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.
Potomac Edison, a subsidiary of FirstEnergy Corp (NYSE: FE), invested nearly $10 million in 2022 to enhance electric service reliability in Maryland, with additional projects planned for 2023. The Maryland Public Service Commission approved these upcoming projects, which include distribution automation that connects customers to multiple power sources, minimizing outages for approximately 4,900 customers. The installation of reclosers at eight substations will benefit around 10,000 customers. Moreover, Potomac Edison replaced over 30 miles of underground cable in 2022, with a plan for 50 more miles in 2023. The company serves about 275,000 customers in Maryland and West Virginia.
FirstEnergy Foundation has announced a grant of $25,000 to the American Red Cross for its Sickle Cell Initiative in the Central Appalachian Region. This funding aims to enhance health and wellness for individuals affected by sickle cell disease, primarily among the African American community, which faces significant health disparities. The initiative seeks to improve blood donor engagement from this demographic, addressing a critical shortage of compatible blood units. FirstEnergy's commitment underscores its dedication to support low-income and underserved communities.
FirstEnergy Corp. (NYSE: FE) announced a definitive agreement to sell an additional 30% ownership interest in FirstEnergy Transmission, LLC (FET) to Brookfield Super-Core Infrastructure Partners for $3.5 billion in cash. This transaction is expected to enhance FirstEnergy's financial standing, enabling a nearly $1 billion increase in its five-year capital plan aimed at smart grid initiatives and the clean energy transition. Following this deal, FirstEnergy will maintain majority ownership and operational control of FET, which oversees significant transmission assets across several states. The agreement will bolster FirstEnergy's credit profile and facilitate long-term sustainable growth.
On January 31, 2023, American Transmission Systems, Inc. (ATSI), a subsidiary of FirstEnergy Corp. (NYSE: FE), commenced construction on a new 20,000-square-foot operations service center in North Jackson, Ohio. This facility aims to enhance electric service reliability and expedite response times for service disruptions. It will centralize operations for nearly a dozen transmission line workers and include a 15,000-square-foot storage facility for large transmission equipment. Both facilities are expected to be ready by late spring 2023, supporting ATSI's extensive network of over 8,100 miles of transmission lines.
West Penn Power, a subsidiary of FirstEnergy Corp. (NYSE: FE), is enhancing its distribution system in Allegheny and Washington counties to minimize service interruptions, especially during severe weather. This initiative includes the installation of automated equipment for around 6,400 customers in South Park, Bethel Park, and Peters Township. The project, part of the $147 million Long Term Infrastructure Improvement Plan (LTIIP II), aims to boost electric service reliability. Completion is expected by early 2023, with smart reclosing devices improving outage management and reducing repair times for the utility.
On January 27, 2023, the FirstEnergy Foundation announced $50,000 in grants to three local nonprofits in the West Penn Power and Penn Power service areas. The recipients are:
- ACRES Project ($20,000) - Supports adults with autism through job skills and social opportunities.
- Military Community Support Project ($20,000) - Aims to enhance relationships between the military community and citizens.
- New Castle Public Library ($10,000) - Offers educational resources for community development.
Since 2016, the campaign has awarded over $500,000, underscoring FirstEnergy's commitment to community support.
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