animal-caused outages

This work is part of Met-Ed's $153 million Long Term Infrastructure Improvement Plan (LTIIP) and FirstEnergy's broader Energize365 program, which aims to invest $26 billion from 2024 to 2028 across six states. The project also involved tree trimming to enhance reliability.

American Transmission Systems, Inc. (ATSI), a FirstEnergy Corp. (NYSE: FE) subsidiary, has completed construction of a new operations service center in North Jackson, Mahoning County. The nearly 20,000-square-foot facility is strategically located within Ohio Edison's greater Youngstown service area to enhance electric service reliability and minimize service disruptions.

The center will serve as a base for about a dozen FirstEnergy transmission line workers in the Mahoning Valley area, providing quicker access to resources for daily work and service-related issues. A 15,000-square-foot storage facility was also built to house large transmission equipment. The new center has already proven beneficial during severe storms in early August, allowing for faster restoration efforts.

ATSI provides transmission services in Ohio and western Pennsylvania, owning or maintaining over 8,100 miles of transmission lines and related facilities.

Mon Power and Potomac Edison, FirstEnergy Corp. (NYSE: FE) subsidiaries, have completed their second utility-scale solar site in West Virginia. The 5.5-megawatt facility in Rivesville, Marion County, features nearly 14,000 solar panels on 27 acres of company-owned property. This project is part of a larger initiative to develop 50 megawatts of solar generation across five sites, supporting West Virginia's goal of 200 megawatts of solar capacity.

The companies have also introduced a Solar Renewable Energy Credit (SREC) program, allowing customers to purchase credits at 4 cents per kilowatt hour. Notable subscribers include the National Energy Technology Laboratory and the town of Harpers Ferry. This initiative aims to boost economic development by attracting companies requiring renewable energy sources.