FirstEnergy Corp. - FE STOCK NEWS

CRA International, Inc. (NASDAQ: CRAI) announced an RFP auction for FirstEnergy Corp.'s (NYSE: FE) Ohio utilities, aimed at procuring full requirements service for Percentage of Income Payment Plan (PIPP) customers. The auction, managed by CRA, will obligate the winning supplier to serve all PIPP loads for June 2023 through May 2024. An information session for prospective bidders is scheduled for March 9, with supplier applications open from March 10 to March 23, and bids from registered bidders due on March 28. This initiative underscores CRA's expertise in economic and management consulting services.

FirstEnergy Corp. (NYSE: FE) has successfully demolished three emissions stacks at the Hatfield's Ferry Power Station in Masontown, Pennsylvania, marking a significant milestone in the site's redevelopment. The controlled implosion occurred on March 4, involving two 700-foot stacks and one 540-foot operational stack. This demolition is a critical step towards making the 236-acre site attractive for energy-intensive industries. FirstEnergy aims to maintain the site as open land until a new use is determined. The overall demolition project is expected to complete by early 2024, enhancing public safety by eliminating risks associated with the abandoned plant.

FirstEnergy's subsidiary, Jersey Central Power & Light (JCP&L), has launched a $6 million project to upgrade a high-voltage transmission line across Hunterdon, Morris, and Warren counties in New Jersey. This initiative involves the installation of 53 new wood pole structures, enhancing system reliability for over 3,000 customers. Previously, 12 structures were replaced in 2022, with plans to complete the installations by the end of 2023. The project is part of FirstEnergy's broader Energizing the Future initiative, which has seen over $10 billion invested since 2014 to improve the power grid and reduce outages.

Toledo Edison, a subsidiary of FirstEnergy (NYSE: FE), has initiated a $251,000 project to install approximately 1,000 LED streetlight fixtures in Perrysburg, Ohio. This initiative is expected to save the city around $30,000 annually in electricity costs due to the improved efficiency of the LEDs, which are 50% more efficient than previous high-pressure sodium lights.

The project is funded entirely through federal aid from the American Rescue Plan Act and is projected to yield a return on investment in about six years. LEDs also promise to enhance visibility and security in the community, aiding local safety efforts.

Penelec, a subsidiary of FirstEnergy Corp (NYSE: FE), has initiated an underground electric cable replacement project in Treasure Lake, Pennsylvania. This project aims to improve service reliability for over 5,000 residents and businesses. Part of the $200 million Long Term Infrastructure Improvement Plan (LTIIP II), the project includes installing 1.6 miles of new cable and sectionalizing equipment to enhance service interruption management. The first phase began in mid-January, expected to be completed by mid-March, with the second phase projected for early spring. Penelec serves approximately 585,000 customers across northern and central Pennsylvania.

FirstEnergy Corp. (NYSE: FE) has successfully connected a 19.8-megawatt solar project at a former landfill in Mount Olive, New Jersey, to the grid. This project, the largest landfill solar initiative in North America, is now delivering clean energy via FirstEnergy's transmission lines. The connection involved building a grid point and upgrading an existing 34.5-kilovolt line. FirstEnergy’s subsidiary, Jersey Central Power & Light (JCP&L), is committed to supporting renewable energy and is also tasked with connecting New Jersey's offshore wind energy to the grid. The company has invested over $10 billion in its Energizing the Future initiative since 2014.

FirstEnergy Corp (NYSE: FE) reported a full year 2022 GAAP earnings of $0.71 per share on revenue of $12.5 billion, down from $2.35 per share in 2021. The operating earnings for 2022 were $2.41 per share, exceeding guidance. The company announced 2023 earnings guidance at $2.44 to $2.64 per share. It affirmed a long-term annual operating earnings growth target of 6-8% and introduced a new dividend policy with a 60-70% payout ratio. The fourth quarter saw a GAAP loss of $0.71 per share primarily due to a non-cash tax charge. Improved capital investments and customer demand partially offset operating expenses.

FirstEnergy Corp. (NYSE: FE) emphasizes the hazards of helium-filled foil balloons as Valentine's Day approaches. Public education initiatives have led to an 18% reduction in balloon-related power outages, totaling 102 incidents in the past year. The goal remains to continue raising awareness about safely handling these balloons to prevent future outages. February often sees an upsurge in balloon releases, with peak outage occurrences in June. FirstEnergy advises customers to securely tie balloons down, deflate them when no longer in use, and avoid overhead electric lines to maintain safety.