New Jersey Nonprofits Receive More Than $740,000 From FirstEnergy, FirstEnergy Foundation in 2024

Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) and the FirstEnergy Foundation have contributed over $740,000 in 2024 to support more than 110 nonprofit organizations in JCP&L's service territory. The grants target various community initiatives, including: $120,000 for food insecurity programs, $65,000 to United Way chapters, $64,000 to NJ SHARES for smart meter installation repairs, $58,000 for homelessness initiatives, and $35,000 for veteran programs.

JCP&L serves 1.1 million customers across 13 New Jersey counties. The company provides employees with 16 hours of volunteer time off annually to support 501(c)(3) organizations. The FirstEnergy Foundation focuses on supporting tax-exempt nonprofits in areas served by JCP&L and other FirstEnergy electric companies.

Positive

• Significant community investment of $740,000 demonstrating strong corporate social responsibility
• Large customer base of 1.1 million across 13 counties indicating stable market presence
• Employee engagement program with 16 hours paid volunteer time showing strong corporate culture

Negative

• None.

Insights

Financial Analyst

The $740,000 charitable contribution represents a minimal financial impact on FirstEnergy's operations, accounting for less than 0.003% of its $22.7B market cap. While these community investments strengthen FirstEnergy's ESG profile and local relationships in New Jersey, particularly important given JCP&L's 1.1 million customer base, they don't materially affect the company's financial position or stock valuation.

The strategic allocation of funds, including $64,000 for smart meter installation repairs, aligns with the company's infrastructure modernization efforts. This investment could indirectly support customer satisfaction and regulatory relationships, important factors for utility companies operating in regulated markets. However, the scale of these charitable activities is too small to influence investor decision-making or stock performance.

Market Research Analyst

This charitable giving initiative, while positive for community relations, has minimal market-moving potential. The strategic focus on supporting smart meter installations through the NJ SHARES program demonstrates FirstEnergy's commitment to infrastructure modernization, but the $64,000 allocation is modest relative to typical utility infrastructure investments.

The distribution across 113 organizations in key service territories shows calculated community engagement, particularly important in regulated utility markets where public and regulatory goodwill is valuable. However, these contributions fall within normal corporate social responsibility parameters for a utility of FirstEnergy's size and don't signal any significant shift in business strategy or financial outlook that would impact investor sentiment.

More than 110 grants awarded to nonprofit organizations in JCP&L's service territory

HOLMDEL, N.J., Jan. 7, 2025 /PRNewswire/ -- To bolster the social and economic well-being of the communities served by FirstEnergy Corp. (NYSE: FE) electric company Jersey Central Power & Light (JCP&L), FirstEnergy and the FirstEnergy Foundation have donated more than $740,000 in 2024 to organizations that support a wide array of community-enhancing endeavors. These initiatives help promote workforce and economic development, enhance the social and cultural landscape of the region and champion crucial safety initiatives.

Lorna Wisham, Vice President of Corporate Affairs & Community Involvement and President of the FirstEnergy Foundation: "Electricity is the lifeblood for homes and businesses, but it's the people that are the lifeblood of our communities. These non-profits are people-driven, and they give opportunities, hope and security to the people who need it the most. We are proud to be able to help them make our communities such great places to live, work and raise a family." 

A total of 113 nonprofit and civic organizations in northern and central New Jersey are making progress on their missions, thanks to grants from FirstEnergy and the FirstEnergy Foundation. Areas of impact include:

• More than $120,000 to programs that combat food insecurity and local food pantries.
• More than $65,000 to eight local United Way chapters in support of their community-focused events and efforts.
• A $64,000 grant to NJ SHARES to fund a program for the completion of required repairs identified during the smart meter installation process for income-qualified JCP&L customers.
• More than $58,000 to homelessness and housing security initiatives.
• More than $35,000 to veteran-focused programs and charities. 

Beyond providing grants to local non-profits, the FirstEnergy Foundation encourages employees to give back to their local communities and provides support in helping employees make a larger impact. FirstEnergy provides each of its employees with 16 hours of volunteer time off (VTO) annually, allowing team members to provide time and manpower to 501(c)(3) non-profit organizations. 

How to Apply for a FirstEnergy Foundation Grant in New Jersey 

The FirstEnergy Foundation provides support to 501 (c)(3) tax-exempt nonprofits, including health and human services agencies, educational organizations, cultural and arts programs and institutions, and civic groups in areas served by JCP&L and FirstEnergy's other electric companies and in areas where the company conducts business. 

The FirstEnergy Foundation does not accept unsolicited grant applications. To inquire about grant opportunities or corporate sponsorships, contact Alix Hayes, Community Involvement Consultant at (732) 904-9778 or ahayes@firstenergycorp.com.  

Learn more about FirstEnergy and the FirstEnergy Foundation's commitment to their communities at firstenergycorp.com/community.  

JCP&L serves 1.1 million customers in the counties of Burlington, Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union and Warren. Follow JCP&L on X @JCP_L, on Facebook at facebook.com/JCPandL or online at jcp-l.com.

FirstEnergy 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 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.

 

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SOURCE FirstEnergy Corp.

FAQ

How much did FirstEnergy (FE) donate to New Jersey nonprofits in 2024?

FirstEnergy and the FirstEnergy Foundation donated more than $740,000 to over 110 nonprofit organizations in New Jersey during 2024.

What are the main areas of FirstEnergy's (FE) charitable funding in New Jersey for 2024?

The main funding areas include $120,000 for food insecurity programs, $65,000 to United Way chapters, $64,000 to NJ SHARES for smart meter repairs, $58,000 for homelessness initiatives, and $35,000 for veteran programs.

How many customers does JCP&L serve in New Jersey?

JCP&L serves 1.1 million customers across 13 counties in New Jersey.

What volunteer benefits does FirstEnergy (FE) offer its employees?

FirstEnergy provides each employee with 16 hours of volunteer time off (VTO) annually to support 501(c)(3) nonprofit organizations.