FirstEnergy Corp. - FE STOCK NEWS

Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is proposing to buy out its contract with AES's Warrior Run generating station, potentially saving customers nearly $80 million. This move aims to end a coal-fired power station contract established in 2000, which has caused fluctuating costs for power generation due to its linkage with market prices. By negotiating this buyout, Potomac Edison hopes to stabilize electricity bills for approximately 285,000 customers across Maryland, eliminating the Cogeneration PURPA Project Surcharge tied to market volatility. The contract buyout has a 90% probability of being cost-effective for customers if approved by the Maryland Public Service Commission (PSC).

FirstEnergy Corp. (NYSE: FE) and the Cleveland Browns have mutually agreed to terminate their stadium naming rights agreement, effective April 13, 2023. The terms of this agreement were not disclosed. John Somerhalder, interim president and CEO of FirstEnergy, stated that this decision aligns with the company's transition from a competitive energy supplier to a regulated utility. He emphasized the commitment to community initiatives and maintaining strong relationships within civic and arts organizations. The Cleveland Browns' home stadium will revert to its original name, Cleveland Browns Stadium, after a successful partnership lasting over two decades.

FirstEnergy Corp. (NYSE: FE) will release its first quarter 2023 financial results after market close on April 27, 2023. A follow-up conference call for financial analysts is scheduled for 10 a.m. EDT on April 28, 2023, where management will discuss the results, followed by a Q&A session. Investors and interested parties can access a live webcast of the call, along with presentation slides, via the Investor Information website. The company aims to maintain integrity and operational excellence while serving customers across multiple states including Ohio and Pennsylvania. The presentation materials will be available post-results on the investor site.

FirstEnergy Corp. (NYSE: FE) has proposed an Electric Security Plan (ESP) to the Public Utilities Commission of Ohio (PUCO) aimed at enhancing electric distribution reliability and expanding customer assistance programs. The plan, effective from June 1, 2024, to May 31, 2032, includes measures to modernize the grid, with a notable investment of $626 million pending PUCO approval, and an additional $52 million dedicated to customer assistance without recovery from customers. Initial estimates suggest a 2.2% increase in electric bills for residential customers using 750 kilowatt-hours monthly. The proposal emphasizes energy efficiency and aims to keep electricity competitively priced while reinforcing the grid against severe weather.

FirstEnergy Corp. (NYSE: FE) has restored power to over 506,000 of the 637,000 customers affected by severe storms in early April 2023. The storms brought winds exceeding 60 mph, causing significant damage across Ohio, Pennsylvania, West Virginia, Maryland, and New Jersey. Currently, about 131,000 customers remain without power, with restoration efforts expected to take multiple days. More than 3,000 employees and 1,500 contractors are working to restore service. The company has provided specific restoration estimates for various regions, highlighting ongoing challenges following consecutive storms.

FirstEnergy Corp. (NYSE: FE) is preparing for severe weather affecting regions in Ohio, Pennsylvania, New Jersey, West Virginia, and Maryland this weekend, as strong winds and thunderstorms are forecasted. Wind gusts are anticipated to reach 40 to 50 mph, complicating restoration efforts for any outages. Following heavy rain and wind last weekend, the company has kept over 200 contractors ready for potential service interruptions. FirstEnergy has implemented action plans including staffing control centers and coordinating with emergency officials to ensure prompt response and safety for customers.

FirstEnergy Corp. (NYSE: FE) has appointed Brian X. Tierney as president and CEO effective June 1, 2023. He succeeds interim CEO John W. Somerhalder II, who remains chairman of the board. Tierney has a strong background in the energy sector, notably serving at Blackstone and American Electric Power for over 23 years, where he held several leadership roles including CFO. The board's decision aims to leverage Tierney's extensive operational, financial, and strategic experience to drive growth and enhance value for shareholders. This leadership transition comes as the company continues to position itself for long-term stability and success.

FirstEnergy Corp. (NYSE: FE) is actively engaged in restoring power following a significant wind storm that affected many regions. As of March 26, 2023, restoration efforts are underway with approximately 78,500 customers in northeast Ohio, 152,900 in northern and central Ohio, 54,900 in Pennsylvania, 52,400 in northern and central Pennsylvania, and 46,500 in West Virginia reported as affected. A detailed timeline indicates the majority of customers are expected to have their power restored by March 28, 2023. Customers can report outages via phone or the company website.

Service restoration for FirstEnergy Corp. (NYSE: FE) is underway following severe storms that affected over 454,000 customers across Ohio, Pennsylvania, and West Virginia on March 25, 2023. Approximately 293,000 customers have regained power. The storms produced winds exceeding 60 mph and significant rainfall, prompting extensive damage. Nearly 2,000 personnel are involved in repair efforts, which are projected to continue into the work week. Customers can report outages via phone or online. Restoration times vary by location, with many customers expected to have power restored by March 28.