FirstEnergy Corp. - FE STOCK NEWS

FirstEnergy Corp. (NYSE: FE) has secured a $50 million federal grant from the U.S. Department of Energy's Grid Deployment Office for system upgrades totaling nearly $127 million. The projects will enhance electric service reliability for over 53,000 Mon Power and Potomac Edison customers across 19 counties in West Virginia and Maryland. The upgrades, set to complete by late 2029, include installation of smart devices, automation projects, and new power lines. The improvements will benefit approximately 50,660 customers in West Virginia and 2,500 in Maryland, including over 450 critical facilities. The project also includes a new four-year apprenticeship program with training centers in Williamsport, MD, and Fairmont, WV.

JCP&L, a FirstEnergy Corp. (NYSE: FE) subsidiary, is executing a $1.75 million power line relocation project in Bernardsville, Somerset County. The project involves moving lines from the New Jersey Transit railroad tracks to Route 202/Mine Brook Road, with 1,500 feet being installed underground and 1,400 feet of new overhead wires being added. The upgrade includes installing stronger wires and supporting regional industrial growth. The project, prompted by accessibility issues and tornado damage in June 2023, will enhance service reliability for customers in Bernardsville and nearby Bedminster Township by providing backup power sources and reducing demand on the Greater Crossroads substation.

FirstEnergy Corp. (NYSE: FE) has been named a Military Friendly® Company for the ninth time in 10 years, receiving four distinct awards from the national military support organization. The company earned a Silver Award as a Military Friendly® Employer, along with designations for Military Friendly® Company, Spouse Employer, and Supplier Diversity Program.

Through its Veterans and Allies Employee Business Resource Group (EBRG), FirstEnergy has raised over $100,000 for military support organizations since 2016. The company maintains a strong commitment to veterans through recruitment, comprehensive benefits, and development opportunities. This recognition marks FirstEnergy's 14th Military Friendly Employer award in 16 years.

FirstEnergy Corp. (NYSE: FE) has announced two key executive appointments. Karen Sagot will become Vice President of Investor Relations effective Nov. 10, leading the company's investor relations strategy and communications. She brings 20 years of finance experience, most recently as Head of Investor Relations at Enphase Energy. Sean Davies will assume the role of Vice President of Continuous Improvement effective Nov. 18, focusing on driving innovation and operational efficiency. Davies joins from J.P. Morgan Chase with over 30 years of experience in transformation and operational excellence.

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.