FirstEnergy Corp. - FE STOCK NEWS

FirstEnergy Corp. (NYSE: FE) announced that its distribution and transmission system is ready to handle the increased electricity demand due to an approaching summer heat wave in the Midwest and Mid-Atlantic regions. Wade Smith, President of FirstEnergy's Utilities, emphasized the importance of system inspections and maintenance programs to ensure reliability during high temperatures. FirstEnergy provided tips for customers to use electricity wisely, such as setting thermostats high, using fans, and sealing leaks. The company also highlighted proactive measures like thermovision camera inspections and helicopter patrols to prevent power outages. Employees are briefed on safety measures to avoid heat-related illnesses. Follow FirstEnergy on social media for more tips and resources.

Jersey Central Power & Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), is promoting Utility Assistance Awareness Week, from June 10-14, in collaboration with the New Jersey Board of Public Utilities. JCP&L is encouraging residential customers facing financial difficulties to enroll in various payment assistance programs designed to help manage utility bills.

These programs include the Universal Service Fund (USF) Program, Low-Income Heating Energy Assistance Program (LIHEAP), Payment Assistance for Gas and Electric (PAGE) Program, NJ SHARES, Lifeline Utility Assistance, and the 2-1-1 Helpline. Customers can visit firstenergycorp.com/billassist or call 1-800-662-3115 for more information and assistance.

JCP&L serves 1.1 million customers across multiple New Jersey counties. FirstEnergy emphasizes its commitment to safety, reliability, and operational excellence, serving customers in various states through its extensive transmission network.

FirstEnergy Corp. (NYSE: FE) has promoted Nikhil Rao to Associate General Counsel, Litigation and Labor & Employment, effective June 16, 2024. Rao, who joined the company in 2014, previously served as Senior Corporate Counsel II in the Federal Regulatory Group. In his new role, he will manage various legal matters, including litigation and labor law issues. Rao will report to the company's Senior VP and Chief Legal Officer, Hyun Park. With extensive experience in both law and business, Rao's appointment reflects his commitment to FirstEnergy's core values. FirstEnergy serves over 6 million customers across six states and operates a vast network of transmission lines.

On June 11, 2024, FirstEnergy Corp. (NYSE: FE) announced the appointment of Stephen Avila as Vice President of Customer Care, effective June 3. Avila, formerly with Macy's, brings extensive experience in leveraging technology and strategic leadership to drive customer experience. He will oversee key functions such as customer account management, payment systems, and self-service options. Reporting to Michelle Henry, Senior VP of Customer Experience, Avila aims to innovate and enhance FirstEnergy's customer care processes. FirstEnergy serves over 6 million customers across multiple states and operates a vast transmission network.

Mon Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), recently held an annual emergency preparedness drill at its Fairmont headquarters. The exercise tested storm restoration processes to handle outages caused by severe weather. The drill simulated a storm with 70 mph gusts affecting over 270,000 customers and a prior substation incident impacting 10,000 customers.

Jim Myers, President of FirstEnergy's West Virginia Operations, emphasized the importance of these drills in maintaining service reliability. Key activities included safety, logistics, operations, and planning. Mon Power activated its Incident Command System to manage the response, prioritizing restoration to critical facilities first.

Mon Power serves approximately 395,000 customers across 34 West Virginia counties. For more information, visit FirstEnergy's 24/7 Power Center.

FirstEnergy Pennsylvania Electric Company (FE PA) recently completed its annual storm restoration drill, aimed at preparing employees for severe weather events that can cause power outages. This comprehensive exercise involved both in-person and remote participation, simulating real-life storm restoration conditions. The drill tested the emergency response capabilities of West Penn Power and Penn Power, detailing a scenario where severe thunderstorms with wind gusts over 70 mph resulted in widespread outages affecting over 525,000 customers. Additionally, the exercise included a hypothetical situation where two electric substations were significantly damaged. The company's Incident Command System (ICS) was activated to manage the situation. Key focus areas included prioritizing critical facilities and using electronic storm tools to expedite the restoration process.

FirstEnergy Corp.'s Ohio Edison is proactively addressing the mayfly season by suspending streetlight service along roads in Port Clinton, Marblehead, and Erie Township. Mayflies, attracted to lights, can create hazardous driving conditions. The suspension will last until the end of the hatching season, typically from late June to September. This measure aims to prevent mayfly swarms and ensure safety for motorists and bikers. Pedestrians are advised to use extra caution on unlit roads. Ohio Edison serves over a million customers in 34 Ohio counties.

FirstEnergy's Ohio electric companies, including Ohio Edison, The Illuminating Company, and Toledo Edison, have filed a request with the Public Utilities Commission of Ohio (PUCO) to review their base electric rates. The proposed annual revenue increase is approximately $93.6 million. This increase aims to recover investments in strengthening the distribution system, enhancing customer service, and supporting a new customer assistance program for income-eligible residential customers. Key investments include a $516 million Grid Modernization Plan, installation of automated devices to reduce outages, and transitioning to energy-efficient LED streetlights. If approved, typical residential customers could see a 1.5% increase in their monthly bills. The rate reviews are subject to PUCO approval, with public comments and meetings planned.

FirstEnergy held its 2024 Annual Meeting on May 22, 2024. CEO Brian X. Tierney emphasized the company's progress and resilience, highlighting their $26 billion grid modernization plan, Energize365. The company aims to become a premier electric company by focusing on investing, operating, recovering costs, and financing. Notable achievements include improvements to their balance sheet, increased dividends, and upgrades to investment-grade credit ratings. Preliminary voting results showed the reelection of 10 directors and the ratification of PricewaterhouseCoopers LLP as the independent auditor for 2024. However, three shareholder proposals related to climate metrics and compensation policies were not approved.