Welcome to our dedicated page for FirstEnergy news (Ticker: FE), a resource for investors and traders seeking the latest updates and insights on FirstEnergy stock.
FirstEnergy Corp. (NYSE: FE) is a leading investor-owned utility headquartered in Akron, Ohio. The company operates through its 10 regulated distribution utilities, serving over six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. FirstEnergy's vast transmission network spans more than 24,000 miles, connecting the Midwest and Mid-Atlantic regions, making it one of the largest electric systems in the nation.
Committed to operational excellence, safety, and reliability, FirstEnergy is actively engaged in various projects that enhance the quality of life for its customers and communities. The company has an impressive portfolio of ongoing initiatives aimed at fostering environmental sustainability. For instance, FirstEnergy has pledged to plant over 25,000 trees in 2024 as part of its environmental responsibility efforts, which have already seen over 67,000 trees planted since 2021.
Financial performance remains strong. FirstEnergy reported first-quarter 2024 GAAP earnings of $253 million on revenue of $3.3 billion. The company continues to maintain a healthy balance sheet and aims for a long-term annual operating earnings growth rate of 6% to 8%, supported by its $26 billion five-year capital investment plan, Energize365.
The company's latest projects include aerial inspections of nearly 7,000 miles of transmission lines using advanced infrared technology to ensure the safety and reliability of its network. Additionally, FirstEnergy's Toledo Edison has embarked on a $342,000 LED streetlight conversion project in Sylvania, Ohio, expected to save the city $77,000 annually in energy costs.
FirstEnergy also focuses on improving infrastructure in rural areas. Mon Power, a subsidiary, has been selected to receive up to $5 million in federal funding to upgrade power lines in West Virginia, enhancing reliability for thousands of customers.
In leadership news, Nikhil Rao has been promoted to Associate General Counsel, emphasizing the company's focus on robust legal and regulatory compliance. Rao brings extensive experience in litigation and labor law, reinforcing FirstEnergy's commitment to integrity and operational excellence.
For those interested in career opportunities, FirstEnergy actively engages with potential employees through its FirstEnergy Careers Facebook community, sharing job postings and career tips.
Overall, FirstEnergy Corp. continues to lead with a steadfast commitment to making lives brighter, the environment better, and communities stronger.
FirstEnergy Corp. (NYSE: FE) has announced that its Ohio electric companies, including Ohio Edison, The Illuminating Company, and Toledo Edison, will see an increase in the price of electric generation starting June 1, 2023. This change is due to results from recent competitive auctions. Customers should expect a roughly 47% increase in total bills for typical non-shopping residential customers using 750 kilowatt hours.
The new 'price to compare' rates will be 12.39 cents/kWh for Ohio Edison, 12.40 cents/kWh for The Illuminating Company, and 12.41 cents/kWh for Toledo Edison. Customers are encouraged to explore competitive energy supply options to potentially reduce costs. The new rates will be seasonal, with higher winter prices expected compared to the previous winter.
FirstEnergy's Mon Power has installed a solar-powered electric vehicle (EV) charger at its Fairmont, West Virginia headquarters, utilizing an array of 28 solar panels and an energy storage battery. This Level Two charger is designed to provide 8 to 24 miles of range per hour of charging. The facility will operate independently, significantly reducing reliance on the conventional electric grid, which draws from various energy sources.
The project aligns with FirstEnergy's commitment to sustainability and aims to lessen the environmental impact as electricity demand increases with the rise of electric vehicles. Mon Power is also seeking approval for five additional solar facilities, offering customers renewable energy options without large upfront costs.
Currently, Mon Power serves approximately 396,000 customers in West Virginia, highlighting its ongoing efforts to diversify the energy mix and improve reliability.
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