FirstEnergy Corp. - FE STOCK NEWS

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.

FirstEnergy Corp. (NYSE: FE) subsidiaries Mon Power and Potomac Edison are set to complete five projects by the end of 2024 to enhance electric service reliability for nearly 8,700 customers in rural West Virginia communities. These projects, part of a three-year infrastructure investment pilot program, aim to reduce outages and improve restoration times. The $1.5 million investment includes:

1. Reinforcing a 1.8-mile backup power line in Berkeley County
2. Relocating a half-mile power line in Marion, Monongalia, and Preston counties
3. Converting 2.2 miles of power line to higher voltage in Nicholas County
4. Relocating power lines in Pocahontas, Greenbrier, and Summers counties

These improvements will benefit customers across multiple rural areas by enhancing accessibility for repairs and reducing outage durations, particularly during severe weather.

FirstEnergy Corp. (NYSE: FE) subsidiary Mon Power has been awarded a $5 million federal grant from the U.S. Department of Energy's Office of Clean Energy Demonstrations. The funding, part of the Energy Improvements in Rural or Remote Areas (ERA) program, will be used to enhance electric service reliability for over 3,000 customers in rural West Virginia.

The project involves rebuilding over 23 miles of power lines in Pocahontas, Braxton, and Clay counties, and connecting a two-mile alternate power line with a substation in Petersburg, Grant County. This will enable Mon Power and Potomac Edison to restore service faster during outages by connecting customers to backup power feeds.

Construction is expected to start in 2025. Mon Power plans to partner with community-based organizations to address workforce disparity gaps in historically under-resourced communities.

FirstEnergy Corp. (NYSE: FE) is mobilizing over 580 line workers and support personnel to assist with power restoration efforts in Florida following Hurricane Milton. Many crews previously involved in restoring power after Hurricane Helene in the Carolinas and Georgia will transition to Florida. Hurricane Milton is expected to make landfall on Florida's Gulf Coast late Wednesday night, bringing severe impacts across west-central Florida.

FirstEnergy electric companies from Ohio, Pennsylvania, New Jersey, Maryland, and West Virginia are participating in the mutual assistance effort. Nearly 430 FirstEnergy personnel have already supported restoration efforts in the aftermath of Hurricane Helene, which made landfall on Sept. 25 with 140 mph winds, affecting over 6 million customers.

John Huber, Director of Emergency Preparedness at FirstEnergy, emphasized the company's commitment to helping rebuild communities impacted by severe weather events. FirstEnergy has been recognized multiple times by the Edison Electric Institute for its mutual assistance efforts during winter and summer storms.

FirstEnergy Corp. (NYSE: FE) has announced it will release its financial results for the third quarter and first nine months of 2024 after markets close on Tuesday, October 29. The company will host a conference call with financial analysts at 9 a.m. EDT on Wednesday, October 30, to discuss these results. A live webcast of the call and presentation slides will be available on FirstEnergy's Investor Information website, with a replay accessible for up to one year.

FirstEnergy plans to post its third quarter presentation and supporting materials to the investor section of its website after markets close on October 29. The company is known for its dedication to integrity, safety, reliability, and operational excellence. Its electric distribution companies serve over 6 million customers across six states, while its transmission subsidiaries operate approximately 24,000 miles of transmission lines connecting the Midwest and Mid-Atlantic regions.